Q1 2024 Atmus Filtration Technologies Inc Earnings Call Transcript
Key Points
- Atmus Filtration Technologies Inc reported a 2% increase in sales, reaching $427 million compared to $419 million in the same period last year.
- The company successfully completed its separation from Cummins, becoming a fully independent company, which included the appointment of new independent directors to its board.
- Adjusted EBITDA remained stable at 18.8%, with a total of $80 million, demonstrating consistent operational efficiency.
- Atmus Filtration Technologies Inc is expanding its market share, particularly in the aftermarket segment, which is helping to offset some market weaknesses.
- The company is actively pursuing growth in industrial filtration markets and has a strong pipeline of M&A opportunities to enhance long-term shareholder value.
- Adjusted free cash flow was negative $13 million, influenced by one-time separation-related costs and increased working capital requirements.
- The company faces challenges in the China market, where demand continues to fall short of expectations, and in Europe, where economic conditions remain depressed.
- There is an anticipated decline in the U.S. first-fit markets, particularly in the second half of 2024, with heavy-duty truck outlook revised to a decrease of 7% to 12%.
- Separation costs and cash impacts associated with becoming a standalone company are still being incurred, with one-time costs expected to be between $10 million to $20 million for 2024.
- The global market outlook for both on-highway and off-highway aftermarket segments has been slightly downgraded from previous guidance, now expected to be flat to up 2%.
Hello, and thank you for standing by. At this time, I would like to welcome everyone to Atlas filtration technologies. First Quarter 2024 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you'd like to withdraw your question again, please press the star and one. I would now like to turn the conference over to Todd Cello, Executive Director, Investor Relations. Go ahead.
Thank you, operator. Good morning, everyone, and welcome to the Atmos Filtration Technologies First Quarter 2020 for our earnings call on the call today, we have Steph Fischer, Chief Executive Officer, and Jeff Kessler, Chief Financial Officer. Certain information presented today will be forward-looking and involve risks and uncertainties that could materially affect expected
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