Atmus Filtration Technologies (US:ATMU)2025-02-21 11:54Financial Performance - Atmus reported net sales of $407 million for Q4 2024, a 1.8% increase from $400 million in Q4 2023[4]. - For the full year 2024, Atmus achieved net sales of $1,670 million, up $42 million or 2.5% from the previous year[11]. - Gross margin for Q4 2024 was $107 million, representing 26.3% of net sales, slightly down from 26.4% in Q4 2023[5]. - Adjusted EBITDA for Q4 2024 was $78 million, with an adjusted EBITDA margin of 19.1%, compared to $71 million and 17.9% in Q4 2023[7]. - The company reported GAAP net income of $40 million for Q4 2024, translating to diluted earnings per share of $0.48, up from $35 million or $0.42 per share in Q4 2023[8]. - For the full year 2024, Atmus posted a GAAP net income of $186 million, or $2.22 per diluted share, compared to $171 million or $2.05 per share in 2023[14]. - Adjusted earnings per share for the year ended December 31, 2024, rose to $2.50, up from $2.31 in 2023, reflecting an increase of 8.2%[39]. - Basic earnings per share for the year ended December 31, 2024, were $2.23, up from $2.06 in 2023, representing an 8.2% increase[35]. - Net income for the year ended December 31, 2024, reached $185.6 million, a 8.0% increase from $171.3 million in 2023[28]. Cash Flow and Capital Expenditures - Adjusted free cash flow for Q4 2024 was $28 million, down from $30 million in Q4 2023[10]. - Cash provided by operating activities for Q4 2024 was $20.0 million, a decrease of 52.0% compared to $41.7 million in Q4 2023[41]. - Free cash flow (non-GAAP) for Q4 2024 was $10.0 million, down 60.8% from $25.5 million in Q4 2023[41]. - Adjusted free cash flow (non-GAAP) for the year ended December 31, 2024, was $114.5 million, a decrease of 25.0% from $152.4 million in 2023[41]. - Capital expenditures for the year ended December 31, 2024, were $48.6 million, an increase of 6.1% from $45.8 million in 2023[41]. - One-time separation capital expenditures for the year ended December 31, 2024, totaled $15.0 million, compared to $9.2 million in 2023[41]. Assets and Liabilities - Total assets as of December 31, 2024, increased to $1,190.3 million from $1,088.6 million in 2023, reflecting a 9.3% growth[31]. - Total liabilities decreased to $962.9 million in 2024 from $1,007.9 million in 2023, a reduction of 4.5%[31]. - Cash and cash equivalents at the end of the period increased to $184.3 million from $168.0 million in 2023, a growth of 9.1%[32]. Future Outlook - Atmus expects revenue for 2025 to be in the range of $1,670 million to $1,735 million, with an adjusted EBITDA margin between 19.0% and 20.0%[5]. - Adjusted earnings per share for 2025 is projected to be in the range of $2.35 to $2.60[5]. One-time Costs and Expenses - One-time restructuring costs for Q4 2024 amounted to $4.1 million, with no such costs reported in Q4 2023[41]. - The tax impact of one-time restructuring costs for Q4 2024 was $1 million, compared to $2 million in Q4 2023[39]. - The company reported one-time expenses related to Information Technology, warehousing, manufacturing, and Human Resources separation costs[39].