Altra Industrial Motion (AIMC) Reports Inline Q3 EPS; Narrows FY16 Outlook; Approves $30M Stock Buyback Plan

Altra Industrial Motion (NASDAQ: AIMC) reported Q3 EPS of $0.35, in-line with the analyst estimate of $0.35. Revenue for the quarter came in at $173.1 million versus the consensus estimate of $175.1 million.

Share Repurchase Program

On October 19, 2016, our board of directors approved a new share repurchase program authorizing the buyback of up to $30 million of the Company’s common stock through December 31, 2019. The previous share repurchase program, initiated in 2014, has been terminated and replaced by this new program effective immediately. The Company expects to purchase shares on the open market, through block trades, in privately negotiated transactions, in compliance with SEC Rule 10b-18 (including through Rule 10b5-1 plans), or in such other appropriate manner. The timing of the shares repurchased will be at the discretion of management and will depend on a number of factors, including price, market conditions and regulatory requirements. Shares acquired through the repurchase program will be held as treasury shares and may be used for general corporate purposes. The Company retains the right to limit, terminate or extend the share repurchase program at any time without prior notice.

GUIDANCE:

Altra Industrial Motion sees FY2016 EPS of $1.45-$1.50, versus the consensus of $1.49. Altra Industrial Motion sees FY2016 revenue of $705-715 million, versus the consensus of $708.1 million.

For earnings history and earnings-related data on Altra Industrial Motion (AIMC) click here.

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