Altra Industrial Motion (AIMC) Tops Q4 EPS by 7c

Altra Industrial Motion (NASDAQ: AIMC) reported Q4 EPS of $0.41, $0.07 better than the analyst estimate of $0.34. Revenue for the quarter came in at $172.6 million versus the consensus estimate of $170.32 million.

Sees FY 2017 non-GAAP EPS of $1.75-$1.85, versus the consensus of $1.75.

• Fourth-quarter 2016 net sales were $172.6 million, compared with $173.6 million in the fourth quarter of 2015. The slight reduction in net sales was driven by an unfavorable impact from foreign exchange of 2.0%, which was substantially offset by an organic sales increase of 0.5% and a 0.9% favorable impact from pricing.
• Fourth-quarter net income was $1.7 million, or $0.06 per diluted share, compared with $6.1 million, or $0.23 per diluted share, in the fourth quarter of 2015.
• Strong cash flow from operations of $76.6 million led to free cash flow of $57.7 million for the year*.
• The Company completed its acquisition of Stromag, which is expected to be accretive in the first 12 months of operations. The Company financed the transaction by amending and expanding its existing credit facility and, in connection with this financing, the Company executed multiple cross-currency interest rate swaps that provide a lower effective interest rate for the next three years.
• Altra further strengthened its balance sheet by issuing a notice to redeem its outstanding 2.75% Convertible Senior Notes due 2031, all of which converted or redeemed by January 12, 2017.
• Non-GAAP net income in Q4 2016 was $10.6 million, or $0.41 per diluted share, compared with $9.3 million, or $0.36 per diluted share, a year ago*.

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

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