Published on 17 Feb 2022 on Zacks via Yahoo Finance
Altra Industrial (AIMC) Q4 Earnings Miss, '22 View Solid
Altra Industrial Motion Corp. AIMC reported mixed results for fourth-quarter 2021. The company’s earnings lagged the Zacks Consensus Estimate by 10.67% and its sales surpassed the same by 1.80%.Non-GAAP earnings in the quarter under review were 67 cents per share, lagging the Zacks Consensus Estimate of 75 cents. The bottom line declined 11.8% from the year-ago figure of 76 cents, as supply-chain woes, labor problems, and high costs and expenses more than offset the impacts of sales growth.In 2021, the company’s non-GAAP earnings were $3.22 per share, increasing 11.8% year over year. The bottom line lagged the Zacks Consensus Estimate of $3.31.
Revenue Details
In the reported quarter, Altra Industrial’s revenues were $469.8 million, reflecting an increase of 3.7% from the year-ago number. Organic sales in the reported quarter expanded 4.1%, driven by healthy end-market businesses,including factory automation, specialty machinery, turf & garden, agriculture, construction and material handling. Foreign currency translation left a negative impact of 0.4%.Also, the company’s revenues surpassed the Zacks Consensus Estimate of $462 million.On a geographical basis, AIMC’s organic sales expanded 12.4% year over year in North America and increased 10.6% in Europe. However, sales in the Asia Pacific/Rest of World decreased 20.2%.Altra Industrial reports revenues under two heads — Automation & Specialty and Power Transmission Technologies. A brief snapshot of the segmental sales is provided below:Revenues generated from Power Transmission Technologies amounted to $233.7 million, increasing 12.4% year over year. Organic sales in the quarter expanded 13% year over year.Automation & Specialty’s sales were $237.1 million in the fourth quarter, down 3.9% from the year-ago reported quarter. Organic sales decreased 3.6% from the year-ago quarter.In 2021, the company’s revenues totaled $1.9 billion, increasing 10.1% year over year. Also, its yearly sales surpassed the Zacks Consensus Estimate of $1.89 billion.