Published on 2 Mar 2023 on Zacks via Yahoo Finance

Altra Industrial's (AIMC) Q4 Earnings Miss, Revenues Dip Y/Y

Altra Industrial Motion Corp.’s AIMC fourth-quarter 2022 adjusted earnings of 73 cents per share missed the Zacks Consensus Estimate of 75 cents. The bottom line increased 9% year over year.Total revenues of $469 million surpassed the Zacks Consensus Estimate of $455 million. The top line dipped 0.1% year over year due to the divestiture of the JVS business and changes in foreign exchange rates. Organic sales in the reported quarter expanded 2.3%. The Nook acquisition had a positive impact of 2.2% on sales. Foreign currency translation had a negative impact of 4.6%.

Segmental Discussion

Revenues generated from Power Transmission Technologies increased 2.7% year over year to $240.1 million, driven by strength across end markets, including metals and mining, turf and garden as well as agriculture end markets. Segment operating income increased 6.5% year over year to $32.7 million.