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Atmus Filtration Technologies Inc (ATMU+2.94%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net sales of $403.7 million, an increase from $396.2 million in the same quarter the previous year. This increase was attributed to higher volumes and favorable pricing impacts, partially offset by unfavorable currency impacts.
Gross margin for the quarter was $111.3 million, up from $102.9 million in the previous year, driven by favorable pricing and commodities costs.
Selling, general, and administrative expenses rose to $46.4 million from $41.3 million, primarily due to increased people-related and consulting expenses.
Net income for the quarter was $43.8 million, compared to $37.6 million in the previous year. Basic earnings per share increased to $0.53 from $0.45.
For the nine months ended September 30, 2024, net sales were $1,262.9 million, up from $1,228.4 million in the previous year, with gross margin increasing to $355.0 million from $327.1 million.
Operating income for the nine months was $211.6 million, compared to $192.2 million in the previous year. Interest expense increased significantly due to the timing of borrowings under the Credit Agreement.
Cash provided by operating activities was $85.4 million for the nine months, a decrease from $147.3 million in the previous year, primarily due to higher working capital requirements.
Atmus reported a total debt of $596 million as of September 30, 2024, with a weighted-average term of 2.9 years for its outstanding long-term debt.
The company anticipates incurring additional costs associated with becoming a standalone public company, with one-time expenses expected to be approximately $20 million to $25 million in 2024.
Atmus' effective tax rate for the quarter was 18.4%, down from 23.1% in the previous year, driven by a change in the mix of earnings among tax jurisdictions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Atmus Filtration Technologies Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.