Altra Holdings Reports 23% Year-Over-Year Sales Increase In Third Quarter 2010
- Gross margins increase 270 BPS to 30% and operating margins grow 450 BPS to 10.5%;
- Diluted EPS Grows to $0.25 from $0.02 in the prior year quarter;
- Company raises top- and bottom-line guidance for 2010;
- Distribution channel and other early-cycle markets drive demand;
- Late-cycle markets continue to show improvement
BRAINTREE, Mass., Nov. 1, 2010 (GLOBE NEWSWIRE) -- Altra Holdings, Inc. (Nasdaq:AIMC), a leading global supplier of clutch brakes, couplings, gearing, belted drives and power transmission components, today announced unaudited financial results for the third quarter ended October 2, 2010.
- Third-quarter net sales increased 23% to $128.9 million compared with the prior-year third quarter.
- Third-quarter net income was $0.25 per diluted share compared with $0.02 per diluted share in the prior-year period. Non-GAAP adjusted earnings per diluted share were $0.26 for the third quarter of 2010 compared with $0.06 in the prior year.*
- Gross profit margin increased 270 basis points to 30.0% from the third quarter of 2009.
- Income from operations increased 450 basis points to 10.5% of sales from the third quarter of 2009. Non-GAAP adjusted income from operations increased 400 basis points to 10.9% of sales year-over-year.*
- Company raises sales and Non-GAAP adjusted earnings per share guidance on continued early-cycle demand strength, improving late-cycle outlook and strong earnings leverage.
Management Comments"We were very pleased with the excellent results we were able to achieve in what is usually a seasonally slow quarter," said Carl Christenson, President and CEO. "We grew sales 23% over the prior year and reported a 333% increase in non-GAAP adjusted diluted EPS to $0.26. Strong sales from our early-cycle end markets, coupled with increasing demand from our late-cycle markets drove the year-over-year revenue growth. We believe that our sales growth continues to be the result of real end-user demand as our distribution order rate remains healthy and distributors are not building a significant level of inventory. Altra's 94% year-over-year increase in non-GAAP adjusted income from operations demonstrates the leverage we have gained as a result of our permanent cost reductions and productivity initiatives."
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