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Altra Industrial Motion Corp. (AIMC) reported Q3 2020 financial results, achieving sales of $437.8 million, a slight decrease of 1.2% from Q3 2019. Net income rose to $38.3 million, or $0.59 per diluted share, compared to $25.7 million, or $0.40 per share, in the previous year. Non-GAAP net income also improved to $56.5 million, or $0.87 per share. The company reduced its debt by $60 million and increased its quarterly dividend by 50%. Full-year guidance for revenue has been raised to between $1.69 billion and $1.71 billion, reflecting strong demand in various markets.
Altra Industrial Motion Corp. (AIMC) announced a quarterly cash dividend of $0.06 per share for Q4 2020, marking the 35th consecutive dividend in its history. The dividend will be paid on January 5, 2021, to shareholders of record by December 18, 2020. The company emphasizes that future dividends are subject to Board approval and market conditions. Altra, headquartered in Braintree, Massachusetts, is a global manufacturer in motion control and power transmission, employing approximately 9,200 individuals across more than 50 production facilities worldwide.
Altra Industrial Motion Corp. (AIMC) has appointed J. Scott Hall to its Board of Directors as of October 20, 2020, following the earlier addition of Nicole Parent Haughey in April. Hall's diverse experience, including his role as CEO of Mueller Water Products, aims to enhance the Board's oversight and risk management capabilities. With the Board now comprising eight members, seven of whom are independent, Altra maintains its commitment to effective corporate governance and strategic oversight. This leadership change is expected to advance Altra’s growth strategy amid current market conditions.
Altra Industrial Motion Corp. (Nasdaq:AIMC) plans to release its unaudited financial results for Q3 2020 on October 23, 2020, before market opening. Following this, an investor conference call will be conducted at 10:00 a.m. ET, accessible via a domestic line at (866) 209-9085 or international at (647) 689-5687. A live webcast will also be available on their website. The replay will be accessible until November 6, 2020. Altra is a global leader in motion control and power transmission products, employing approximately 9,200 individuals across 50 facilities worldwide.
Altra Industrial Motion Corp. (AIMC) reported Q2 2020 financial results, revealing net sales of $400.8 million, down from $466.5 million in Q2 2019. Organic sales declined 12.5%. Net income reached $21.7 million, or $0.34 per diluted share, compared to $29.0 million, or $0.45 per share in the prior year. Effective cost management led to a strong operating cash flow of $38.8 million and a $24 million reduction in debt. Altra updated its 2020 guidance, projecting sales between $1,580 million to $1,640 million, amid ongoing COVID-19 uncertainties.
Altra Industrial Motion Corp. (AIMC) has declared a quarterly cash dividend of $0.04 per share for Q3 2020, marking the 34th consecutive dividend in its history. The dividend will be distributed on October 2, 2020, to shareholders of record as of September 18, 2020. Future dividends hinge on Board approval and market conditions, emphasizing the company's commitment to its shareholders while maintaining flexibility in financial management.
Altra Industrial Motion Corp. (Nasdaq:AIMC) will release its unaudited financial results for Q2 2020 on July 24, 2020, before market opening. The company will host an investor conference call the same day at 10:00 a.m. ET to discuss these results. Interested investors can participate by calling (866) 209-9085 or via international access at (647) 689-5687. A live webcast will also be available on their website. A replay of the call can be accessed until August 7, 2020. Altra operates globally with about 9,200 employees and over 50 production facilities.
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Altra Industrial Motion Corp. (AIMC) reported Q1 2020 net sales of $434.2 million, down from $482.8 million in Q1 2019, reflecting an 8.6% organic sales decline. The company also posted a net loss of $116.6 million, or $1.81 per diluted share, driven by a $147.5 million non-cash impairment charge. Non-GAAP adjusted EBITDA was $85.9 million, or 19.8% of net sales. Altra is adapting to COVID-19 impacts with safety measures and strong liquidity, ending with approximately $525 million in cash and revolving credit availability. Full-year 2020 guidance was revised to anticipate sales between $1.54 billion and $1.62 billion.