Altra Holdings Earnings: Here’s Why Shares are Up Now
Altra Holdings, Inc. (NASDAQ:AIMC) delivered a profit and met Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are up 0.12%.
Altra Holdings, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 12.5% to $0.45 in the quarter versus EPS of $0.40 in the year-earlier quarter.
Revenue: Decreased 3.76% to $185.15 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Altra Holdings, Inc. reported adjusted EPS income of $0.45 per share. By that measure, the company met the mean analyst estimate of $0.45. It missed the average revenue estimate of $185.84 million.
Quoting Management: “The first quarter was in line with our expectations which took into account the generally sluggish demand in some of our end markets and the reduced number of shipping days in the quarter compared with last year,” said Carl Christenson, Altra President and CEO. “We are extremely pleased with the impact of the European restructuring activities started in the second half of last year and the lower interest expense as a result of refinancing the majority of our debt in the fourth quarter of last year. Gross profit increased by 50 basis points year over year to 30.0% and we grew Non-GAAP Net Income by 13.6% to $12.1 million. We are also very pleased to have announced another increase in our dividend to $0.10 per share for the second quarter of 2013.”
Key Stats (on next page)…