Delivered Strong Operating Cash Flow During the
Quarter
Returned $6.3 Million to Shareholders Through
Stock Repurchases
Altra Industrial Motion Corp. (Nasdaq:AIMC), a global manufacturer
and marketer of electromechanical power transmission and motion
control products, today announced unaudited financial results for
the third quarter ended September 30, 2015.
Financial Highlights
- Third-quarter 2015 net sales were $183.1 million, compared with
$202.5 million in the third quarter of 2014, a decrease of 9.6%.
The decrease in net sales was driven by an unfavorable impact from
foreign exchange of 5.7% and an organic sales decline of 3.9%.
- Third-quarter net income was $10.2 million, or $0.39 per
diluted share, compared with $6.9 million, or $0.25 per diluted
share, in the third quarter of 2014. Non-GAAP net income in Q3 2015
was $11.3 million, or $0.43 per diluted share, compared with $12.2
million, or $0.45 per diluted share, a year ago.*
- Strong cash flow from operations led to free cash flows of
$27.7 million during the quarter.
- The Company accelerated its purchases of Altra stock,
purchasing $6.3 million, or approximately 254,000 shares, during
the third quarter under its $50 million repurchase program. Since
the program's inception in May 2014, the Company has purchased
approximately $31.9 million, or 1.1 million shares, under the
program.
- Altra amended its credit facility on October 22, 2015. The
amendment resulted in a two-year extension of the term, the
elimination of the existing term loans, more favorable pricing and
an increase in total borrowing capacity under the new, all
revolver, $350 million facility.
- During the third quarter, the Company realigned its three
business segments as part of its business simplification efforts.
This new structure is better aligned across Altra's end markets and
will better facilitate the Company's strategic initiatives for
growth, procurement and facility consolidation.
- Reconciliation of Non-GAAP Net Income*:
|
|
|
|
|
|
Quarter Ended |
Year to Date Ended |
Quarter Ended |
Year to Date Ended |
|
September 30, 2015 |
September 30, 2014 |
Net income attributable to
Altra Industrial Motion Corp. |
$ 10,221 |
$ 29,299 |
$ 6,946 |
$ 31,108 |
|
|
|
|
|
Restructuring costs |
651 |
4,994 |
1,643 |
1,643 |
Amortization of inventory fair
value adjustment |
— |
— |
113 |
2,264 |
European workers compensation
claim |
— |
— |
355 |
355 |
Supplier warranty
provision |
2,069 |
2,069 |
— |
— |
Acquisition related
expenses |
77 |
738 |
18 |
899 |
Tax impact of above
adjustments |
(828) |
(2,368) |
(592) |
(1,548) |
Tax impact of foreign
reorganizations |
$ (924) |
$ (924) |
$ 3,758 |
$ 3,758 |
Non-GAAP net income* |
$ 11,266 |
$ 33,808 |
$ 12,241 |
$ 38,479 |
Non-GAAP diluted earnings per
share* |
$ 0.43 |
$ 1.28 |
$ 0.45 |
$ 1.41 |
|
|
|
|
|
In Thousands of Dollars, except
per share amounts |
|
|
|
|
- Reconciliation of Non-GAAP Gross Profit*:
|
|
|
|
|
|
Quarter Ended |
Year to Date Ended |
Quarter Ended |
Year to Date Ended |
|
September 30, 2015 |
September 30, 2014 |
Gross Profit |
$ 55,800 |
$ 174,259 |
$ 62,333 |
$ 190,599 |
Gross profit as a percent of
net sales |
30.5% |
30.4% |
30.8% |
30.4% |
Supplier warranty
provision |
2,069 |
2,069 |
— |
— |
Amortization of inventory fair
value adjustment |
— |
— |
113 |
2,264 |
Non-GAAP Gross Profit* |
$ 57,869 |
$ 176,328 |
$ 62,446 |
$ 192,863 |
Non-GAAP Profit as a percent of
net sales |
31.6% |
30.8% |
30.8% |
30.7% |
In Thousands of Dollars, except
per share amounts |
|
|
|
|
Management Comments
"Altra again delivered strong results during the third quarter
on excellent execution of our cost-reduction and restructuring
initiatives combined with lower material costs," said Carl
Christenson, Altra's Chairman and CEO. "Despite a nearly 10%
decline in revenues we increased non-GAAP gross profit margin by 80
basis points year over year. We were also very pleased with our
cash generation during the quarter bringing year to date free cash
flow to over $44 million. In addition, we amended and extended our
credit facility, which provides us with increased liquidity, more
flexibility and better pricing as we continue to manage all cost
areas efficiently for the benefit of shareholders."*
Business Outlook
"We have seen a broad based decline in global industrial demand
through the first nine months of 2015. Furthermore we expect the
challenges in our agriculture, oil & gas, mining and metals end
markets to continue for some time, as many OEMs have just begun to
implement restructuring and cost reduction
programs. Additionally, we have seen end markets that were
previously unaffected begin to soften," Christenson said. "From a
geographic perspective, sentiment in Europe appears stable, while
the outlook for North American industrial activity deteriorated
further and the outlook in Asia remains uncertain."
"As these conditions persist, we are managing the business to
the level of market demand. We expect ongoing benefits from the
restructuring and cost reduction initiatives we began earlier this
year. These initiatives include the Bauer profit improvement plan,
which has gained significant traction at the bottom line. We are
excited about the progress we have made and the additional
opportunities we have to improve margins under our business
simplification plan."
As a result of weakness in certain of the company's end markets,
Altra is lowering its previous annual revenue guidance and expects
annual sales in the range of $745 to $755 million. The Company is
also narrowing its non-GAAP diluted EPS guidance to the range of
$1.60 to $1.68 for 2015. This guidance includes savings from the
restructuring actions taken to date. The Company now expects its
tax rate for the full year to be approximately 29% to 31% before
discrete items. Altra continues to expect capital expenditures in
the range of $24 to $26 million and now expects depreciation and
amortization in the range of $30 to $31 million.*
Conference Call
The Company will conduct an investor conference call to discuss
its unaudited third quarter financial results this morning at 10:00
a.m. ET. The public is invited to listen to the conference call by
dialing (877) 407-8293 domestically or (201) 689-8349 for
international access. A live webcast of the call will be available
in the "Investor Relations" section of www.altramotion.com.
Individuals may download charts that will be used during the call
at www.altramotion.com under presentations in the Investor
Relations section. The charts will be available after earnings are
released. A replay of the recorded conference call will be
available at the conclusion of the call on October 23 through
midnight on October 30, 2015. To listen to the replay, dial (877)
660-6853 domestically or (201) 612-7415 for international access
(conference ID #13622162). A webcast replay also will be
available.
Altra Industrial
Motion Corp. |
|
|
|
Consolidated Statements of Income
Data |
Quarter Ended |
Year to Date Ended |
In Thousands of Dollars, except per share
amount |
September 30, 2015 |
|
September 30, 2014 |
|
September 30, 2015 |
|
September 30, 2014 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Net sales |
$ 183,053 |
|
$ 202,520 |
|
$ 573,024 |
|
$ 627,856 |
|
Cost of sales |
127,253 |
|
140,187 |
|
398,765 |
|
437,257 |
|
Gross profit |
$ 55,800 |
|
$ 62,333 |
|
$ 174,259 |
|
$ 190,599 |
|
Gross profit as a percent of net sales |
30.5% |
|
30.8% |
|
30.4% |
|
30.4% |
|
Selling, general & administrative
expenses |
34,279 |
|
39,067 |
|
105,733 |
|
117,828 |
|
Research and development expenses |
4,210 |
|
3,818 |
|
13,506 |
|
11,719 |
|
Restructuring Charges |
651 |
|
1,643 |
|
4,994 |
|
1,643 |
|
Income from operations |
$ 16,660 |
|
$ 17,805 |
|
$ 50,026 |
|
$ 59,409 |
|
Income from operations as a
percent of net sales |
9.1% |
|
8.8% |
|
8.7% |
|
9.5% |
|
Interest expense, net |
2,924 |
|
3,000 |
|
8,858 |
|
8,991 |
|
Other non-operating (income) expense,
net |
685 |
|
(313) |
|
606 |
|
446 |
|
Income before income taxes |
$ 13,051 |
|
$ 15,118 |
|
$ 40,562 |
|
$ 49,972 |
|
Provision for income taxes |
2,830 |
|
8,170 |
|
11,326 |
|
18,843 |
|
Income tax rate |
21.7% |
|
54.0% |
|
27.9% |
|
37.7% |
|
Net income |
10,221 |
|
6,948 |
|
29,236 |
|
31,129 |
|
Net loss (income) attributable
to non-controlling interest |
— |
|
(2) |
|
63 |
|
(21) |
|
Net income attributable to
Altra Industrial Motion Corp. |
10,221 |
|
6,946 |
|
29,299 |
|
31,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average common shares
outstanding |
|
|
|
|
|
|
|
Basic |
26,145 |
|
26,648 |
|
26,140 |
|
26,785 |
|
Diluted |
26,145 |
|
27,334 |
|
26,184 |
|
27,557 |
|
|
|
|
|
|
|
|
|
|
Net income per share |
|
|
|
|
|
|
|
|
Basic |
$ 0.39 |
|
$ 0.26 |
|
$ 1.12 |
|
$ 1.16 |
|
Diluted |
$ 0.39 |
|
$ 0.25 |
|
$ 1.12 |
|
$ 1.13 |
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Non-GAAP Income From Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
$ 16,660 |
|
$ 17,805 |
|
$ 50,026 |
|
$ 59,409 |
|
|
|
|
|
|
|
|
|
|
Restructuring costs |
651 |
|
1,643 |
|
4,994 |
|
1,643 |
|
Amortization of inventory fair value
adjustment |
— |
|
113 |
|
— |
|
2,264 |
|
European workers compensation claim |
— |
|
355 |
|
— |
|
355 |
|
Supplier warranty provision |
2,069 |
|
— |
|
2,069 |
|
— |
|
Acquisition related expenses |
77 |
|
18 |
|
738 |
|
899 |
|
Non-GAAP income from operations
* |
$ 19,457 |
|
$ 19,934 |
|
$ 57,827 |
|
$ 64,570 |
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Non-GAAP Net Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Altra Industrial
Motion Corp. |
10,221 |
|
6,946 |
|
29,299 |
|
31,108 |
|
|
|
|
|
|
|
|
|
|
Restructuring costs |
651 |
|
1,643 |
|
4,994 |
|
1,643 |
|
Amortization of inventory fair value
adjustment |
— |
|
113 |
|
— |
|
2,264 |
|
European workers compensation claim |
— |
|
355 |
|
— |
|
355 |
|
Supplier warranty provision |
2,069 |
|
— |
|
2,069 |
|
— |
|
Acquisition related expenses |
77 |
|
18 |
|
738 |
|
899 |
|
Tax impact of above adjustments |
(828) |
|
(592) |
|
(2,368) |
|
(1,548) |
|
Tax impact of foreign reorganizations |
(924) |
|
3,758 |
|
(924) |
|
3,758 |
|
Non-GAAP net income * |
$ 11,266 |
|
$ 12,241 |
|
$ 33,808 |
|
$ 38,479 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted earnings per share * |
$ 0.43 |
(1) |
$ 0.45 |
(2) |
$ 1.28 |
(3) |
$ 1.41 |
(4) |
|
|
|
|
|
|
|
|
|
(1) - tax impact is
calculated by multiplying the estimated effective tax rate for the
period of 29.6% by the above items |
|
|
|
(2) - tax impact is
calculated by multiplying the estimated effective tax rate for the
period of 27.8% by the above items |
|
|
|
(3) - tax impact is
calculated by multiplying the estimated effective tax rate for the
period of 30.4% by the above items |
|
|
|
(4) - tax impact is
calculated by multiplying the estimated effective tax rate for the
period of 30.0% by the above items |
|
|
|
|
|
|
Consolidated
Balance Sheets |
|
|
In Thousands of Dollars |
September 30,
2015 |
December 31,
2014 |
|
(unaudited) |
|
Assets: |
|
|
Current Assets |
|
|
Cash and cash equivalents |
$ 49,649 |
$ 47,503 |
Trade receivables, net |
104,400 |
106,458 |
Inventories |
126,036 |
132,736 |
Deferred income taxes |
9,162 |
9,240 |
Income tax receivable |
3,634 |
6,247 |
Prepaid expenses and other
current assets |
11,089 |
8,617 |
Total current assets |
303,970 |
310,801 |
Property, plant and equipment,
net |
152,760 |
156,366 |
Intangible assets, net |
99,480 |
110,730 |
Goodwill |
98,314 |
102,087 |
Deferred income taxes |
902 |
987 |
Other non-current assets,
net |
2,641 |
3,592 |
Total assets |
$ 658,067 |
$ 684,563 |
|
|
|
Liabilities, non-controlling interest and
stockholders' equity |
|
|
Current liabilities |
|
|
Accounts payable |
$ 46,565 |
$ 44,298 |
Accrued payroll |
21,691 |
23,254 |
Accruals and other current
liabilities |
37,849 |
33,591 |
Deferred income taxes |
122 |
120 |
Income tax payable |
2,148 |
3,189 |
Current portion of long-term
debt |
12,713 |
15,176 |
Total current liabilities |
121,088 |
119,628 |
Long-term debt, less current
portion and net of unaccreted discount |
227,189 |
240,576 |
Deferred income taxes |
51,893 |
53,226 |
Pension liabilities |
8,474 |
9,993 |
Long-term taxes payable |
650 |
629 |
Other long-term
liabilities |
701 |
869 |
Redeemable non-controlling
interest |
— |
883 |
Total stockholders' equity |
248,072 |
258,759 |
Total liabilities, redeemable non-controlling
interest and stockholders' equity |
$ 658,067 |
$ 684,563 |
|
|
|
Reconciliation to operating working
capital: |
|
|
Trade receivables, net |
104,400 |
106,458 |
Inventories |
126,036 |
132,736 |
Accounts payable |
(46,565) |
(44,298) |
Operating working capital * |
$ 183,871 |
$ 194,896 |
|
|
|
Year to Date
Ended |
|
September 30,
2015 |
September 30,
2014 |
|
(Unaudited) |
(Unaudited) |
Cash flows from operating
activities |
|
|
Net income |
$ 29,236 |
$ 31,129 |
Adjustments to reconcile net income to net
cash flows: |
|
|
Depreciation |
16,232 |
17,238 |
Amortization of intangible
assets |
6,437 |
6,884 |
Amortization of deferred
financing costs |
689 |
699 |
(Gain)/Loss on foreign
currency, net |
(128) |
461 |
Amortization of inventory fair
value adjustment |
— |
2,264 |
Accretion of debt discount,
net |
2,740 |
2,527 |
Loss on impairment / disposal
of fixed assets |
856 |
195 |
Provision for deferred
taxes |
— |
1,350 |
Stock based compensation |
3,231 |
2,633 |
Changes in assets and
liabilities: |
|
|
Trade receivables |
(1,552) |
(11,452) |
Inventories |
2,367 |
5,276 |
Accounts payable and accrued
liabilities |
7,106 |
(6,682) |
Other current assets and
liabilities |
(2,609) |
9,704 |
Other operating assets and
liabilities |
(1,060) |
(188) |
Net cash flows from operating
activities |
63,545 |
62,038 |
Cash flows from investing
activities |
|
|
Purchase of property, plant and
equipment |
(19,181) |
(16,464) |
Proceeds from sale of land |
1,201 |
274 |
Acquisition of Guardian, net of $2.0 million
cash received |
— |
(15,092) |
Net cash flows from investing
activities |
(17,980) |
(31,282) |
Cash flows from financing
activities |
|
|
Payments on Term Loan Facility |
(16,027) |
(21,478) |
Payments on Revolving Credit Facility |
(9,000) |
(9,190) |
Dividend payments |
(7,130) |
(8,644) |
Proceeds from equipment loan |
1,100 |
2,245 |
Payment of equipment loans |
(3,639) |
(1,028) |
Proceeds from mortgages |
7,085 |
— |
Borrowing under Revolving Credit
Facility |
6,000 |
5,000 |
Purchase of non-controlling interest in
Lamiflex |
(878) |
— |
Shares surrendered for tax withholding |
(1,182) |
(1,447) |
Payments on mortgages and other |
(352) |
(435) |
Purchases of common stock under share
repurchase program |
(14,285) |
(12,816) |
Net cash flows from financing
activities |
(38,308) |
(47,793) |
Effect of exchange rate changes on cash and
cash equivalents |
(5,111) |
(3,573) |
Net change in cash and cash
equivalents |
2,146 |
(20,610) |
Cash and cash equivalents at beginning of
year |
47,503 |
63,604 |
Cash and cash equivalents at end of
period |
$ 49,649 |
$ 42,994 |
|
|
|
Reconciliation to free cash flow: |
|
|
Net cash flows from operating activities |
63,545 |
62,038 |
Purchase of property, plant and
equipment |
(19,181) |
(16,464) |
|
|
|
Free cash flow * |
$ 44,364 |
$ 45,574 |
|
Altra Industrial Motion
Corp. |
|
|
|
Selected Segment Data |
Quarter Ended |
Year to Date Ended |
In Thousands of Dollars, except per share
amount |
September 30, 2015 |
September 30, 2014 |
September 30, 2015 |
September 30, 2014 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
Net Sales |
|
|
|
|
Couplings Clutches & Brakes |
$ 85,760 |
$ 100,363 |
$ 265,225 |
$ 298,633 |
Electromagnetic Clutches & Brakes |
50,393 |
49,793 |
166,279 |
169,563 |
Gearing |
48,783 |
54,028 |
147,599 |
165,478 |
Eliminations |
(1,883) |
(1,664) |
(6,079) |
(5,818) |
Total |
$ 183,053 |
$ 202,520 |
$ 573,024 |
$ 627,856 |
|
|
|
|
|
Income from operations |
|
|
|
|
Couplings Clutches & Brakes |
$ 8,910 |
$ 13,107 |
$ 29,672 |
$ 35,140 |
Electromagnetic Clutches & Brakes |
4,771 |
4,071 |
16,293 |
18,192 |
Gearing |
6,197 |
6,566 |
17,022 |
18,651 |
Restructuring |
(651) |
(1,643) |
(4,994) |
(1,643) |
Corporate |
(2,567) |
(4,296) |
(7,967) |
(10,931) |
Total |
$ 16,660 |
$ 17,805 |
$ 50,026 |
$ 59,409 |
About Altra Industrial Motion Corp.
Altra Industrial Motion Corp., through its subsidiaries, is a
leading global designer, producer and marketer of a wide range of
electromechanical power transmission products. The Company brings
together strong brands covering over 40 product lines with
production facilities in 12 countries. Altra's leading brands
include Ameridrives Couplings, Bauer Gear Motor, Bibby Turboflex,
Boston Gear, Delroyd Worm Gear, Formsprag Clutch, Guardian
Couplings, Huco, Industrial Clutch, Inertia
Dynamics, Kilian Manufacturing, Lamiflex Couplings, Marland
Clutch, Matrix, Nuttall Gear, Stieber Clutch, Svendborg
Brakes, TB Wood's, Twiflex, Warner
Electric, Warner Linear, and Wichita Clutch.
The Altra Industrial Motion
Corp. logo is available
at http://www.globenewswire.com/newsroom/prs/?pkgid=4038.
* Discussion of Non-GAAP Financial Measures
As used in this release and the accompanying slides posted on
the Company's website, non-GAAP diluted earnings per share,
non-GAAP income from operations and non-GAAP net income are each
calculated using either net income or income from operations that
excludes acquisition related costs, restructuring costs, and other
income or charges that management does not consider to be directly
related to the Company's core operating performance. Non-GAAP gross
profit calculated using gross profit that excludes income or
charges that management does not consider to be directly related to
the Company's core operating performance. Non-GAAP diluted earnings
per share is calculated by dividing non-GAAP net income by GAAP
weighted average shares outstanding (diluted). Non-GAAP free cash
flow is calculated by deducting purchases of property, plant and
equipment from net cash flows from operating
activities. Non-GAAP operating working capital is calculated
by deducting accounts payable from net trade receivables plus
inventories.
Altra believes that the presentation of non-GAAP net income,
non-GAAP income from operations, non-GAAP gross profit, non-GAAP
diluted earnings per share, non-GAAP free cash flow and non-GAAP
operating working capital provides important supplemental
information to management and investors regarding financial and
business trends relating to the Company's financial condition and
results of operations.
Forward-Looking Statements
All statements, other than statements of historical fact
included in this release are forward-looking statements, as that
term is defined in the Private Securities Litigation Reform Act of
1995. These statements include, but are not limited to, any
statement that may predict, forecast, indicate or imply future
results, performance, achievements or events. Forward-looking
statements can generally be identified by phrases such as
"believes," "expects," "potential," "continues," "may," "should,"
"seeks," "predicts," "anticipates," "intends," "projects,"
"estimates," "plans," "could," "designed", "should be," and other
similar expressions that denote expectations of future or
conditional events rather than statements of fact. Forward-looking
statements also may relate to strategies, plans and objectives for,
and potential results of, future operations, financial results,
financial condition, business prospects, growth strategy and
liquidity, and are based upon financial data, market assumptions
and management's current business plans and beliefs or current
estimates of future results or trends available only as of the time
the statements are made, which may become out of date or
incomplete. Forward-looking statements are inherently uncertain,
and investors must recognize that events could differ significantly
from our expectations. These statements include, but may not be
limited to, those relating to the Company's progress on corporate
initiatives, the Company's views and assessment of economic
conditions, foreign currency trends, end market conditions and
industrial demand, the Company's progress on executing its
acquisition and organic growth strategies and new product
development, the Company's progress on implementing profit
improvement initiatives, the Company's progress and future plans on
implementing and pursuing consolidation and cost reduction
activities, the impact and timing of the Company's Business
Simplification Plan and other potential cost management and
restructuring activities on earnings, margins and shareholder
value, the Company's unaudited 2015 financial information, and the
Company's guidance for full year 2015.
In addition to the risks and uncertainties noted in this
release, there are certain factors that could cause actual results
to differ materially from those anticipated by some of the
statements made. These include: (1) competitive pressures, (2)
changes in economic conditions in the United States and
abroad and the cyclical nature of our markets, (3) loss of
distributors, (4) the ability to develop new products and respond
to customer needs, (5) risks associated with international
operations, including currency risks, (6) accuracy of estimated
forecasts of OEM customers and the impact of the current global
economic environment on our customers, (7) risks associated with a
disruption to our supply chain, (8) fluctuations in the costs of
raw materials used in our products, (9) product liability claims,
(10) work stoppages and other labor issues, (11) changes in
employment, environmental, tax and other laws and changes in the
enforcement of laws, (12) loss of key management and other
personnel, (13) risks associated with compliance with environmental
laws, (14) the ability to successfully execute, manage and
integrate key acquisitions and mergers, (15) failure to obtain or
protect intellectual property rights, (16) risks associated with
impairment of goodwill or intangibles assets, (17) failure of
operating equipment or information technology infrastructure, (18)
risks associated with our debt leverage and operating covenants
under our debt instruments, (19) risks associated with restrictions
contained in our Convertible Notes and Credit Facility, (20) risks
associated with compliance with tax laws, (21) risks associated
with the global recession and volatility and disruption in the
global financial markets, (22) risks associated with
implementation of our ERP system, (23) risks associated with the
Svendborg and Guardian acquisitions and integration and other
acquisitions, (24) risks associated with the Company's investment
in a manufacturing facility in China, (25) risks associated
with certain minimum purchase agreements we have with suppliers,
(26) risks associated with our exposure to variable interest rates
and foreign currency exchange rates, (27) risks associated with
interest rate swap contracts, (28) risks associated with the
potential dilution of our common stock as a result of our
convertible notes, (29) risks associated with our exposure to
renewable energy markets, (30) risks related to regulations
regarding conflict minerals, (31) risks related to restructuring
and plant consolidations, and (32) other risks, uncertainties and
other factors described in the Company's quarterly reports on Form
10-Q and annual reports on Form 10-K and in the Company's other
filings with the U.S. Securities and Exchange
Commission (SEC) or in materials incorporated therein by
reference. Except as required by applicable law, Altra Industrial
Motion Corp. does not intend to, update or alter its forward
looking statements, whether as a result of new information, future
events or otherwise. AIMC-E
CONTACT: Altra Industrial Motion Corp.
Christian Storch, Chief Financial Officer
781-917-0541
Christian.storch@altramotion.com
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