Altra Industrial Motion reports Q4 non-GAAP EPS 73c, consensus 76c

Reports Q4 revenue $469.4M, consensus $463.23M. "Altra delivered solid Q4 results as our strategy to align the business with attractive secular trends and drive operational excellence yielded strong revenue performance and gross margin expansion even in the face of a challenging market environment," said CEO Carl Christenson. "Q4 sales of $469.4M were essentially flat with the prior year while Organic Sales were up 2.3% compared to the same period last year. Included in the Q4 2021 net sales are revenues of approximately $38.5M related to the Jacobs Vehicle Systems business that was divested by the company on April 8, 2022. On a full year basis, 2022 was in line with 2021 sales, which included over $190M from the now divested JVS business, and we achieved our 3% to 5% Organic Growth goal for the year. We once again did an excellent job capitalizing on several healthy end market trends, notably in factory automation and IoT where we continued to benefit from strong demand for Altra’s high-value automation products. Gross margin improved approximately 280 bps in the quarter, reflecting the benefits of our pricing actions and stronger visibility into supplier cost volatility, which was a headwind for us this time last year".