Altra Industrial Motion Corp. (NASDAQ:AIMC) outlined its third quarter earnings results on Friday 23rd October 2020 before market open.
Altra Industrial Motion Corp. outlined quarterly income of $ 0.59 per share, from the revenue of $ 437.80 million. On adjusted basis, the firm reported income for the quarter of $ 0.87 per share.
The consensus estimate are $ 0.46 income per share from revenues of $ 393.82 million.
The third quarter financial report outlined, earnings beat street analysts by $ 0.41 or 89.13 percent, where as revenues outshined analysts estimates by $ 43.98 million or 11.17 percent.
On the other hand, The quarterly earnings increased 47.50 percent compared with the same quarter last year, at the same time revenues decreased 1.15 percent versus third quarter of last year.
Carl Christenson, Chairman and Chief Executive Officer, stated, We turned in another excellent quarter as we capitalized on greater-than-expected demand strength, leveraged our market leadership to outperform in several businesses and drove significant improvements to the bottom line. All of our operating businesses exceeded expectations, with demand especially strong for Class 8 trucks in China, and in the medical and renewable energy markets.
Moving forward, AIMC raised revenue for 2020 from previous estimates range of $ 1580.00 million ~ $ 1640.00 million to a new range $ 1690.00 million ~ $ 1710.00 million
At the same time, Altra Industrial Motion Corp boosted 2020 earnings estimate from the previous range of $ 2.05 ~ $ 2.30 per share to a new range $ 2.70 ~ $ 2.82 per share.Wall street analysts expected 2020 income of $ 2.25 per share on revenue of $ 1633.98 million.
