BRAINTREE, Mass., April 27, 2018 (GLOBE NEWSWIRE) -- 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 first quarter ended March 31, 2018.

Financial Highlights

• First-quarter 2018 net sales were $240.4 million, up 11.6% from $215.4 million in the first quarter of 2017. Excluding the positive impact of foreign currency translation, net sales were up 5.4% from the same quarter of 2017.
• First-quarter net income was $9.0 million, or $0.31 per diluted share, compared with $10.3 million, or $0.36 per diluted share, in the first quarter of 2017.
• Non-GAAP net income in the first quarter 2018 was $19.3 million, or $0.66 per diluted share, compared with $15.3 million, or $0.53 per diluted share, a year ago.*

Management Comments

“We began 2018 with strong first-quarter results, reporting 11.6% sales growth and continued improvement in non-GAAP net income,” said Carl Christenson, Altra's Chairman and CEO. Our first-quarter performance represented the sixth consecutive quarter of year-over-year organic sales growth as we capitalized on organic growth initiatives and the continued strength in the industrial economy. During the first quarter, we announced our agreement to combine Altra with Fortive’s Automation & Specialty Platform (“Fortive’s A&S Platform”) to create a premium industrial company. We are preparing for the integration of the two organizations so that we are ready to hit the ground running on day one after the close of the transaction.” *

“We are increasingly confident in the positive momentum occurring in the industrial economy,” continued Christenson. “Our bookings are strong across the vast majority of our end markets, and we are encouraged by our prospects for a strong second quarter and full year. As a result, we are raising our guidance for the full year 2018.”

Business Outlook

Altra is increasing its guidance for the full year 2018. The Company now expects full-year 2018 sales in the range of $910 to $930 million. With the announced planned acquisition of the Fortive A&S Platform, Altra now expects GAAP diluted EPS in the range of $1.99 to $2.08 which includes $5.4 million of year to date acquisition related expenses, and non-GAAP diluted EPS in the range of $2.36 to $2.49. The Company expects its tax rate for the full year to be approximately 25% to 27% before discrete items and the impact of non-deductible acquisition related expenses, capital expenditures in the range of $25 to $27 million, and depreciation and amortization in the range of $38 to $40 million.*

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 and motion control products. The Company brings together strong brands covering over 40 product lines with production facilities in eleven 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, Stromag, Svendborg Brakes, TB Wood's, Twiflex, Warner Electric, Warner Linear, and Wichita Clutch.