Atmus Filtration Technologies Inc. reported a net sales increase of 2.5% for the fiscal year ending December 31, 2024, reaching $1,669.6 million, compared to $1,628.1 million in 2023. The company also achieved a net income of $185.6 million, an 8.3% increase from $171.3 million in the previous year. Adjusted EBITDA for the year was $329.5 million, reflecting a growth of 9.5% from $302.3 million in 2023. The gross margin improved to 27.7%, up from 26.6% in 2023, driven by favorable pricing impacts and higher volumes, despite challenges from increased manufacturing and logistics costs.
In terms of operational developments, Atmus has maintained a strong recurring revenue base, with approximately 86% of net sales generated from aftermarket products. The company continues to expand its global footprint, with 48% of net sales coming from international markets. As of December 31, 2024, Atmus employed approximately 4,500 people worldwide, with 53% represented by unions under collective bargaining agreements. The company has also been actively investing in research and development, with expenses totaling $40.6 million in 2024, aimed at enhancing its product offerings and addressing evolving customer needs.
Strategically, Atmus has focused on strengthening its relationships with original equipment manufacturers (OEMs) and expanding its product portfolio. The company has entered into long-term agreements with key customers, including Cummins, PACCAR, and the Traton Group, which collectively accounted for approximately 46.3% of net sales in 2024. Atmus has also initiated a share repurchase program, authorizing up to $150 million, with approximately $20 million utilized as of December 31, 2024.
Looking ahead, Atmus anticipates continued challenges in the market, particularly in the aftermarket segment, which has shown signs of softness. The company is committed to transforming its supply chain and expanding into industrial filtration markets to drive sustainable growth. Management has indicated that while the overall economic conditions remain uncertain, they are focused on leveraging their technology leadership and comprehensive product offerings to capture growth opportunities in both existing and new markets.
About Atmus Filtration Technologies Inc.
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