Cummins’ former filtration business beat analyst expectations during its first quarter since going public as a standalone company earlier this year.
Atmus Filtration Technologies Inc., headquartered in Nashville, Tennessee, reported Wednesday $414 million in revenue during the April-June period, up from $393 million during the same period last year, according to filings with the U.S. Securities and Exchange Commission.
Earnings were 63 cents per share when adjusted for one-time gains and costs, up from 60 cents per share during the second quarter last year, the company said.
By comparison, analysts had expected Atmus Filtration Technologies to bring in $400.75 million in revenue and report earnings of 48 cents per share.
The Nashville-based company said it expects full-year 2023 revenue to be $1.58 billion to $1.63 billion.
“Atmus delivered strong sales and operating results during our first quarter as a public company,” Atmus CEO Steph Disher in a statement.
The earnings results come nearly three months after Atmus Filtration Technologies filed paperwork with federal regulators to launch an initial public offering, or IPO.
On May 30, Atmus announced the closing of its IPO of 16.24 million shares at a price to the public of $19.50 per share, the company said. As of the closing of the IPO, Cummins Inc., which is headquartered in Columbus, owned about 80.5% of the total outstanding shares of Atmus stock.
An IPO is when a company’s stocks are sold publicly for the first time. IPOs are generally underwritten by investment banks that arrange for the shares to be traded on a stock exchange.
Shares of Atmus’ stock began trading on the New York Stock Exchange under the symbol ATMU on May 26.
The earnings report also comes about two years after Cummins announced plans to explore “strategic alternatives” for its filtration business, including potentially spinning it off into a separate company or selling it altogether.
The business was founded in 1958 as the Seymour Filter Co., and designs, manufactures and sells air, fuel, hydraulic and lube filtration, as well as chemical technology products for diesel and gas-powered equipment around the world, according to its website.
Atmus Filtration Technologies employs over 4,000 people worldwide and operates nine manufacturing facilities and five technical centers, according to its website.
The company’s current name, Atmus Filtration Technologies, is derived from “atmosphere” and “reflects its purpose of creating a better future by protecting what is important,” Cummins said previously.
In 2021, then-Cummins Chairman and CEO Tom Linebarger told financial analysts that the company was exploring “a range of options” for the business unit, telling financial analysts that “the business is doing great” but “we just think it can operate separately from us more effectively going forward.”