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- **Revenue Growth Accelerates**: Q3 revenue up 10.9% YoY to $448M, driven by 6% volume (8% share gains) and 4% pricing.
- **Profitability Expansion**: Adjusted EBITDA margin improved to 20.4%, with full-year EBITDA margin target raised to 19.5%-20%.
- **Strategic Focus**: $81M share buybacks since program launch, 10% dividend increase, and M&A pipeline review.
- **Operational Milestone**: Cummins separation completed, freeing resources to pursue 4-pillar growth strategy.
- **Growth Catalysts**: Stellantis Ram product stocking ($44M volume boost), aftermarket channel expansion, and industrial filtration M&A exploration.

**【CEO Summary Section】**
- Completed operational separation from Cummins, enabling focus on growth and redeployment of resources.
- Third-quarter revenue grew 10.9% YoY to $448 million, driven by 6% volume, 4% pricing, and 1% FX. Adjusted EBITDA rose to $92 million (20.4% margin) vs. $79 million (19.6% margin) last year.
- Capital allocation: $30M share buybacks (total $61M YTD), 10% dividend increase, and M&A pipeline review.
- 4-pillar growth strategy progress: expanding first-fit partnerships, aftermarket channel expansion, supply chain optimization, and industrial filtration M&A exploration.
- Full-year revenue guidance raised to $1.72B-$1.745B (3%-4.5% growth), with EBITDA margin target of 19.5%-20%.

**【CFO Financial Commentary】**
- Q3 gross margin improved to $129M vs. $111M last year, driven by pricing and volumes, offset by higher logistics costs.
- Operating expenses stable at $56M, with $8M joint venture income.
- Free cash flow of $72M (vs. $65M last year), supported by $218M cash and $618M liquidity.
- No further separation costs expected post-Q3, with IT stabilization costs impacting Q4 margins.

**【Q&A Key Highlights】**
- **Volume Growth Drivers**: 8% share gains offset 2% market headwinds, including Stellantis Ram product stocking ($44M YoY volume increase).
- **Share Gains**: 3% full-year target driven by first-fit content expansion and aftermarket wins, particularly in North America.
- **Tariffs & Pricing**: 3% full-year pricing includes cost mitigation, with 2026 price actions contingent on market clarity.
- **Aftermarket Trends**: Freight recession expected to persist through H1 2026, limiting aftermarket recovery.
- **Industrial Filtration**: M&A pipeline active, with focus on industrial air, liquids (non-water), and water markets.
- **Competitive Positioning**: Expanding aftermarket channels to capitalize on competitors' challenges, e.g., First Brands bankruptcy.

Atmus Filtration Technologies Inc. (ATMU) Q3 2025 Earnings Call Transcript

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ATMU

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