Altra Holdings Beats; Raises Guidance (AIMC)

Altra Holdings, Inc. AIMC reports Q2 earnings of $0.27 versus estimates of $0.25. Altra Holdings, Inc. reports Q2 revenues of $133 million versus estimates of $129.80 million. Revenues increased 18.9% year over year. The company raised FY 2010 EPS guidance to the range of $0.72 to $0.82 on revenues of $485 to $500 million; this compares to the Street consensus of $0.85 per share on revenues of $497.47. "Our early-cycle end markets continued to drive strong demand in the second quarter, resulting in 19% year-over-year and 4% sequential revenue growth," said Carl Christenson, President and CEO. He added, "We believe that substantially all of the sales increase in the second quarter was the result of end-user demand as our distributors essentially completed destocking activities and do not appear to be restocking yet. Gross profit margin improved 390 basis points to 30.2% and operating margin increased 680 basis points to 11.8%, both approaching all-time highs for the Company and reflecting excellent operating leverage in our business. As a result of this leverage and our cost-reduction and productivity initiatives, we achieved second-quarter non-GAAP adjusted earnings per diluted share of $0.27 compared with $0.01 a year ago."