Atmus Filtration Technologies: 2Q Review: Key Follow-Up Takeaways

研报英文原文证据摘录

J P M O R G A N

North America Equity Research

07 August 2026

Atmus Filtration Technologies

2Q Review: Key Follow-Up Takeaways

Overweight

ATMU, ATMU US

Price (06 Aug 26):$54.51

Price Target (Dec-26):$67.00

ATMU posted 2Q adj. EBITDA 5% above consensus on margin and sales beats.

Power Solutions sales increased 7.1% YoY to $485.5MM (vs. JPMe $469.2MM),

and Industrial Solutions sales came in at $42.4MM (vs. JPMe $40.2MM). Net sales

increased 16.4% YoY to $528MM (vs. consensus $507MM). 2Q adjusted

EBITDA was $109.1MM (20.7% margin, down 30bps YoY) vs. consensus

$103.8MM (20.5% margin). Unadjusted gross margin came in at 29.2% (up

~30bps YoY) vs. consensus 28.9%. 2Q adjusted EPS came in at $0.82 vs.

consensus $0.77. Management raised 2026 guidance, including revenue in the

range of $1.945-2.030B (up ~12.7% YoY to $1.99B at the midpoint vs. prior

$1.945-$2.015B and consensus $2.0B) and adj. EBITDA margin of 19.75-20.25%

(mp 20.0% vs. prior 19.5-20.5% and consensus 20.2%) for EBITDA of ~$398MM

at the mp (vs. consensus $403MM). 2026 adj. EPS is guided in the range of $2.853.00 (mp $2.93 vs. prior $2.73-3.00 and consensus $2.95). The 2Q print and

FY26 guidance imply 2H26 revenue up ~9.8% YoY to ~$982MM (vs.

consensus $1,014MM), adj. EBITDA of $194MM with margin flattish YoY to

19.8% (vs. consensus $205MM at 20.3% margin), and adj. EPS of ~$1.42 (vs.

consensus $1.51) at the midpoint. See Figure 1 for the quarter’s performance and

Figure 2 for guidance details.

Callback takes: (1) Stellantis compare to pressure 2H26 volumes by ~$710MM in 3Q due to channel stocking ahead of the MY25 Ram pickup launch.

Management stressed there is no business loss since ATMU remains on the Ram

pickup platform. (2) ~$100MM debt reduction in 2H, split between 3Q and 4Q.

ATMU maintained its FY26 buyback guidance of $20-40MM and expects 2H

cadence similar to 1H, while excess FCF is earmarked primarily for debt reduction

to preserve balance sheet flexibility for future M&A. (3) NA HDT and MDT

First-Fit demand is best anchored to ATMU’s largest customer’s (CMI)

engine builds rather than ACT Research truck builds because engines are

currently being produced ahead of trucks.…