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    Atkore Inc. Announces Third Quarter 2024 Results

    8/6/24 6:00:00 AM ET
    $ATKR
    Industrial Machinery/Components
    Miscellaneous
    Get the next $ATKR alert in real time by email
    • Net sales of $822.4 million, down 10.5% versus prior year
    • Net income per diluted share decreased by $1.80 versus prior year to $3.33; Adjusted net income per diluted share decreased by $1.92 versus prior year to $3.80
    • Net income decreased by $77.9 million versus prior year to $123.4 million; Adjusted EBITDA decreased by $64.1 million versus prior year to $206.1 million
    • Full-year Adjusted EBITDA outlook adjusted to $772 - $782 million; Adjusted net income per diluted share outlook adjusted to $14.30 - $14.52
    • On July 31, 2024, Atkore's Board of Directors declared a quarterly cash dividend of $0.32 per share of common stock payable on August 30, 2024, to stockholders of record on August 20, 2024.

    Atkore Inc. (the "Company" or "Atkore") (NYSE:ATKR) announced earnings for its fiscal 2024 third quarter ended June 28, 2024.

    "Atkore delivered Adjusted EBITDA margins over 25% on essentially flat volume compared to the prior year," said Bill Waltz, Atkore President and Chief Executive Officer. "Organic volume was up 8% sequentially from the second quarter and up 4% year to date. The Safety & Infrastructure business continues to improve the operational efficiency of our new facility in Hobart, Indiana. The S&I segment increased Adjusted EBITDA by 40 percent versus the prior year."

    Waltz continued, "The third quarter proved to be more challenging than we initially anticipated due to a limited increase in demand from the summer construction season and an overall soft pricing environment across most of our Electrical business. We anticipate these trends to continue into the fourth quarter and next year, and we've updated our expectations and outlooks accordingly. Despite these challenges, we have conviction in our people, strategy, and process, which are the three fundamentals of our business system and enable us to remain resilient and focused on the future. During the third quarter, we also repurchased $125 million in shares as part of our capital deployment strategy while continuing to invest in organic growth initiatives."

     

    2024 Third Quarter Results 

     

     

     

    Three months ended

    (in thousands)

     

    June 28, 2024

     

    June 30, 2023

     

    Change

     

    % Change

    Net sales

     

     

     

     

     

     

     

     

    Electrical

     

    $

    605,962

     

     

    $

    705,617

     

     

    $

    (99,655

    )

     

    (14.1

    )%

    Safety & Infrastructure

     

     

    217,024

     

     

     

    213,606

     

     

     

    3,418

     

     

    1.6

    %

    Eliminations

     

     

    (622

    )

     

     

    (106

    )

     

     

    (516

    )

     

    486.8

    %

    Consolidated operations

     

    $

    822,364

     

     

    $

    919,117

     

     

    $

    (96,753

    )

     

    (10.5

    )%

     

     

     

     

     

     

     

     

     

    Net income

     

    $

    123,417

     

     

    $

    201,288

     

     

    $

    (77,871

    )

     

    (38.7

    )%

     

     

     

     

     

     

     

     

     

    Adjusted EBITDA

     

     

     

     

     

     

     

     

    Electrical

     

    $

    182,568

     

     

    $

    266,556

     

     

    $

    (83,988

    )

     

    (31.5

    )%

    Safety & Infrastructure

     

     

    30,042

     

     

     

    21,493

     

     

     

    8,549

     

     

    39.8

    %

    Unallocated

     

     

    (6,485

    )

     

     

    (17,787

    )

     

     

    11,302

     

     

    (63.5

    )%

    Consolidated operations

     

    $

    206,124

     

     

    $

    270,262

     

     

    $

    (64,138

    )

     

    (23.7

    )%

     

    Net sales decreased by $96.8 million or 10.5% to $822.4 million for the three months ended June 28, 2024, compared to $919.1 million for the three months ended June 30, 2023. The decrease in net sales is primarily attributed to decreased average selling prices across the Company's products of $87.5 million, the increased economic value of solar tax credits to be transferred to certain customers of $7.2 million, and decreased sales volume of $1.2 million.

    Gross profit decreased by $71.1 million, or 20.3%, to $279.7 million for the three months ended June 28, 2024, as compared to $350.8 million for the prior-year period. Gross margin decreased to 34.0% for the three months ended June 28, 2024, as compared to 38.2% for the prior-year period. Gross profit decreased primarily due to declines in average selling prices of $87.5 million and increased freight costs of $4.8 million, partially offset by the increased net benefit of solar credits generated of $21.8 million and declines in input costs of $2.9 million.

    Net income decreased by $77.9 million, or 38.7%, to $123.4 million for the three months ended June 28, 2024 compared to $201.3 million for the prior-year period primarily due to lower gross profit of $71.1 million, lower selling, general and administrative expense of $5.0 million, and lower other expense of $3.1 million partially offset by higher income tax expense.

    Adjusted EBITDA decreased by $64.1 million, or 23.7%, to $206.1 million for the three months ended June 28, 2024 compared to $270.3 million for the three months ended June 30, 2023. The decrease was primarily due to lower gross profit.

    Net income per diluted share prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") was $3.33 for the three months ended June 28, 2024, as compared to $5.13 in the prior-year period. Adjusted net income per diluted share decreased by $1.92 to $3.80 for the three months ended June 28, 2024, as compared to $5.72 in the prior year period. The decrease in diluted earnings per share is primarily attributed to lower net income.

    Segment Results

    Electrical

    Net sales decreased by $99.7 million, or 14.1%, to $606.0 million for the three months ended June 28, 2024 compared to $705.6 million for the three months ended June 30, 2023. The decrease in net sales is primarily attributed to decreased average selling prices of $80.8 million and decreased sales volume of $18.2 million.

    Adjusted EBITDA for the three months ended June 28, 2024 decreased by $84.0 million, or 31.5%, to $182.6 million from $266.6 million for the three months ended June 30, 2023. Adjusted EBITDA margin decreased to 30.1% for the three months ended June 28, 2024 compared to 37.8% for the three months ended June 30, 2023. The decrease in Adjusted EBITDA and Adjusted EBITDA margin was largely due to the decrease in average selling prices outpacing decreases in input costs.

    Safety & Infrastructure

    Net sales increased by $3.4 million, or 1.6%, for the three months ended June 28, 2024 to $217.0 million compared to $213.6 million for the three months ended June 30, 2023. The increase is primarily attributed to higher volumes of $17.0 million, partially offset by the increased economic value of solar tax credits to be transferred of $7.2 million and decreased average selling prices of $6.8 million.

    Adjusted EBITDA increased by $8.5 million, or 39.8%, to $30.0 million for the three months ended June 28, 2024 compared to $21.5 million for the three months ended June 30, 2023. Adjusted EBITDA margin increased to 13.8% for the three months ended June 28, 2024 compared to 10.1% for the three months ended June 30, 2023. The increase in Adjusted EBITDA and Adjusted EBITDA margin was largely due to higher sales volume and the increased net benefit of solar tax credits.

    Liquidity & Capital Resources

    On May 2, 2024, the Board of Directors of Atkore Inc. declared a quarterly cash dividend of $0.32 per share of common stock to stockholders of record on May 21, 2024, which was paid on May 31, 2024.

    On July 31, 2024, the Board of Directors of Atkore declared a quarterly cash dividend of $0.32 per share of common stock to stockholders of record on August 20, 2024, to be paid on August 30, 2024.

    Full-Year Outlook1

    The Company is adjusting its estimate for fiscal year 2024 Adjusted EBITDA to be approximately $772 million to $782 million, and adjusting its estimate for Adjusted net income per diluted share to $14.30 - $14.52.

    The Company notes that this perspective may vary due to changes in assumptions or market conditions and other factors described under "Forward-Looking Statements."

    Conference Call Information

    Atkore management will host a conference call today, August 6, 2024, at 8 a.m. Eastern time, to discuss the Company's financial results. The conference call may be accessed by dialing (888) 330-2446 (domestic) or (240) 789-2732 (international). The call will be available for replay until August 20, 2024. The replay can be accessed by dialing (800) 770-2030 for domestic callers, or for international callers, (609) 800-9909. The passcode for the live call and the replay is 5592214.

    Interested investors and other parties can also listen to a webcast of the live conference call by logging onto the Investor Relations section of the Company's website at https://investors.atkore.com. The online replay will be available on the same website immediately following the call.

    To learn more about the Company, please visit the Company's website at https://investors.atkore.com.

    About Atkore Inc.

    Atkore is a leading manufacturer of electrical products for commercial, industrial, data center, telecommunications, and solar applications. With 5,600 employees and $3.5B in sales in fiscal year 2023, we deliver sustainable solutions to meet the growing demands of electrification and digital transformation. To learn more, please visit www.atkore.com.

    1

    Reconciliations of the forward-looking full-year 2024 outlook for Adjusted EBITDA and Adjusted net income per diluted share are not being provided as the Company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such reconciliations. Accordingly, we are relying on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K to exclude these reconciliations.

     

    Forward-Looking Statements

    This press release contains "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements relating to financial outlook. Some of the forward-looking statements can be identified by the use of forward-looking terms such as "believes," "expects," "may," "will," "shall," "should," "would," "could," "seeks," "aims," "projects," "is optimistic," "intends," "plans," "estimates," "anticipates" or other comparable terms. Forward-looking statements include, without limitation, all matters that are not historical facts. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that forward-looking statements are not guarantees of future performance or outcomes and that actual performance and outcomes, including, without limitation, our actual results of operations, financial condition and liquidity, and the development of the market in which we operate, may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if our results of operations, financial condition and cash flows, and the development of the market in which we operate, are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.

    A number of important factors, including, without limitation, the risks and uncertainties disclosed in the Company's filings with the U.S. Securities and Exchange Commission including but not limited to the Company's most recent Annual Report on Form 10-K and reports on Form 10-Q and Form 8-K could cause actual results and outcomes to differ materially from those reflected in the forward-looking statements. Additional factors that could cause actual results and outcomes to differ from those reflected in forward-looking statements include, without limitation: declines in, and uncertainty regarding, the general business and economic conditions in the United States and international markets in which we operate; weakness or another downturn in the United States non-residential construction industry; widespread outbreak of diseases, changes in prices of raw materials; pricing pressure, reduced profitability, or loss of market share due to intense competition; availability and cost of third-party freight carriers and energy; high levels of imports of products similar to those manufactured by us; changes in federal, state, local and international governmental regulations and trade policies; adverse weather conditions; increased costs relating to future capital and operating expenditures to maintain compliance with environmental, health and safety laws; reduced spending by, deterioration in the financial condition of, or other adverse developments, including inability or unwillingness to pay our invoices on time, with respect to one or more of our top customers; increases in our working capital needs, which are substantial and fluctuate based on economic activity and the market prices for our main raw materials, including as a result of failure to collect, or delays in the collection of, cash from the sale of manufactured products; work stoppage or other interruptions of production at our facilities as a result of disputes under existing collective bargaining agreements with labor unions or in connection with negotiations of new collective bargaining agreements, as a result of supplier financial distress, or for other reasons; changes in our financial obligations relating to pension plans that we maintain in the United States; reduced production or distribution capacity due to interruptions in the operations of our facilities or those of our key suppliers; loss of a substantial number of our third-party agents or distributors or a dramatic deviation from the amount of sales they generate; security threats, attacks, or other disruptions to our information systems, or failure to comply with complex network security, data privacy and other legal obligations or the failure to protect sensitive information; possible impairment of goodwill or other long-lived assets as a result of future triggering events, such as declines in our cash flow projections or customer demand and changes in our business and valuation assumptions; safety and labor risks associated with the manufacture and in the testing of our products; product liability, construction defect and warranty claims and litigation relating to our various products, as well as government inquiries and investigations, and consumer, employment, tort and other legal proceedings; our ability to protect our intellectual property and other material proprietary rights; risks inherent in doing business internationally; changes in foreign laws and legal systems, including as a result of Brexit; our inability to introduce new products effectively or implement our innovation strategies; our inability to continue importing raw materials, component parts and/or finished goods; the incurrence of liabilities and the issuance of additional debt or equity in connection with acquisitions, joint ventures or divestitures and the failure of indemnification provisions in our acquisition agreements to fully protect us from unexpected liabilities; failure to manage acquisitions successfully, including identifying, evaluating, and valuing acquisition targets and integrating acquired companies, businesses or assets; the incurrence of additional expenses, increases in the complexity of our supply chain and potential damage to our reputation with customers resulting from regulations related to "conflict minerals"; disruptions or impediments to the receipt of sufficient raw materials resulting from various anti-terrorism security measures; restrictions contained in our debt agreements; failure to generate cash sufficient to pay the principal of, interest on, or other amounts due on our debt; failure to generate cash sufficient to pay dividends; challenges attracting and retaining key personnel or high-quality employees; future changes to tax legislation; failure to generate sufficient cash flow from operations or to raise sufficient funds in the capital markets to satisfy existing obligations and support the development of our business; and other risks and factors described from time to time in documents that we file with the SEC. The Company assumes no obligation to update the information contained herein, which speaks only as of the date hereof.

    Non-GAAP Financial Information

    This press release includes certain financial information, not prepared in accordance with Generally Accepted Accounting Principles in the United States ("GAAP"). Because not all companies calculate non-GAAP financial information identically (or at all), the presentations herein may not be comparable to other similarly titled measures used by other companies. Further, these measures should not be considered substitutes for the performance measures derived in accordance with GAAP. See non-GAAP reconciliations below in this press release for a reconciliation of these measures to the most directly comparable GAAP financial measures.

    Adjusted EBITDA and Adjusted EBITDA Margin

    We use Adjusted EBITDA and Adjusted EBITDA Margin in evaluating the performance of our business and in the preparation of our annual operating budgets as indicators of business performance and profitability. We believe Adjusted EBITDA and Adjusted EBITDA Margin allow us to readily view operating trends, perform analytical comparisons and identify strategies to improve operating performance.

    We define Adjusted EBITDA as net income (loss) before income taxes, adjusted to exclude unallocated expenses, depreciation and amortization, interest expense, net, stock-based compensation, loss on extinguishment of debt, certain legal matters, and other items, such as inventory reserves and adjustments, loss on disposal of property, plant and equipment, insurance recovery related to damages of property, plant and equipment, release of indemnified uncertain tax positions, realized or unrealized gain (loss) on foreign currency impacts of intercompany loans and related forward currency derivatives, gain on purchase of business, loss on assets held for sale, restructuring costs and transaction costs. We define Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of Net sales.

    We believe Adjusted EBITDA and Adjusted EBITDA Margin, when presented in conjunction with comparable GAAP measures, are useful for investors because management uses Adjusted EBITDA and Adjusted EBITDA Margin in evaluating the performance of our business.

    Adjusted Net Income and Adjusted Net Income per Share

    We use Adjusted net income and Adjusted net income per share in evaluating the performance of our business and profitability. Management believes that these measures provide useful information to investors by offering additional ways of viewing the Company's results that, when reconciled to the corresponding GAAP measure provide an indication of performance and profitability excluding the impact of unusual and or non-cash items. We define Adjusted net income as net income before stock-based compensation, loss on extinguishment of debt, loss on assets held for sale, intangible asset amortization, certain legal matters and other items, and the income tax expense or benefit on the foregoing adjustments that are subject to income tax. We define Adjusted net income per share as basic and diluted net income per share excluding the per share impact of stock-based compensation, intangible asset amortization, certain legal matters and other items, and the income tax expense or benefit on the foregoing adjustments that are subject to income tax.

    Free Cash Flow

    We define free cash flow as net cash provided by (used in) operating activities, less capital expenditures. We believe that Free Cash Flow provides meaningful information regarding the Company's liquidity.

     
     
     

    ATKORE INC.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (Unaudited)
     

     

     

     

    Three months ended

     

    Nine months ended

    (in thousands, except per share data)

     

    June 28, 2024

     

    June 30, 2023

     

    June 28, 2024

     

    June 30, 2023

    Net sales

     

    $

    822,364

     

    $

    919,117

     

    $

    2,413,756

     

    $

    2,648,872

    Cost of sales

     

     

    542,709

     

     

    568,316

     

     

    1,551,986

     

     

    1,610,836

    Gross profit

     

     

    279,655

     

     

    350,801

     

     

    861,770

     

     

    1,038,036

    Selling, general and administrative

     

     

    97,987

     

     

    103,019

     

     

    297,147

     

     

    291,198

    Intangible asset amortization

     

     

    13,216

     

     

    15,192

     

     

    41,904

     

     

    42,778

    Operating income

     

     

    168,452

     

     

    232,590

     

     

    522,719

     

     

    704,061

    Interest expense, net

     

     

    9,944

     

     

    8,682

     

     

    26,058

     

     

    26,645

    Other expense, net

     

     

    560

     

     

    3,689

     

     

    1,302

     

     

    7,588

    Income before income taxes

     

     

    157,948

     

     

    220,219

     

     

    495,359

     

     

    669,828

    Income tax expense

     

     

    34,531

     

     

    18,931

     

     

    95,606

     

     

    120,854

    Net income

     

    $

    123,417

     

    $

    201,288

     

    $

    399,753

     

    $

    548,974

     

     

     

     

     

     

     

     

     

    Net income per share

     

     

     

     

     

     

     

     

    Basic

     

    $

    3.36

     

    $

    5.20

     

    $

    10.74

     

    $

    13.81

    Diluted

     

    $

    3.33

     

    $

    5.13

     

    $

    10.61

     

    $

    13.62

     
     
     
     

    ATKORE INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (Unaudited)
     

     

    (in thousands, except share and per share data)

     

    June 28, 2024

     

    September 30, 2023

    Assets

     

     

     

     

    Current Assets:

     

     

     

     

    Cash and cash equivalents

     

    $

    303,657

     

     

    $

    388,114

     

    Accounts receivable, less allowance for current and expected credit losses of $4,702 and $5,179, respectively

     

     

    503,367

     

     

     

    559,854

     

    Inventories, net

     

     

    573,317

     

     

     

    493,852

     

    Prepaid expenses and other current assets

     

     

    139,913

     

     

     

    96,670

     

    Total current assets

     

     

    1,520,254

     

     

     

    1,538,490

     

    Property, plant and equipment, net

     

     

    615,413

     

     

     

    559,041

     

    Intangible assets, net

     

     

    352,986

     

     

     

    394,372

     

    Goodwill

     

     

    311,998

     

     

     

    311,106

     

    Right-of-use assets, net

     

     

    152,198

     

     

     

    120,747

     

    Deferred tax assets

     

     

    548

     

     

     

    546

     

    Other long-term assets

     

     

    10,647

     

     

     

    10,707

     

    Total Assets

     

    $

    2,964,044

     

     

    $

    2,935,009

     

    Liabilities and Equity

     

     

     

     

    Current Liabilities:

     

     

     

     

    Accounts payable

     

     

    237,184

     

     

     

    292,734

     

    Income tax payable

     

     

    4,914

     

     

     

    6,322

     

    Accrued compensation and employee benefits

     

     

    38,413

     

     

     

    45,576

     

    Customer liabilities

     

     

    99,298

     

     

     

    121,576

     

    Lease obligations

     

     

    20,700

     

     

     

    16,230

     

    Other current liabilities

     

     

    65,327

     

     

     

    82,166

     

    Total current liabilities

     

     

    465,836

     

     

     

    564,604

     

    Long-term debt

     

     

    764,300

     

     

     

    762,687

     

    Long-term lease obligations

     

     

    136,031

     

     

     

    105,517

     

    Deferred tax liabilities

     

     

    21,555

     

     

     

    22,346

     

    Other long-term liabilities

     

     

    14,794

     

     

     

    11,736

     

    Total Liabilities

     

     

    1,402,516

     

     

     

    1,466,890

     

    Equity:

     

     

     

     

    Common stock, $0.01 par value, 1,000,000,000 shares authorized, 35,864,442 and 37,317,893 shares issued and outstanding, respectively

     

     

    359

     

     

     

    374

     

    Additional paid-in capital

     

     

    502,125

     

     

     

    506,783

     

    Retained earnings

     

     

    1,088,542

     

     

     

    994,902

     

    Accumulated other comprehensive loss

     

     

    (29,498

    )

     

     

    (33,940

    )

    Total Equity

     

     

    1,561,528

     

     

     

    1,468,119

     

    Total Liabilities and Equity

     

    $

    2,964,044

     

     

    $

    2,935,009

     

     
     
     
     

    ATKORE INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (Unaudited)
     

     

     

     

    Nine months ended

    (in thousands)

     

    June 28, 2024

     

    June 30, 2023

    Operating activities:

     

     

     

     

    Net income

     

    $

    399,753

     

     

    $

    548,974

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

     

     

    Depreciation and amortization

     

     

    88,407

     

     

     

    84,671

     

    Deferred income taxes

     

     

    (1,065

    )

     

     

    (1,171

    )

    Stock-based compensation

     

     

    14,273

     

     

     

    18,100

     

    Amortization of right-of-use assets

     

     

    21,200

     

     

     

    14,713

     

    (Gain) Loss on disposal of property, plant and equipment

     

     

    (621

    )

     

     

    159

     

    Other non-cash adjustments to net income

     

     

    4,563

     

     

     

    6,525

     

    Changes in operating assets and liabilities, net of effects from acquisitions

     

     

     

     

    Accounts receivable

     

     

    57,721

     

     

     

    (33,501

    )

    Inventories

     

     

    (80,674

    )

     

     

    (13,611

    )

    Prepaid expenses and other current assets

     

     

    (11,636

    )

     

     

    (6,986

    )

    Accounts payable

     

     

    (52,093

    )

     

     

    16,051

     

    Accrued and other liabilities

     

     

    (60,136

    )

     

     

    (11,580

    )

    Income taxes

     

     

    (32,193

    )

     

     

    (58,059

    )

    Other, net

     

     

    2,458

     

     

     

    (536

    )

    Net cash provided by operating activities

     

     

    349,957

     

     

     

    563,748

     

    Investing activities:

     

     

     

     

    Capital expenditures

     

     

    (105,098

    )

     

     

    (122,535

    )

    Proceeds from sale of properties and equipment

     

     

    457

     

     

     

    31

     

    Acquisition of businesses, net of cash acquired

     

     

    (6,036

    )

     

     

    (83,385

    )

    Net cash used in investing activities

     

     

    (110,677

    )

     

     

    (205,890

    )

    Financing activities:

     

     

     

     

    Issuance of common stock, net of shares withheld for tax

     

     

    (18,926

    )

     

     

    (14,589

    )

    Repurchase of common stock

     

     

    (281,019

    )

     

     

    (416,023

    )

    Finance lease payments

     

     

    (1,402

    )

     

     

    (990

    )

    Dividends paid to shareholders

     

     

    (23,248

    )

     

     

    —

     

    Net cash used for financing activities

     

     

    (324,595

    )

     

     

    (431,603

    )

    Effects of foreign exchange rate changes on cash and cash equivalents

     

     

    858

     

     

     

    2,803

     

    Decrease in cash and cash equivalents

     

     

    (84,457

    )

     

     

    (70,942

    )

    Cash and cash equivalents at beginning of period

     

     

    388,114

     

     

     

    388,751

     

    Cash and cash equivalents at end of period

     

    $

    303,657

     

     

    $

    317,809

     

     

     

     

    Nine months ended

    (in thousands)

     

    June 28, 2024

     

    June 30, 2023

    Supplementary Cash Flow information

     

     

     

     

    Capital expenditures, not yet paid

     

    $

    4,660

     

     

    $

    10,593

     

    Operating lease right-of-use assets obtained in exchange for lease liabilities

     

    $

    45,453

     

     

    $

    33,677

     

    Acquisitions of businesses, not yet paid

     

    $

    —

     

     

    $

    14,125

     

    Free Cash Flow:

     

     

     

     

    Net cash provided by operating activities

     

    $

    349,957

     

     

    $

    563,748

     

    Capital expenditures

     

     

    (105,098

    )

     

     

    (122,535

    )

    Free Cash Flow:

     

    $

    244,859

     

     

    $

    441,213

     

     
     
     
     

    ATKORE INC.

    ADJUSTED EBITDA

     

    The following table presents reconciliations of Adjusted EBITDA to net income for the periods presented: 

     

     

     

    Three months ended

     

    Nine months ended

    (in thousands)

     

    June 28, 2024

     

    June 30, 2023

     

    June 28, 2024

     

    June 30, 2023

    Net income

     

    $

                 123,417 

     

    $

                201,288 

     

    $

                399,753 

     

    $

               548,974

    Interest expense, net

     

     

                      9,944

     

     

                       8,682 

     

     

                    26,058 

     

     

                    26,645 

    Income tax expense

     

     

                      34,531

     

     

                      18,931

     

     

                    95,606 

     

     

                  120,854 

    Depreciation and amortization

     

     

                     29,932 

     

     

                     30,105 

     

     

                    88,407 

     

     

                     84,671

    Stock-based compensation

     

     

                      4,488 

     

     

                       5,966

     

     

                      14,273

     

     

                      18,100

    Other (a)

     

     

                        3,813

     

     

                       5,289 

     

     

                       7,465 

     

     

                     10,906

    Adjusted EBITDA

     

    $

                206,124 

     

    $

               270,262 

     

    $

                631,562 

     

    $

                 810,150 

     

     

     

     

     

     

     

     

     

    (a) Represents other items, such as inventory reserves and adjustments, loss on disposal of property, plant and equipment, release of indemnified uncertain tax positions, gain on purchase of business, loss on assets held for sale (includes loss on assets held for sale in Russia. See Note 11, "Goodwill and Intangible Assets" in the form 10-Q filed August 8, 2023 for additional information.), realized or unrealized gain (loss) on foreign currency impacts of intercompany loans and related forward currency derivatives, transaction and restructuring costs.

     
     
     
     

    ATKORE INC.

    SEGMENT INFORMATION
     

     

    The following table presents reconciliations of Net sales and calculations of Adjusted EBITDA Margin by segment for the periods presented: 

     

     

     

    Three months ended

     

     

    June 28, 2024

     

    June 30, 2023

    (in thousands)

     

    Net sales

     

    Adjusted

    EBITDA

     

    Adjusted

    EBITDA

    Margin

     

    Net sales

     

    Adjusted

    EBITDA

     

    Adjusted

    EBITDA

    Margin

    Electrical

     

    $

    605,962

     

     

    $

    182,568

     

    30.1

    %

     

    $

    705,617

     

     

    $

    266,556

     

    37.8

    %

    Safety & Infrastructure

     

     

    217,024

     

     

     

    30,042

     

    13.8

    %

     

     

    213,606

     

     

     

    21,493

     

    10.1

    %

    Eliminations

     

     

    (622

    )

     

     

     

     

     

     

    (106

    )

     

     

     

     

    Consolidated operations

     

    $

    822,364

     

     

     

     

     

     

    $

    919,117

     

     

     

     

     

     

     

     

    Nine months ended

     

     

    June 28, 2024

     

    June 30, 2023

    (in thousands)

     

    Net sales

     

    Adjusted

    EBITDA

     

    Adjusted

    EBITDA

    Margin

     

    Net sales

     

    Adjusted

    EBITDA

     

    Adjusted

    EBITDA

    Margin

    Electrical

     

    $

    1,790,443

     

     

    $

    582,679

     

    32.5

    %

     

    $

    2,025,287

     

     

    $

    767,276

     

    37.9

    %

    Safety & Infrastructure

     

     

    624,569

     

     

     

    75,084

     

    12.0

    %

     

     

    623,919

     

     

     

    88,091

     

    14.1

    %

    Eliminations

     

     

    (1,256

    )

     

     

     

     

     

     

    (334

    )

     

     

     

     

    Consolidated operations

     

    $

    2,413,756

     

     

     

     

     

     

    $

    2,648,872

     

     

     

     

     

     
     
     
     

    ATKORE INC.

    ADJUSTED NET INCOME PER DILUTED SHARE
     

     

    The following table presents reconciliations of Adjusted net income to net income for the periods presented: 

     

     

     

    Three months ended

     

    Nine months ended

    (in thousands, except per share data)

     

    June 28, 2024

     

    June 30, 2023

     

    June 28, 2024

     

    June 30, 2023

    Net income

     

    $

    123,417

     

     

    $

    201,288

     

     

    $

    399,753

     

     

    $

    548,974

     

    Stock-based compensation

     

     

    4,488

     

     

     

    5,966

     

     

     

    14,273

     

     

     

    18,100

     

    Intangible asset amortization

     

     

    13,216

     

     

     

    15,192

     

     

     

    41,904

     

     

     

    42,778

     

    Other (a)

     

     

    3,134

     

     

     

    5,358

     

     

     

    5,807

     

     

     

    9,734

     

    Pre-tax adjustments to net income

     

     

    20,838

     

     

     

    26,516

     

     

     

    61,984

     

     

     

    70,612

     

    Tax effect

     

     

    (5,210

    )

     

     

    (6,629

    )

     

     

    (15,496

    )

     

     

    (17,653

    )

    Adjusted net income

     

    $

    139,046

     

     

    $

    221,175

     

     

    $

    446,241

     

     

    $

    601,933

     

     

     

     

     

     

     

     

     

     

    Diluted weighted average common shares outstanding

     

     

    36,616

     

     

     

    38,657

     

     

     

    37,174

     

     

     

    39,672

     

    Net income per diluted share

     

    $

    3.33

     

     

    $

    5.13

     

     

    $

    10.61

     

     

    $

    13.62

     

    Adjusted net income per diluted share

     

    $

    3.80

     

     

    $

    5.72

     

     

    $

    12.00

     

     

    $

    15.17

     

     

     

     

     

     

     

     

     

     

    (a) Represents other items, such as inventory reserves and adjustments, loss on disposal of property, plant and equipment, release of indemnified uncertain tax positions, gain on purchase of business, loss on assets held for sale (includes loss on assets held for sale in Russia. See Note 11, "Goodwill and Intangible Assets" in the form 10-Q filed August 8, 2023 for additional information.), realized or unrealized gain (loss) on foreign currency impacts of intercompany loans and related forward currency derivatives, transaction and restructuring costs.

     
     
     
     

    ATKORE INC.

    NET DEBT
     

     

    The following table presents reconciliations of Net debt to Total debt for the periods presented: 

     

    ($ in thousands)

    June 28, 2024

     

    March 29, 2024

     

    December 29, 2023

     

    September 30, 2023

     

    June 30, 2023

     

    March 31, 2023

    Long-term debt

    $

    764,300

     

    $

    763,762

     

    $

    763,225

     

    $

    762,687

     

    $

    762,149

     

    $

    761,612

    Total debt

     

    764,300

     

     

    763,762

     

     

    763,225

     

     

    762,687

     

     

    762,149

     

     

    761,612

    Less cash and cash equivalents

     

    303,657

     

     

    368,050

     

     

    380,922

     

     

    388,114

     

     

    317,809

     

     

    354,342

    Net debt

    $

    460,643

     

    $

    395,712

     

    $

    382,303

     

    $

    374,573

     

    $

    444,340

     

    $

    407,270

     

     

     

     

     

     

     

     

     

     

     

     

    TTM Adjusted EBITDA (a)

    $

    863,539

     

    $

    927,676

     

    $

    991,804

     

    $

    1,042,127

     

    $

    1,135,233

     

    $

    1,242,501

     

     

     

     

     

     

     

     

     

     

     

     

    (a) TTM Adjusted EBITDA is equal to the sum of Adjusted EBITDA for the trailing four quarter period. The reconciliation of Adjusted EBITDA for the quarter ended March 29, 2024 can be found in Exhibit 99.1 to form 8-K filed May 7, 2024 and is incorporated by reference herein. The reconciliation of Adjusted EBITDA for the quarter ended December 29, 2023 can be found in Exhibit 99.1 to form 8-K filed February 1, 2024 and is incorporated by reference herein. The reconciliation of Adjusted EBITDA for the quarter ended September 30, 2023 can be found in Exhibit 99.1 to form 8-K file November 17 2023 and is incorporated be reference herein. The reconciliation of Adjusted EBITDA for the quarter ended June 30, 2023 can be found in Exhibit 99.1 to form 8-K file August 8 2023 and is incorporated be reference herein. The reconciliation of Adjusted EBITDA for the quarter ended March 31, 2023 can be found in Exhibit 99.1 to form 8-K filed May 9, 2023 and is incorporated by reference herein.

     
     
     
     

    ATKORE INC.

    TRAILING TWELVE MONTHS ADJUSTED EBITDA
     

     

    The following table presents a reconciliation of Adjusted EBITDA for the trailing twelve months (TTM) ended June 28, 2024: 

     

     

    TTM

     

    Three months ended

    (in thousands)

    June 28, 2024

     

    June 28, 2024

     

    March 29, 2024

     

    December 29, 2023

     

    September 30, 2023

    Net income

    $

    540,678

     

    $

    123,417

     

    $

    137,955

     

     

    $

    138,381

     

    $

    140,925

    Interest expense, net

     

    34,646

     

     

    9,944

     

     

    8,321

     

     

     

    7,793

     

     

    8,588

    Income tax expense

     

    135,144

     

     

    34,531

     

     

    31,804

     

     

     

    29,272

     

     

    39,537

    Depreciation and amortization

     

    119,260

     

     

    29,932

     

     

    29,455

     

     

     

    29,020

     

     

    30,853

    Stock-based compensation

     

    17,274

     

     

    4,488

     

     

    5,028

     

     

     

    4,757

     

     

    3,001

    Other (a)

     

    16,538

     

     

    3,813

     

     

    (649

    )

     

     

    4,300

     

     

    9,074

    Adjusted EBITDA

    $

    863,539

     

    $

    206,124

     

    $

    211,914

     

     

    $

    213,523

     

    $

    231,978

     

     

     

     

     

     

     

     

     

     

    (a) Represents other items, such as inventory reserves and adjustments, loss on disposal of property, plant and equipment, release of indemnified uncertain tax positions, gain on purchase of business, loss on assets held for sale (includes loss on assets held for sale in Russia. See Note 11, "Goodwill and Intangible Assets" in the form 10-Q filed August 8, 2023 for additional information.), realized or unrealized gain (loss) on foreign currency impacts of intercompany loans and related forward currency derivatives, transaction and restructuring costs.

     
     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240806558722/en/

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      SC 13G/A - Atkore Inc. (0001666138) (Subject)

      2/9/24 8:35:54 AM ET
      $ATKR
      Industrial Machinery/Components
      Miscellaneous

    $ATKR
    Leadership Updates

    Live Leadership Updates

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    • Atkore Inc. Announces Scott Teerlinck Joins as President-Commercial Operations

      Atkore Inc. (the "Company") (NYSE:ATKR), a leading manufacturer of electrical products for commercial, industrial, data center, telecommunications, and solar applications, today announced Scott Teerlinck will join in the newly created role of President-Commercial Operations, effective April 1, 2025. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250226336691/en/Scott Teerlinck, President-Commerical Operations, Atkore (Photo: Business Wire) Mr. Teerlinck will oversee the Electrical Sales organization that is currently led by Ms. Melissa Kidd, who previously announced her planned retirement in July 2025. Additionally, he will have

      2/26/25 6:00:00 AM ET
      $ATKR
      Industrial Machinery/Components
      Miscellaneous
    • Investor Group Announces Slate of Highly Qualified, Independent Director Candidates and Proposed Management Team for Norfolk Southern Corporation

      Introduces Eight-Member Slate with Deep Experience in Governance, Finance, Legislative and Regulatory Affairs, Strategic Transformations, Transportation and the Railroad Sector Proposes Jim Barber, a Proven Transportation Network Leader and Former Executive at UPS, as CEO and Jamie Boychuk, a Career Railroader and Former Executive at CSX, as COO Introduces "Network of the Future" Strategy Offering Path to Significant Value Creation Releases Presentation Entitled "The Case for Leadership, Safety and Strategy Changes at Norfolk Southern" That is Downloadable at www.MoveNSCForward.com Ohio-based Ancora Holdings Group, LLC, its affiliates and the other participants in its solicitation (

      2/20/24 8:35:00 AM ET
      $ATKR
      $CHRW
      $CSX
      $ENVX
      Industrial Machinery/Components
      Miscellaneous
      Oil Refining/Marketing
      Consumer Discretionary
    • Atkore Inc. Announces Retirement of William VanArsdale from Board of Directors

      Atkore Inc. ("Atkore"), today announced that William (Bill) R. VanArsdale is retiring from the Atkore Board of Directors for personal reasons, effective Wednesday, December 28, 2022. Mr. VanArsdale joined the Atkore Board of Directors in 2015, and most recently served as Chair of the Human Resource & Compensation Committee, and as a member of the Nominating and Governance Committee and Executive Committee. Mr. Michael Schrock, Chairman of Atkore Board of Directors, said, "Bill has played an instrumental role in Atkore's transition from a privately held to a publicly traded company. His guidance over the past seven years helped drive Atkore's continued growth and strong financial performan

      12/28/22 4:42:00 PM ET
      $ATKR
      Industrial Machinery/Components
      Miscellaneous