Atkore Inc. Announces Third Quarter 2024 Results
Atkore Inc. (NYSE: ATKR) reported its fiscal 2024 third quarter results, showing a 10.5% decrease in net sales to $822.4 million. Net income decreased by 38.7% to $123.4 million, while Adjusted EBITDA fell by 23.7% to $206.1 million. The company faced challenges due to demand increase and soft pricing in the Electrical business. Despite this, Atkore maintained Adjusted EBITDA margins over 25% on flat volume compared to the prior year. The Safety & Infrastructure segment showed improvement, increasing Adjusted EBITDA by 40%. Atkore has adjusted its full-year outlook, with Adjusted EBITDA now expected to be $772-$782 million and Adjusted net income per diluted share at $14.30-$14.52. The company also declared a quarterly cash dividend of $0.32 per share.
Atkore Inc. (NYSE: ATKR) ha riportato i risultati del terzo trimestre fiscale 2024, mostrando un calo del 10,5% delle vendite nette a $822,4 milioni. Il reddito netto è diminuito del 38,7% a $123,4 milioni, mentre l'EBITDA rettificato è sceso del 23,7% a $206,1 milioni. L'azienda ha affrontato difficoltà a causa dell'aumento della domanda e dei prezzi deboli nel settore Elettrico. Nonostante ciò, Atkore ha mantenuto margini EBITDA rettificati superiori al 25% su volumi stabili rispetto all'anno precedente. Il segmento Sicurezza & Infrastruttura ha mostrato miglioramenti, con un incremento dell'EBITDA rettificato del 40%. Atkore ha modificato le sue previsioni annuali, con l'EBITDA rettificato ora previsto tra $772 e $782 milioni e un reddito netto rettificato per azione diluita di $14,30-$14,52. L'azienda ha anche dichiarato un dividendo in contante trimestrale di $0,32 per azione.
Atkore Inc. (NYSE: ATKR) reportó sus resultados del tercer trimestre fiscal 2024, mostrando una disminución del 10.5% en las ventas netas a $822.4 millones. Los ingresos netos disminuyeron un 38.7% a $123.4 millones, mientras que el EBITDA ajustado cayó un 23.7% a $206.1 millones. La compañía enfrenta desafíos debido al aumento de la demanda y precios suaves en el negocio Eléctrico. A pesar de esto, Atkore mantuvo márgenes de EBITDA ajustado por encima del 25% con un volumen plano en comparación con el año anterior. El segmento de Seguridad e Infraestructura mostró mejoras, incrementando el EBITDA ajustado en un 40%. Atkore ha ajustado su pronóstico anual, con un EBITDA ajustado ahora esperado entre $772 y $782 millones y un ingreso neto ajustado por acción diluida de $14.30-$14.52. La compañía también declaró un dividendo en efectivo trimestral de $0.32 por acción.
Atkore Inc. (NYSE: ATKR)는 2024 회계연도 3분기 실적을 발표했으며, 순판매가 10.5% 감소하여 $822.4백만에 달했습니다. 순이익은 38.7% 감소하여 $123.4백만이 되었으며, 조정된 EBITDA는 23.7% 감소하여 $206.1백만이었습니다. 회사는 전기 사업에서 수요 증가와 저조한 가격으로 인한 어려움에 직면했습니다. 그럼에도 불구하고 Atkore는 지난해와 비교하여 안정적인 물량 속에서도 조정된 EBITDA 마진이 25%를 초과하는 수준을 유지했습니다. 안전 및 인프라 부문은 조정된 EBITDA가 40% 증가하는 개선을 보였습니다. Atkore는 연간 전망을 조정하였으며, 조정된 EBITDA는 이제 $772-$782백만으로 예상되며, 희석주당 조정 후 순이익은 $14.30-$14.52로 전망하고 있습니다. 회사는 또한 주당 $0.32의 분기 현금 배당금을 선언했습니다.
Atkore Inc. (NYSE: ATKR) a annoncé ses résultats du troisième trimestre 2024, montrant une baisse de 10,5% des ventes nettes à 822,4 millions USD. Le revenu net a diminué de 38,7% pour atteindre 123,4 millions USD, tandis que l'EBITDA ajusté a chuté de 23,7% pour se fixer à 206,1 millions USD. L'entreprise a fait face à des défis en raison d'une augmentation de la demande et de prix faibles dans le secteur électrique. Malgré cela, Atkore a maintenu des marges d'EBITDA ajusté supérieures à 25% avec un volume stable par rapport à l'année précédente. Le segment Sécurité et Infrastructure a montré une amélioration, augmentant l'EBITDA ajusté de 40%. Atkore a ajusté ses prévisions pour l'année complète, l'EBITDA ajusté étant désormais attendu entre 772 et 782 millions USD et le revenu net ajusté par action diluée se situant entre 14,30 et 14,52 USD. L'entreprise a également déclaré un dividende en espèces trimestriel de 0,32 USD par action.
Atkore Inc. (NYSE: ATKR) hat seine Ergebnisse für das dritte Quartal des Geschäftsjahres 2024 veröffentlicht und einen Rückgang des Nettoumsatzes um 10,5% auf 822,4 Millionen USD vermeldet. Der Nettogewinn sank um 38,7% auf 123,4 Millionen USD, während das bereinigte EBITDA um 23,7% auf 206,1 Millionen USD fiel. Das Unternehmen sah sich Herausforderungen aufgrund des Nachfrageanstiegs und niedriger Preise im Elektrikgeschäft gegenüber. Dennoch hielt Atkore bereinigte EBITDA-Margen von über 25% bei konstantem Volumen im Vergleich zum Vorjahr aufrecht. Der Bereich Sicherheit & Infrastruktur zeigte Verbesserungen und steigerte das bereinigte EBITDA um 40%. Atkore hat seine Jahresprognose angepasst, wobei das bereinigte EBITDA nun zwischen 772 und 782 Millionen USD erwartet wird und das bereinigte Nettogewinn pro verwässerter Aktie zwischen 14,30 und 14,52 USD liegen soll. Das Unternehmen erklärte außerdem eine vierteljährliche Bardividende von 0,32 USD pro Aktie.
- Maintained Adjusted EBITDA margins over 25% on flat volume
- Safety & Infrastructure segment increased Adjusted EBITDA by 40% year-over-year
- Organic volume up 8% sequentially from Q2 and up 4% year-to-date
- Declared quarterly cash dividend of $0.32 per share
- Repurchased $125 million in shares as part of capital deployment strategy
- Net sales decreased by 10.5% to $822.4 million
- Net income decreased by 38.7% to $123.4 million
- Adjusted EBITDA decreased by 23.7% to $206.1 million
- Gross margin decreased to 34.0% from 38.2% in the prior-year period
- Adjusted net income per diluted share decreased by $1.92 to $3.80
- Lowered full-year Adjusted EBITDA outlook to $772-$782 million
Insights
Atkore's Q3 2024 results reveal a challenging quarter with significant declines in key financial metrics. Net sales decreased by
The Electrical segment, Atkore's largest, saw a
Atkore has lowered its full-year outlook, now expecting Adjusted EBITDA of
Atkore's Q3 results reflect broader market trends in the construction and electrical products industry. The increase in demand from the summer construction season and soft pricing environment across most of the Electrical business indicate a potential slowdown in construction activity and increased competition.
The company's organic volume growth of
Atkore's
-
Net sales of
, down$822.4 million 10.5% versus prior year -
Net income per diluted share decreased by
versus prior year to$1.80 ; Adjusted net income per diluted share decreased by$3.33 versus prior year to$1.92 $3.80 -
Net income decreased by
versus prior year to$77.9 million ; Adjusted EBITDA decreased by$123.4 million versus prior year to$64.1 million $206.1 million -
Full-year Adjusted EBITDA outlook adjusted to
-$772 ; Adjusted net income per diluted share outlook adjusted to$782 million -$14.30 $14.52 -
On July 31, 2024, Atkore’s Board of Directors declared a quarterly cash dividend of
per share of common stock payable on August 30, 2024, to stockholders of record on August 20, 2024.$0.32
“Atkore delivered Adjusted EBITDA margins over
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
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
Gross profit decreased by
Net income decreased by
Adjusted EBITDA decreased by
Net income per diluted share prepared in accordance with accounting principles generally accepted in
Segment Results
Electrical
Net sales decreased by
Adjusted EBITDA for the three months ended June 28, 2024 decreased by
Safety & Infrastructure
Net sales increased by
Adjusted EBITDA increased by
Liquidity & Capital Resources
On May 2, 2024, the Board of Directors of Atkore Inc. declared a quarterly cash dividend of
On July 31, 2024, the Board of Directors of Atkore declared a quarterly cash dividend of
Full-Year Outlook1
The Company is adjusting its estimate for fiscal year 2024 Adjusted EBITDA to be approximately
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
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
Non-GAAP Financial Information
This press release includes certain financial information, not prepared in accordance with Generally Accepted Accounting Principles in
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.
|
||||||||||||
|
|
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.
|
||||||||
(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 |
|
|
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, |
|
|
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.
|
||||||||
|
|
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.
|
||||||||||||
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 |
ATKORE INC.
|
||||||||||||||||||||
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.
|
||||||||||||||||
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 |
ATKORE INC.
|
|||||||||||||||
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 |
|||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240806558722/en/
Media Contact:
Lisa Winter
Vice President - Communications
708-225-2453
AtkoreCommunications@atkore.com
Investor Contact:
Matthew Kline
Vice President - Treasury & Investor Relations
708-225-2116
Investors@atkore.com
Source: Atkore Inc.
FAQ
What were Atkore's (ATKR) Q3 2024 financial results?
How did Atkore's (ATKR) Electrical segment perform in Q3 2024?
What is Atkore's (ATKR) updated full-year 2024 outlook?