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Press Release

Atkore announces first quarter 2024 earnings, raises outlook

Press Release by Atkore Wed 7 Feb 2024

Image of Atkore Building

Atkore has reported its earnings for the first quarter of fiscal 2024, ending December 29 2023, with significant organic volume growth across key product areas.

Bill Waltz, President and CEO of Atkore, expressed optimism about the company’s performance and its contribution to the full-year outlook.

“We continue to expect low double digit volume growth for the full year as we continue to realise the benefits from the investments we have made in the business, including the ongoing start-up and ramp-up of our new facility in Hobart, Indiana,” said Waltz.

Strategic Financial Moves and Market Performance

In line with its strategic initiatives, Atkore has been active in capital allocation, deploying £34.8 million ($44 million) in capital expenditures and repurchasing £75.9 million ($96 million) in shares in the first quarter.

The quarter saw a 4.2% decrease in net sales to £632 million ($798.5 million), primarily due to decreased average selling prices and the economic value of solar tax credits.

Despite this, the company has seen growth in the Safety & Infrastructure segment and is adjusting its fiscal 2024 outlook for Adjusted EPS based on first-quarter performance.

Segment Insights and Future Outlook

The Electrical segment experienced a 7.1% decrease in net sales, largely due to pricing normalisation, while the Safety & Infrastructure segment reported a 5.1% increase in sales, driven by higher volumes.

The company anticipates continued growth, maintaining its Adjusted EBITDA estimate for fiscal year 2024 and increasing its estimate for Adjusted net income per diluted share.

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