Atkore Inc. · Q2 2023 earnings

Briefing

Atkore delivered solid results in Q2 2023, driven by mid single-digit volume growth and strong performance in solar related products.

Atkore's Q2 2023 net sales reached $895.9 million, a decrease of 8.8% compared to the prior year. Net income was $174.2 million, with a diluted EPS of $4.31. The company is increasing its full-year Adjusted EBITDA outlook to $1,015 - $1,065 million and Adjusted EPS outlook to $17.45 - $18.35.

• Net sales decreased by 8.8% year-over-year to $895.9 million.
• Net income per diluted share decreased to $4.31, while adjusted net income per diluted share decreased to $4.87.
• Net income decreased by $59.3 million year-over-year to $174.2 million; Adjusted EBITDA decreased by $70.1 million year-over-year to $276.0 million.
• Full-year Adjusted EBITDA outlook increased to $1,015 - $1,065 million; Full-year Adjusted net income per diluted share outlook increased to $17.45 - $18.35.

Headline financials

Revenue & EPS history

The Company is increasing its estimate for fiscal year 2023 Adjusted EBITDA and Adjusted net income per diluted share. The Company estimates Adjusted EBITDA to be approximately $1,015 million to $1,065 million, and Adjusted net income per diluted share to be in the range of $17.45 - $18.35.