Atkore Inc. · Q3 2023 earnings

Briefing

Atkore's Q3 2023 earnings were announced, demonstrating solid results that surpassed expectations, driven by strong execution and teamwork across the company.

Atkore reported net sales of $919.1 million, a decrease of 13.4% compared to the prior year. Net income was $201.3 million, with a diluted EPS of $5.13. The company updated and narrowed its full-year Adjusted EBITDA outlook to $1,020 - $1,040 million and increased its full-year Adjusted net income per diluted share outlook to $18.90 - $19.30.

• Net sales decreased by 13.4% year-over-year to $919.1 million.
• Net income per diluted share decreased to $5.13, while adjusted net income per diluted share decreased to $5.72.
• Net income decreased by $53.0 million year-over-year to $201.3 million.
• Full-year Adjusted EBITDA outlook updated and narrowed to $1,020 - $1,040 million; Full-year Adjusted net income per diluted share outlook increased to $18.90 - $19.30.

Headline financials

Revenue & EPS history

The Company is updating and narrowing its estimate for fiscal year 2023 Adjusted EBITDA to be approximately $1,020 million to $1,040 million primarily due to the change in accounting methodology related to solar credits, and increasing its estimate for Adjusted net income per diluted share to be in the range of $18.90 - $19.30.