Fourth-Quarter Highlights
- Net sales decreased by $81.6 million versus prior year period
to $788.3 million
- Net income decreased by $67.8 million versus prior year period
to $73.1 million; Adjusted EBITDA decreased by $91.8 million versus
prior year period to $140.2 million
- Net income per diluted share decreased to $2.02 from $3.63 in
prior year period; Adjusted net income per diluted share decreased
to $2.43 from $4.21 in prior year period
Fiscal 2024 Highlights
- Net sales decreased $316.7 million versus prior year period to
$3,202.1 million
- Net income decreased by $217.0 million versus prior year to
$472.9 million; Adjusted EBITDA decreased to $771.7 million from
$1,042.1 million in prior year
- Net income per diluted share decreased to $12.69 from $17.27 in
prior year; Adjusted net income per diluted share decreased to
$14.48 from $19.40 in prior year
- Net cash provided by operating activities of $549.0 million;
Free Cash Flow of $399.2 million
- Repurchased $381.0 million in outstanding shares and paid
dividends totaling $34.5 million
Additional Highlights
- On November 18, 2024, The Board of Directors declared a
quarterly cash dividend of $0.32 per share of common stock payable
on December 16, 2024, to stockholders of record on December 6,
2024
- Full-year 2025 Net sales expected to be in the range of $2.9 -
$3.2 billion
- Full-year 2025 Adjusted EBITDA outlook of $475 - $525 million;
Full-year Adjusted net income per diluted share outlook of $7.80 -
$8.90
Atkore Inc. (the “Company” or “Atkore”) (NYSE: ATKR) announced
earnings for its fiscal 2024 full year and fourth quarter ended
September 30, 2024 (“fourth quarter”).
“Atkore achieved annual volume growth of 3.5% with contributions
from each of our key product categories in fiscal 2024,” said Bill
Waltz, Atkore President and Chief Executive Officer. “Given the
expected decline in net sales and profitability this year, we
remained focused on executing our strategic initiatives which we
believe will further strengthen our Company for the long-term. Our
cash flow generation and disciplined approach to capital allocation
are two of Atkore’s greatest strengths. I am proud to say that
since declaring our first quarterly dividend earlier in the year,
Atkore returned approximately 75% of cash generated from operating
activities to shareholders in the form of dividends and share
repurchases.”
Waltz continued, “As we end our year and look forward, we are
encouraged by the prospects of secular trends for which we have an
opportunity to participate. We are mindful of the challenges we
face in certain markets, and the competitive landscape in which we
operate as we find opportunities to be the customer’s first
choice.”
2024 Fourth Quarter
Results
Three Months Ended
(in thousands)
September 30, 2024
September 30, 2023
Change
Change %
Net sales
Electrical
$
564,535
$
649,787
$
(85,252
)
(13.1
)%
Safety & Infrastructure
224,507
220,239
4,268
1.9
%
Eliminations
(746
)
(137
)
(609
)
444.5
%
Consolidated operations
$
788,296
$
869,889
$
(81,593
)
(9.4
)%
Net income
$
73,119
$
140,925
$
(67,806
)
(48.1
)%
Adjusted EBITDA
Electrical
$
145,662
$
237,577
$
(91,915
)
(38.7
)%
Safety & Infrastructure
14,898
15,139
(241
)
(1.6
)%
Unallocated
(20,410
)
(20,738
)
328
(1.6
)%
Consolidated operations
$
140,150
$
231,978
$
(91,828
)
(39.6
)%
Net sales for the fourth quarter of 2024 decreased to $788.3
million, a decrease of 9.4% compared to $869.9 million for the
prior-year period. The decrease was primarily due to lower average
selling prices of $104.1 million as the result of expected pricing
normalization and the economic value of solar tax credits to be
transferred to certain customers of $5.4 million. These decreases
were partially offset by higher sales volume of $26.9 million.
Gross profit decreased by $85.4 million to $216.1 million for
the fourth quarter of 2024, as compared to $301.5 million for the
prior-year period. Gross margins decreased from 34.7% in the prior
year period to 27.4%. Gross profit and gross profit margin
decreased primarily due to declines in average selling prices of
$104.1 million, partially offset by slower declines in raw material
costs of $2.2 million.
Net income decreased $67.8 million to $73.1 million for the
fourth quarter of 2024, as compared to $140.9 million for the
prior-year period, due to lower operating income of $87.4 million,
partially offset by decreased income taxes of $20.8 million.
Adjusted net income decreased $74.4 million to $86.6 million
compared to $161.0 million for the prior-year period.
Adjusted EBITDA decreased $91.8 million, or 39.6%, to $140.2
million for the fourth quarter of 2024, as compared to $232.0
million for the prior-year period. Net income margin decreased from
16.2% in the prior-year period to 9.3% and Adjusted EBITDA Margin
decreased 890 basis points from 26.7% to 17.8%.
Net income per diluted share was $2.02 for the fourth quarter of
2024, a decrease of $1.61 from the prior-year period. Adjusted net
income per diluted share was $2.43 per share for the fourth quarter
of 2024 compared to $4.21 for the prior-year period.
Segment Results
Electrical
Electrical net sales decreased $85.3 million, or 13.1%, to
$564.5 million for the fourth quarter of 2024, as compared to
$649.8 million for the prior-year period. The decrease in net sales
is primarily attributed to decreased average selling prices of
$97.3 million as a result of expected pricing normalization
partially offset by increased volume of $10.9 million.
Adjusted EBITDA decreased $91.9 million, or 38.7%, to $145.7
million for the fourth quarter of 2024, as compared to $237.6
million for the prior-year period, and Adjusted EBITDA Margin
decreased from 36.6% to 25.8%. The decrease in Adjusted EBITDA was
largely due to lower average selling prices over input costs.
Safety & Infrastructure
Safety & Infrastructure net sales increased $4.3 million, or
1.9%, to $224.5 million for the fourth quarter of 2024, as compared
to $220.2 million for the prior-year period. The increase is
attributed to higher volumes of $16.0 million partially offset by
lower average selling prices of $6.8 million and the economic value
of solar tax credits to be transferred to certain customers of $5.4
million.
Adjusted EBITDA decreased $0.2 million, or 1.6%, to $14.9
million for the fourth quarter of 2024, as compared to $15.1
million for the prior-year period. Adjusted EBITDA Margin decreased
from 6.9% to 6.6%. The Adjusted EBITDA and Adjusted EBITDA Margin
were marginally consistent with the prior year quarter.
Fiscal 2024 Full-Year Results
Net sales for fiscal 2024 decreased $316.7 million to $3,202.1
million, a decrease of 9.0%, compared to $3,518.8 million for
fiscal 2023. The decrease in net sales is primarily attributed to
decreased average selling prices of $406.1 million, the economic
value of solar tax credits to be transferred to certain customers
of $38.3 million. These decreases are partially offset by increased
sales volume of $122.6 million across varying product categories
within both the Electrical and the Safety & Infrastructure
segments.
Gross profit for fiscal 2024 decreased $261.7 million to
$1,077.8 million, a decrease of 19.5%, compared to $1,339.5 million
for fiscal 2023. Gross margin decreased to 33.7% in fiscal 2024
compared to 38.1% in fiscal 2023 due to declines in average selling
prices of $406.1 million, partially offset by slower declines in
the input costs of steel, copper and PVC resin of $103.1 million
and the net benefit of solar tax credits of $45.7 million.
Net income decreased $217.0 million to $472.9 million for fiscal
2024, as compared to $689.9 million for fiscal 2023. Adjusted net
income decreased $230.1 million to $532.9 million for fiscal 2024
compared to $763.0 million for fiscal 2023. The decrease in both
net income and adjusted net income was primarily driven by lower
operating income of $268.7 million partially offset by lower income
tax of $46.0 million.
Adjusted EBITDA decreased $270.4 million or 25.9%, to $771.7
million for fiscal 2024, as compared to $1,042.1 million for fiscal
2023. The decrease was primarily due to lower operating income.
Net income per diluted share on a GAAP basis was $12.69 for
fiscal 2024, a decrease of $4.58 from fiscal 2023. Adjusted net
income per diluted share was $14.48 for fiscal 2024 compared to
$19.40 for fiscal 2023.
Liquidity & Capital Resources
During fiscal 2024, operating activities provided $549.0 million
of cash, compared to $807.6 million during fiscal year 2023. Free
cash flow decreased to $399.2 million for fiscal 2024 from $588.7
million in fiscal year 2023. The decrease in cash provided by
operating activities was primarily driven by lower operating income
of $268.7 million and tax impacts of $6.5 million, partially offset
by less cash used in working capital of $5.2 million and higher
depreciation and amortization of $15.4 million. The decrease in
free cash flow was primarily due to the factors above partially
offset by less capital expenditures during fiscal 2024 of $69.0
million when compared to the prior fiscal year.
During fiscal 2024, the Board of Directors approved a new
quarterly dividend program to be added to the Company’s capital
deployment model. Dividends were declared and paid during the year
totaling $34.5 million. Additionally, the Board of Directors
approved a new share repurchase plan that authorized the Company to
repurchase up to $500.0 million of its outstanding stock. During
fiscal 2024, the Company repurchased $381.0 million of its
outstanding stock, which exhausted the authorization of previously
approved plans and leaving a $428.1 million of authorization
remaining on the current plan.
Outlook and Targets1
Fiscal 2025 First Quarter - The Company expects the first
quarter of fiscal 2025 Adjusted EBITDA to be in the range of $95 -
$105 million and Adjusted net income per diluted share to be in the
range of $1.45 - $1.65.
Fiscal 2025 Full Year - The Company expects fiscal year 2025
Adjusted EBITDA to be in the range of $475 - $525 million and
Adjusted net income per diluted share to be in the range of $7.80 -
$8.90.
The Company notes that the outlook and target information
provided 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, November
21, 2024, at 8 a.m. Eastern time, to discuss the Company’s
financial results, provide a business update and long-term
financial targets. 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 December 5, 2024. The
replay can be accessed by dialing (800) 770-2030, 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
http://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 http://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 $3.2B in sales in fiscal
year 2024, 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 and fiscal first
quarter outlook and target 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 discussed or referenced under the
caption “Risk Factors” in our Annual Report on Form 10-K, filed
with the U.S. Securities and Exchange Commission (“SEC”) on
November 21, 2024 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, such as the novel
coronavirus (COVID-19) pandemic; 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,
increase in 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
the significant amount of cash needed 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 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, gain on purchase of a business, 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 gain (loss) on
extinguishment of debt, stock-based compensation, intangible asset
amortization, gain on sale of a business, 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 operating
activities less capital expenditures. We believe that Free Cash
Flow provides meaningful information regarding the Company’s
liquidity.
ATKORE INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
Three Months Ended
Fiscal Year Ended
(in thousands, except per share data)
September 30, 2024
September 30, 2023
September 30, 2024
September 30, 2023
Net sales
$
788,296
$
869,889
$
3,202,053
$
3,518,761
Cost of sales
572,227
568,424
2,124,214
2,179,260
Gross profit
216,069
301,465
1,077,839
1,339,501
Gross Margin
27.4
%
34.7
%
33.7
%
38.1
%
Selling, general and administrative
100,397
97,008
397,544
388,206
Intangible asset amortization
13,607
15,027
55,511
57,804
Operating income
102,065
189,430
624,784
893,491
Interest expense, net
9,526
8,588
35,584
35,232
Other expense (income), net
661
380
1,963
7,969
Income before income taxes
91,878
180,462
587,237
850,290
Income tax expense
18,759
39,537
114,365
160,391
Net income
$
73,119
$
140,925
$
472,872
$
689,899
Net income per share
Basic
$
2.04
$
3.68
$
12.83
$
17.51
Diluted
$
2.02
$
3.63
$
12.69
$
17.27
ATKORE INC.
CONSOLIDATED BALANCE
SHEETS
(in thousands, except share and per share
data)
September 30, 2024
September 30, 2023
Assets
Current Assets:
Cash and cash equivalents
$
351,385
$
388,114
Accounts receivable, less allowance for
current and expected credit losses of $6,322 and $5,179,
respectively
489,926
559,854
Inventories, net
524,695
493,852
Prepaid expenses and other current
assets
158,382
96,670
Total current assets
1,524,388
1,538,490
Property, plant and equipment, net
652,093
559,041
Intangible assets, net
340,431
394,372
Goodwill
314,000
311,106
Right-of-use assets, net
180,656
120,747
Deferred income taxes
554
546
Other long-term assets
9,281
10,707
Total Assets
$
3,021,403
$
2,935,009
Liabilities and Equity
Current Liabilities:
Accounts payable
$
262,201
$
292,734
Income tax payable
2,000
6,322
Accrued compensation and employee
benefits
44,723
45,576
Customer liabilities
108,782
121,576
Lease obligations
22,038
16,230
Other current liabilities
71,122
82,166
Total current liabilities
510,866
564,604
Long-term debt
764,838
762,687
Long-term lease obligations
164,328
105,517
Deferred income taxes
26,574
22,346
Other long-term liabilities
14,897
11,736
Total Liabilities
1,481,503
1,466,890
Equity:
Common stock, $0.01 par value,
1,000,000,000 shares authorized, 34,859,033 and 37,317,893 shares
issued and outstanding, respectively
350
374
Additional paid-in capital
509,254
506,783
Retained earnings
1,049,390
994,902
Accumulated other comprehensive loss
(19,094
)
(33,940
)
Total Equity
1,539,900
1,468,119
Total Liabilities and Equity
$
3,021,403
$
2,935,009
ATKORE INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(in thousands)
September 30, 2024
September 30, 2023
Operating activities
Net income
$
472,872
$
689,899
Adjustments to reconcile net income to net
cash provided by operating activities
Depreciation and amortization
121,018
115,524
Amortization of debt issuance costs and
original issue discount
2,151
2,151
Deferred income taxes
3,369
12,860
Provision for losses on accounts
receivable and inventory
5,096
5,269
Stock-based compensation expense
20,300
21,101
Amortization of right of use asset
30,194
20,321
Other adjustments to net income
(1,076
)
7,481
Changes in operating assets and
liabilities, net of effects from acquisitions
Accounts receivable
72,732
(30,278
)
Inventories
(31,920
)
(42,419
)
Prepaid expenses and other current
assets
(18,610
)
(11,152
)
Accounts payable
(37,558
)
32,298
Income taxes
(46,163
)
(3,088
)
Accrued and other liabilities
(48,691
)
(10,176
)
Other, net
5,319
(2,157
)
Net cash provided by operating
activities
549,033
807,634
Investing activities
Capital expenditures
(149,861
)
(218,888
)
Proceeds from sale of properties, plant
and equipment
1,561
123
Acquisitions of businesses, net of cash
acquired
(6,036
)
(83,385
)
Net cash used for investing activities
(154,336
)
(302,150
)
Financing activities
Issuance of common stock, net of taxes
withheld
(17,824
)
(14,428
)
Repurchase of common stock
(381,040
)
(491,033
)
Dividends paid to shareholders
(34,461
)
—
Finance lease payments
(1,957
)
(1,320
)
Net cash used for financing activities
(435,282
)
(506,781
)
Effects of foreign exchange rate changes
on cash and cash equivalents
3,856
661
Increase (decrease) in cash and cash
equivalents
(36,729
)
(637
)
Cash and cash equivalents at beginning of
period
388,114
388,751
Cash and cash equivalents at end of
period
$
351,385
$
388,114
(in thousands)
September 30, 2024
September 30, 2023
Supplementary Cash Flow information
Interest paid
$
47,099
43,670
Income taxes paid, net of refunds
66,369
150,934
Capital expenditures, not yet paid
12,848
7,893
Acquisitions of businesses, not yet
paid
—
13,625
Operating cash flows from cash paid on
operating lease liabilities
18,526
15,155
Operating lease right-of-use assets
obtained in exchange for lease liabilities
73,294
63,644
Free Cash Flow:
Net cash provided by operating
activities
549,033
807,634
Capital expenditures
(149,861
)
(218,888
)
Free Cash Flow:
399,172
588,746
ATKORE INC.
ADJUSTED EBITDA
The following table presents
reconciliations of Adjusted EBITDA to net income for the periods
presented:
Three Months Ended
Fiscal Year Ended
(in thousands)
September 30, 2024
September 30, 2023
September 30, 2024
September 30, 2023
Net income
$
73,119
$
140,925
$
472,872
$
689,899
Income tax expense
18,759
39,537
114,365
160,391
Depreciation and amortization
32,611
30,853
121,018
115,524
Interest expense, net
9,526
8,588
35,584
35,232
Stock-based compensation
6,027
3,001
20,300
21,101
(Gain) loss on assets held for sale
591
(86
)
733
7,477
Transaction costs
35
35
140
968
Other (a)
(518
)
9,125
6,701
11,535
Adjusted EBITDA
$
140,150
$
231,978
$
771,713
$
1,042,127
(a) Represents 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 and realized or unrealized gain (loss) on foreign
currency impacts of intercompany loans, certain legal matters,
restructuring charges, and related forward currency
derivatives.
The following table presents calculations
of Adjusted EBITDA Margin for Atkore Inc. for the periods
presented:
Three Months Ended
Fiscal Year Ended
(in thousands)
September 30, 2024
September 30, 2023
Change
% Change
September 30, 2024
September 30, 2023
Change
% Change
Net sales
$
788,296
$
869,889
$
(81,593
)
(9.4
)%
$
3,202,053
$
3,518,761
$
(316,708
)
(9.0
)%
Adjusted EBITDA
$
140,150
$
231,978
$
(91,828
)
(39.6
)%
$
771,713
$
1,042,127
$
(270,414
)
(25.9
)%
Adjusted EBITDA Margin
17.8
%
26.7
%
24.1
%
29.6
%
ATKORE INC.
SEGMENT INFORMATION
The following tables represent
calculations of Adjusted EBITDA Margin by segment for the periods
presented:
Three Months Ended
September 30, 2024
September 30, 2023
(in thousands)
Net sales
Adjusted EBITDA
Adjusted EBITDA Margin
Net sales
Adjusted EBITDA
Adjusted EBITDA Margin
Electrical
$
564,535
$
145,662
25.8
%
$
649,787
$
237,577
36.6
%
Safety & Infrastructure
224,507
$
14,898
6.6
%
220,239
$
15,139
6.9
%
Eliminations
(746
)
(137
)
Consolidated operations
$
788,296
$
869,889
Fiscal Year Ended
September 30, 2024
September 30, 2023
(in
thousands)
Net sales
Adjusted EBITDA
Adjusted EBITDA Margin
Net sales
Adjusted EBITDA
Adjusted EBITDA Margin
Electrical
$
2,354,978
$
728,341
30.9
%
$
2,675,074
$
1,004,853
37.6
%
Safety & Infrastructure
849,077
$
89,982
10.6
%
844,158
$
103,231
12.2
%
Eliminations
(2,002
)
(471
)
Consolidated operations
$
3,202,053
$
3,518,761
ATKORE INC.
ADJUSTED NET INCOME PER
SHARE
The following table presents
reconciliations of Adjusted net income to net income for the
periods presented:
Three Months Ended
Fiscal Year Ended
(in thousands,
except per share data)
September 30, 2024
September 30, 2023
September 30, 2024
September 30, 2023
Net income
$
73,119
$
140,925
$
472,872
$
689,899
Stock-based compensation
6,027
3,001
20,300
21,101
Intangible asset amortization
13,607
15,027
55,511
57,804
(Gain) loss on assets held for sale
591
(86
)
733
7,477
Other (a)
(2,201
)
8,888
3,464
11,058
Pre-tax adjustments to net income
18,024
26,830
80,008
97,440
Tax effect
(4,506
)
(6,708
)
(20,002
)
(24,360
)
Adjusted net income
$
86,637
$
161,047
$
532,878
$
762,979
Weighted-Average Diluted Common Shares
Outstanding
35,668
38,251
36,789
39,328
Net income per diluted share (b)
$
2.02
$
3.63
$
12.69
$
17.27
Adjusted net income per diluted share
(c)
$
2.43
$
4.21
$
14.48
$
19.40
(a) Represents 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 and realized or unrealized gain (loss) on foreign
currency impacts of intercompany loans and related forward currency
derivatives.
(b) The Company calculates basic and
diluted net income per common share using the two-class method.
Under the two-class method, net earnings are allocated to each
class of common stock and participating securities as if all the
net earnings for the period had been distributed. The Company's
participating securities consist of share-based payment awards that
contain a non-forfeitable right to receive dividends and therefore
are considered to participate in undistributed earnings with common
stockholders. Included within the calculation of net income per
diluted share is 6,135 and 10,637 of undistributed earnings
allocated to participating securities for fiscal years ended 2024
and 2023. Included within the calculation of net income per diluted
share is See Note 8, “Earnings Per Share” in our Annual Report on
Form 10-K.
(c) Adjusted net income per diluted share
is calculated by taking adjusted net income and divided by the
weighted-average diluted common shares outstanding.
ATKORE INC.
NET DEBT
The following table presents
reconciliations of Net Debt to Total Debt for the periods
presented:
(in thousands)
September 30, 2024
September 30, 2023
September 30, 2022
Long-term debt
764,838
762,687
760,537
Total Debt
764,838
762,687
760,537
Less cash and cash equivalents
351,385
388,114
388,751
Net Debt
$
413,453
$
374,573
$
371,786
Adjusted EBITDA
$
771,713
$
1,042,127
$
1,341,790
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241121911105/en/
Media Contact: Lisa Winter Vice President -
Communications 708-225-2453 AtkoreCommunications@atkore.com
Investor Contact: Matthew Kline Vice President - Treasury
and Investor Relations 708-225-2116 Investors@atkore.com
Grafico Azioni Atkore (NYSE:ATKR)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Atkore (NYSE:ATKR)
Storico
Da Gen 2024 a Gen 2025
