Atkore Q1 Profit, Revenue Decline, But Beat View; Raises Full-year Outlook

(RTTNews) - Atkore Inc. (ATKR), a manufacturer of electrical products, Thursday reported lower profit for the first quarter, primarily due to decline in revenue as well increase in expenses. Profit as well as revenue beat the consensus estimates. The company also raised its full-year earnings view.

Profit was $138.38 million or $3.61 per share for the first quarter, lower than $173.49 million or $4.20 per share in the same quarter a year ago.

Excluding items, adjusted income of $4.12 per share beat the average estimate of analysts polled by Thomson-Reuters of $3.61 per share. Analysts' estimates typically exclude special items.

Sales for the quarter declined 4.2 percent to $798.48 million from $833.82 million last year. The consensus estimate was for $776.87 million.

For the full year, Atkore now expects adjusted EPS to be in the range of $16.50 - $17.50, up from the previous outlook of $16.00 - $17.00. The Street expects profit of $16.71 per share for the year.