Atkore Q4 Earnings Fall, But Beat View; Stock Down In Pre-market

(RTTNews) - Atkore Inc. (ATKR), a manufacturer of electrical, safety, and infrastructure products, on Friday reported lower earnings and revenue for the fourth quarter. However, earnings beat the Street view.

Further, the company issued its guidance for the first quarter of fiscal 2024, and for fiscal 2024 while maintaining its earnings target for fiscal 2025.

Quarterly earnings decreased 36.2 percent to $140.9 million or $3.63 per share from $220.8 million or $5.18 per share, on lower operating income of $107.4 million.

Excluding items, earnings were $161 million or $4.21 per share versus $231.6 million or $5.52 per share a year ago.

On average, five analysts polled by Thomson Reuters had expected earnings of $4.08 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue declined 15.5 percent to $869.9 million from $1,029.0 million the previous year, particularly on lower average selling prices of $173.8 million. The Street view for revenue was $920.42 million.

Looking ahead to the first quarter of fiscal 2024, the company expects adjusted net income per share to be in the range of $3.50 to $3.70 and Adjusted EBITDA in the range of $200 million to $210 million.

For fiscal 2024, the company sees Adjusted net income per share of $16.00-$17.00 and Adjusted EBITDA of $900 million-$950 million.

For fiscal 2025, the company is maintaining Adjusted net income per share target of greater than $18.

In pre-market activity, Atkore shares are trading at $131.09, down 3.13% on the New York Stock Exchange.