ATKR Atkore Inc

• Net sales of $798.5 million, down 4.2% versus prior year
• Net income per diluted share decreased by $0.59 versus prior year to $3.61; Adjusted net income per diluted share decreased by $0.49 versus prior year to $4.12
• Net income decreased by $35.1 million versus prior year to $138.4 million; Adjusted EBITDA decreased by $50.3 million versus prior year to $213.5 million
• Full-year Adjusted net income per diluted share outlook increased to $16.50 to $17.50
• On January 30, 2024, Atkore’s Board of Directors declared a quarterly cash dividend of $0.32 per share of common stock payable on March 15, 2024, to stockholders of record on February 27, 2024.

 

Atkore Inc. (the “Company” or “Atkore”) (NYSE: ATKR) announced earnings for its fiscal 2024 first quarter ended December 29, 2023.

“Atkore is off to a great start for fiscal 2024, with double digit organic volume growth in the first quarter driven by contributions across all key product areas,” said Bill Waltz, Atkore President and Chief Executive Officer. “We continue to expect low double digit volume growth for the full year as we continue to realize the benefits from the investments we’ve made in the business, including the ongoing start up and ramp up of our new facility in Hobart, Indiana. Given our performance in the first quarter, we are raising our fiscal 2024 outlook for Adjusted EPS.”

Waltz continued, “As we remain focused on our strategic initiatives and investing in the future of our company, we continued to execute our balanced capital allocation strategy by deploying $44 million in capital expenditures and repurchasing $96 million in shares in the first quarter. In addition, I am proud to highlight the declaration our first quarterly dividend earlier this week. This is a significant milestone for our company made possible by the transformation and structural improvements we’ve achieved over the past several years. With our broad portfolio of electrical infrastructure products and strong secular trends driving future growth, we remain confident in our future.”

2024 First Quarter Results

 

 

Three months ended

(in thousands)

 

December 29, 2023

 

December 30, 2022

 

Change

 

% Change

Net sales

 

 

 

 

 

 

 

 

Electrical

 

$

593,661

 

 

$

638,705

 

 

$

(45,044

)

 

(7.1

)%

Safety & Infrastructure

 

 

205,127

 

 

 

195,259

 

 

 

9,868

 

 

5.1

%

Eliminations

 

 

(306

)

 

 

(143

)

 

 

(163

)

 

114.0

%

Consolidated operations

 

$

798,481

 

 

$

833,821

 

 

$

(35,340

)

 

(4.2

)%

 

 

 

 

 

 

 

 

 

Net income

 

$

138,381

 

 

$

173,492

 

 

$

(35,111

)

 

(20.2

)%

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

 

 

 

 

 

 

Electrical

 

$

204,360

 

 

$

243,836

 

 

$

(39,476

)

 

(16.2

)%

Safety & Infrastructure

 

 

19,512

 

 

 

33,404

 

 

 

(13,892

)

 

(41.6

)%

Unallocated

 

 

(10,349

)

 

 

(13,395

)

 

 

3,046

 

 

(22.7

)%

Consolidated operations

 

$

213,523

 

 

$

263,845

 

 

$

(50,322

)

 

(19.1

)%

Net sales decreased by $35.3 million or 4.2% to $798.5 million for the three months ended December 29, 2023, compared to $833.8 million for the three months ended December 30, 2022. The decrease in net sales is primarily attributed to decreased average selling prices across the Company’s products of $130.4 million as a result of expected pricing normalization and the economic value of solar tax credits to be transferred to certain customers of $14.9 million. This decrease was partially offset by increased sales volume of $106.2 million.

Gross profit decreased by $43.8 million, or 13.1%, to $290.5 million for the three months ended December 29, 2023, as compared to $334.4 million for the prior-year period. Gross margin decreased to 36.4% for the three months ended December 29, 2023, as compared to 40.1% for the prior-year period. Gross profit decreased primarily due to declines in average selling prices of $130.4 million partially offset by slower declines in the costs of steel, copper and PVC resin of $62.3 million.

Net income decreased by $35.1 million, or 20.2%, to $138.4 million for the three months ended December 29, 2023 compared to $173.5 million for the prior-year period primarily due to lower gross profit and higher selling, general and administrative costs and intangible amortization, partially offset by lower income tax expense.

Adjusted EBITDA decreased by $50.3 million, or 19.1%, to $213.5 million for the three months ended December 29, 2023 compared to $263.8 million for the three months ended December 30, 2022. The decrease was primarily due to lower gross profit.

Net income per diluted share prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) was $3.61 for the three months ended December 29, 2023, as compared to $4.20 in the prior-year period. Adjusted net income per diluted share decreased by $0.49 to $4.12 for the three months ended December 29, 2023, as compared to $4.61 in the prior year period. The decrease in diluted earnings per share is primarily attributed to lower net income.

Segment Results

Electrical

Net sales decreased by $45.0 million, or 7.1%, to $593.7 million for the three months ended December 29, 2023 compared to $638.7 million for the three months ended December 30, 2022. The decrease in net sales is primarily attributed to decreased average selling prices of $114.3 million as a result of expected pricing normalization and partially offset by increased sales volume of $65.5 million.

Adjusted EBITDA for the three months ended December 29, 2023 decreased by $39.5 million, or 16.2%, to $204.4 million from $243.8 million for the three months ended December 30, 2022. Adjusted EBITDA margins decreased to 34.4% for the three months ended December 29, 2023 compared to 38.2% for the three months ended December 30, 2022. The decrease in Adjusted EBITDA and Adjusted EBITDA margins was largely due to lower average selling prices over input costs.

Safety & Infrastructure

Net sales increased by $9.9 million, or 5.1%, for the three months ended December 29, 2023 to $205.1 million compared to $195.3 million for the three months ended December 30, 2022. The increase is primarily attributed to higher volumes of $40.8 million, partially offset by decreased average selling prices of $16.1 million driven by lower input costs of steel and the economic value of solar tax credits to be transferred to certain customers of $14.9 million.

Adjusted EBITDA decreased by $13.9 million, or 41.6%, to $19.5 million for the three months ended December 29, 2023 compared to $33.4 million for the three months ended December 30, 2022. Adjusted EBITDA margins decreased to 9.5% for the three months ended December 29, 2023 compared to 17.1% for the three months ended December 30, 2022. The decrease in Adjusted EBITDA and Adjusted EBITDA margin was largely due to lower average selling prices over input costs.

Liquidity & Capital Resources

On January 30, 2024, the Board of Directors of Atkore Inc. declared a quarterly cash dividend of $0.32 per share of common stock payable on March 15, 2024, to stockholders of record on February 27, 2024. This is the first quarterly dividend to be paid by the Company as part of its new dividend program that was previously announced in November 2023.

Full-Year Outlook1

The Company is maintaining its estimate for fiscal year 2024 Adjusted EBITDA to be approximately $900 million to $950 million, and increasing its estimate for Adjusted net income per diluted share to be in the range of $16.50 - $17.50.

The Company notes that this perspective 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, February 1, 2024, at 8 a.m. Eastern time, to discuss the Company’s financial results. 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 February 15, 2024. The replay can be accessed by dialing (800) 770-2030 for domestic callers, or for international callers, (647) 362-9199. 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 https://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 https://investors.atkore.com.

1 Reconciliations of the forward-looking full-year 2024 outlook 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.

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 $3.5B in sales in fiscal year 2023, we deliver sustainable solutions to meet the growing demands of electrification and digital transformation. To learn more, please visit www.atkore.com.

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 disclosed in the Company’s filings with the U.S. Securities and Exchange Commission including but not limited to the Company’s most recent Annual Report on Form 10-K and reports on Form 10-Q and Form 8-K 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, 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, increases in the 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 cash sufficient 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 risks and 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, 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 stock-based compensation, intangible asset amortization, 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 (used in) operating activities, less capital expenditures. We believe that Free Cash Flow provides meaningful information regarding the Company’s liquidity.

ATKORE INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

Three months ended

(in thousands, except per share data)

 

December 29, 2023

 

December 30, 2022

Net sales

 

$

798,481

 

$

833,821

Cost of sales

 

 

507,941

 

 

499,468

Gross profit

 

 

290,540

 

 

334,353

Selling, general and administrative

 

 

100,615

 

 

89,977

Intangible asset amortization

 

 

14,467

 

 

12,796

Operating income

 

 

175,458

 

 

231,580

Interest expense, net

 

 

7,793

 

 

9,488

Other expense, net

 

 

12

 

 

41

Income before income taxes

 

 

167,653

 

 

222,051

Income tax expense

 

 

29,272

 

 

48,559

Net income

 

$

138,381

 

$

173,492

 

 

 

 

 

Net income per share

 

 

 

 

Basic

 

$

3.66

 

$

4.26

Diluted

 

$

3.61

 

$

4.20

ATKORE INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

(in thousands, except share and per share data)

 

December 29, 2023

 

September 30, 2023

Assets

 

 

 

 

Current Assets:

 

 

 

 

Cash and cash equivalents

 

$

380,922

 

 

$

388,114

 

Accounts receivable, less allowance for current and expected credit losses of $6,265 and $5,179, respectively

 

 

517,634

 

 

 

559,854

 

Inventories, net

 

 

493,637

 

 

 

493,852

 

Prepaid expenses and other current assets

 

 

105,951

 

 

 

96,670

 

Total current assets

 

 

1,498,144

 

 

 

1,538,490

 

Property, plant and equipment, net

 

 

586,983

 

 

 

559,041

 

Intangible assets, net

 

 

381,205

 

 

 

394,372

 

Goodwill

 

 

312,960

 

 

 

311,106

 

Right-of-use assets, net

 

 

144,828

 

 

 

120,747

 

Deferred tax assets

 

 

569

 

 

 

546

 

Other long-term assets

 

 

10,703

 

 

 

10,707

 

Total Assets

 

$

2,935,392

 

 

$

2,935,009

 

Liabilities and Equity

 

 

 

 

Current Liabilities:

 

 

 

 

Accounts payable

 

 

248,261

 

 

 

292,734

 

Income tax payable

 

 

4,625

 

 

 

6,322

 

Accrued compensation and employee benefits

 

 

30,516

 

 

 

45,576

 

Customer liabilities

 

 

131,121

 

 

 

121,576

 

Lease obligations

 

 

17,883

 

 

 

16,230

 

Other current liabilities

 

 

72,951

 

 

 

82,166

 

Total current liabilities

 

 

505,357

 

 

 

564,604

 

Long-term debt

 

 

763,225

 

 

 

762,687

 

Long-term lease obligations

 

 

129,050

 

 

 

105,517

 

Deferred tax liabilities

 

 

21,284

 

 

 

22,346

 

Other long-term liabilities

 

 

14,131

 

 

 

11,736

 

Total Liabilities

 

 

1,433,047

 

 

 

1,466,890

 

Equity:

 

 

 

 

Common stock, $0.01 par value, 1,000,000,000 shares authorized, 36,905,528 and 37,317,893 shares issued and outstanding, respectively

 

 

370

 

 

 

374

 

Additional paid-in capital

 

 

490,238

 

 

 

506,783

 

Retained earnings

 

 

1,035,897

 

 

 

994,902

 

Accumulated other comprehensive loss

 

 

(24,160

)

 

 

(33,940

)

Total Equity

 

 

1,502,345

 

 

 

1,468,119

 

Total Liabilities and Equity

 

$

2,935,392

 

 

$

2,935,009

 

ATKORE INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

Three months ended

(in thousands)

 

December 29, 2023

 

December 30, 2022

Operating activities:

 

 

 

 

Net income

 

$

138,381

 

 

$

173,492

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

 

29,020

 

 

 

25,967

 

Deferred income taxes

 

 

(1,668

)

 

 

3,275

 

Stock-based compensation

 

 

4,757

 

 

 

5,270

 

Amortization of right-of-use assets

 

 

6,140

 

 

 

3,538

 

Other non-cash adjustments to net income

 

 

2,074

 

 

 

1,410

 

Changes in operating assets and liabilities, net of effects from acquisitions

 

 

 

 

Accounts receivable

 

 

43,837

 

 

 

26,841

 

Inventories

 

 

2,015

 

 

 

11,565

 

Prepaid expenses and other current assets

 

 

(9,140

)

 

 

(6,930

)

Accounts payable

 

 

(42,014

)

 

 

(48,826

)

Accrued and other liabilities

 

 

(15,946

)

 

 

(36,070

)

Income taxes

 

 

(260

)

 

 

38,787

 

Other, net

 

 

910

 

 

 

532

 

Net cash provided by operating activities

 

 

158,106

 

 

 

198,851

 

Investing activities:

 

 

 

 

Capital expenditures

 

 

(44,331

)

 

 

(35,006

)

Acquisition of businesses, net of cash acquired

 

 

(5,973

)

 

 

(82,181

)

Net cash used in investing activities

 

 

(50,304

)

 

 

(117,187

)

Financing activities:

 

 

 

 

Issuance of common stock, net of shares withheld for tax

 

 

(21,299

)

 

 

(14,775

)

Repurchase of common stock

 

 

(96,428

)

 

 

(150,056

)

Finance lease payments

 

 

(427

)

 

 

—

 

Net cash used for financing activities

 

 

(118,154

)

 

 

(164,831

)

Effects of foreign exchange rate changes on cash and cash equivalents

 

 

3,160

 

 

 

2,243

 

Decrease in cash and cash equivalents

 

 

(7,192

)

 

 

(80,924

)

Cash and cash equivalents at beginning of period

 

 

388,114

 

 

 

388,751

 

Cash and cash equivalents at end of period

 

$

380,922

 

 

$

307,827

 

 

 

Three months ended

(in thousands)

 

December 29, 2023

 

December 30, 2022

Supplementary Cash Flow information

 

 

 

 

Capital expenditures, not yet paid

 

$

5,030

 

 

$

7,227

 

Operating lease right-of-use assets obtained in exchange for lease liabilities

 

$

24,752

 

 

$

1,181

 

Acquisitions of businesses, not yet paid

 

$

—

 

 

$

14,125

 

Free Cash Flow:

 

 

 

 

Net cash provided by operating activities

 

$

158,106

 

 

$

198,851

 

Capital expenditures

 

 

(44,331

)

 

 

(35,006

)

Free Cash Flow:

 

$

113,775

 

 

$

163,845

 

ATKORE INC.

ADJUSTED EBITDA

 

The following table presents reconciliations of Adjusted EBITDA to net income for the periods presented:

 

 

 

Three months ended

(in thousands)

 

December 29, 2023

 

December 30, 2022

Net income

 

$

138,381

 

$

173,492

Interest expense, net

 

 

7,793

 

 

9,488

Income tax expense

 

 

29,272

 

 

48,559

Depreciation and amortization

 

 

29,020

 

 

25,967

Stock-based compensation

 

 

4,757

 

 

5,270

Other (a)

 

 

4,300

 

 

1,069

Adjusted EBITDA

 

$

213,523

 

$

263,845

 

 

 

 

 

(a) Represents other items, such as inventory reserves and adjustments, loss on disposal of property, plant and equipment, release of indemnified uncertain tax positions, gain on purchase of business, loss on assets held for sale, realized or unrealized gain (loss) on foreign currency impacts of intercompany loans and related forward currency derivatives, transaction and restructuring costs.

ATKORE INC.

SEGMENT INFORMATION

 

The following table presents reconciliations of Net sales and calculations of Adjusted EBITDA Margin by segment for the periods presented:

 

 

 

Three months ended

 

 

December 29, 2023

 

December 30, 2022

(in thousands)

 

Net sales

 

Adjusted EBITDA

 

Adjusted EBITDA Margin

 

Net sales

 

Adjusted EBITDA

 

Adjusted EBITDA Margin

Electrical

 

$

593,661

 

 

$

204,360

 

34.4

%

 

$

638,705

 

 

$

243,836

 

38.2

%

Safety & Infrastructure

 

 

205,127

 

 

 

19,512

 

9.5

%

 

 

195,259

 

 

 

33,404

 

17.1

%

Eliminations

 

 

(306

)

 

 

 

 

 

 

(143

)

 

 

 

 

Consolidated operations

 

$

798,481

 

 

 

 

 

 

$

833,821

 

 

 

 

 

ATKORE INC.

ADJUSTED NET INCOME PER DILUTED SHARE

 

The following table presents reconciliations of Adjusted net income to net income for the periods presented:

 

 

 

Three months ended

(in thousands, except per share data)

 

December 29, 2023

 

December 30, 2022

Net income

 

$

138,381

 

 

$

173,492

 

Stock-based compensation

 

 

4,757

 

 

 

5,270

 

Intangible asset amortization

 

 

14,467

 

 

 

12,796

 

Other (a)

 

 

3,611

 

 

 

99

 

Pre-tax adjustments to net income

 

 

22,835

 

 

 

18,165

 

Tax effect

 

 

(5,709

)

 

 

(4,541

)

Adjusted net income

 

$

155,507

 

 

$

187,116

 

 

 

 

 

 

Diluted weighted average common shares outstanding

 

 

37,745

 

 

 

40,613

 

Net income per diluted share

 

$

3.61

 

 

$

4.20

 

Adjusted net income per diluted share

 

$

4.12

 

 

$

4.61

 

 

 

 

 

 

(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, loss on assets held for sale, release of indemnified uncertain tax positions and realized or unrealized gain (loss) on foreign currency impacts of intercompany loans and related forward currency derivatives.

ATKORE INC.

NET DEBT

 

The following table presents reconciliations of Net debt to Total debt for the periods presented:

 

($ in thousands)

December 29, 2023

 

September 30, 2023

 

June 30, 2023

 

March 31, 2023

 

December 30, 2022

 

September 30, 2022

Long-term debt

$

763,225

 

$

762,687

 

$

762,149

 

$

761,612

 

$

761,074

 

$

760,537

Total debt

 

763,225

 

 

762,687

 

 

762,149

 

 

761,612

 

 

761,074

 

 

760,537

Less cash and cash equivalents

 

380,922

 

 

388,114

 

 

317,809

 

 

354,342

 

 

307,827

 

 

388,751

Net debt

$

382,303

 

$

374,573

 

$

444,340

 

$

407,270

 

$

453,247

 

$

371,786

 

 

 

 

 

 

 

 

 

 

 

 

TTM Adjusted EBITDA (a)

$

991,804

 

$

1,042,127

 

$

1,135,233

 

$

1,242,501

 

$

1,312,626

 

$

1,341,790

 

 

 

 

 

 

 

 

 

 

 

 

(a) TTM Adjusted EBITDA is equal to the sum of Adjusted EBITDA for the trailing four quarter period. The reconciliation of Adjusted EBITDA for the quarter ended September 30, 2023 can be found in Exhibit 99.1 to form 8-K file November 17 2023 and is incorporated be reference herein. The reconciliation of Adjusted EBITDA for the quarter ended June 30, 2023 can be found in Exhibit 99.1 to form 8-K file August 8 2023 and is incorporated be reference herein. The reconciliation of Adjusted EBITDA for the quarter ended March 31, 2023 can be found in Exhibit 99.1 to form 8-K filed May 9, 2023 and is incorporated by reference herein. The reconciliation of Adjusted EBITDA for the quarter ended December 30, 2022 can be found in Exhibit 99.1 to form 8-K filed February 1, 2023 and is incorporated by reference herein. The reconciliation of Adjusted EBITDA for the year ended September 30, 2022 can be found in Exhibit 99.1 to form 8-K filed November 18, 2022 and is incorporated by reference herein.

ATKORE INC.

TRAILING TWELVE MONTHS ADJUSTED EBITDA

 

The following table presents a reconciliation of Adjusted EBITDA for the trailing twelve months (TTM) ended December 29, 2023:

 

 

TTM

 

Three months ended

(in thousands)

December 29, 2023

 

December 29, 2023

 

September 30, 2023

 

June 30, 2023

 

March 31, 2023

Net income

$

654,788

 

$

138,381

 

$

140,925

 

$

201,288

 

$

174,194

Interest expense, net

 

33,538

 

 

7,793

 

 

8,588

 

 

8,682

 

 

8,475

Income tax expense

 

141,104

 

 

29,272

 

 

39,537

 

 

18,931

 

 

53,364

Depreciation and amortization

 

118,577

 

 

29,020

 

 

30,853

 

 

30,105

 

 

28,598

Stock-based compensation

 

20,587

 

 

4,757

 

 

3,001

 

 

5,966

 

 

6,863

Other (a)

 

23,210

 

 

4,300

 

 

9,074

 

 

5,289

 

 

4,547

Adjusted EBITDA

$

991,804

 

$

213,523

 

$

231,978

 

$

270,262

 

$

276,041

 

 

 

 

 

 

 

 

 

 

(a) Represents other items, such as inventory reserves and adjustments, loss on disposal of property, plant and equipment, release of indemnified uncertain tax positions, gain on purchase of business, loss on assets held for sale, realized or unrealized gain (loss) on foreign currency impacts of intercompany loans and related forward currency derivatives, transaction and restructuring costs.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240201878139/en/

Media Contact: Lisa Winter Vice President - Communications 708-225-2453 AtkoreCommunications@atkore.com

Investor Contact: John Deitzer Vice President - Treasury & Investor Relations 708-225-2124 Investors@atkore.com