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Dec 25, 2020
Atkore Q1 2021 Earnings Report
Atkore achieved a record quarter driven by strong performance across its businesses, particularly in the PVC electrical conduit business, and raised its outlook for the fiscal year.
Key Takeaways
Atkore International Group Inc. reported a strong first quarter for fiscal year 2021, with net sales up 14.2% to $511.1 million and net income increasing by 144.5% to $85.1 million. The company raised its full-year outlook for net sales and Adjusted EBITDA, reflecting confidence in continued growth and strong cash flows.
Net sales increased by 14.2% year-over-year to $511.1 million.
Diluted earnings per share (EPS) reached $1.75, while adjusted net income per diluted share was $1.88.
Net income increased by 144.5% year-over-year to $85.1 million, and Adjusted EBITDA was $137.0 million.
The Board of Directors approved a share repurchase program authorizing the repurchase of up to $100 million of outstanding common stock.
Atkore
Atkore
Atkore Revenue by Segment
Revenue by Segment
Electrical Revenue
CapyFin.comSafety & Infrastructure Revenue
CapyFin.com Forward Guidance
Atkore is increasing its outlook for Net sales, Adjusted EBITDA and Adjusted net income per diluted share for fiscal year 2021. The Company expects fiscal year 2022 Adjusted EBITDA to be approximately $400 million.
Positive Outlook
- Net Sales to be up approximately 16% to 20%.
- Adjusted EBITDA to be in the range of $440 to $460 million, up approximately $100 million dollars versus the prior outlook.
- Adjusted net income per diluted share to be in the range of $5.65 - $5.95.
- Strong demand and industry supply constraints in the PVC electrical conduit business will continue through the second quarter.
- Fiscal year 2022 Adjusted EBITDA to be approximately $400 million.
Challenges Ahead
- Industry supply constraints in the PVC electrical conduit business will normalize in the back half of the year.
- Perspective may vary due to changes in assumptions or market conditions.
- Other factors described under “Forward-Looking Statements”.
- Unspecified risks and uncertainties.
- Factors beyond company control.
Revenue & Expenses
Visualization of income flow from segment revenue to net income