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Mar 26, 2021
Atkore Q2 2021 Earnings Report
Announced second quarter 2021 results, demonstrating significant year-over-year improvements in earnings driven by outstanding performance in metal electrical conduit, focused product categories, and PVC electrical conduit business.
Key Takeaways
Atkore Inc. reported net sales of $639.5 million, a 40.4% increase compared to the prior year. Diluted earnings per share increased to $2.58, and adjusted net income per diluted share rose to $2.79. Net income increased to $124.9 million, while adjusted EBITDA reached $193.4 million. The company raised its full-year outlook, expecting net sales to be up 40% - 50% and adjusted EBITDA to be between $700 million - $750 million.
Net sales increased by 40.4% to $639.5 million versus prior year.
Diluted earnings per share increased by $1.78 to $2.58; Adjusted net income per diluted share increased by $1.80 to $2.79.
Net income increased by $85.7 million to $124.9 million; Adjusted EBITDA increased by $106.4 million to $193.4 million.
Full-year Adjusted EBITDA outlook increased to $700 million - $750 million; Full-year Adjusted net income per diluted share outlook increased to $10.00 - $10.70.
Revenue by Segment
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 - $450 million, which is in line with historical double digit growth rates when compared to fiscal year 2020.
Positive Outlook
- Net Sales expected to be up approximately 40% to 50%.
- Adjusted EBITDA to be in the range of $700 to $750 million, up approximately $260 million - $290 million dollars versus the prior outlook.
- Adjusted net income per diluted share to be in the range of $10.00 - $10.70.
- Strong demand and industry supply constraints in the PVC electrical conduit business will continue through the back half of the fiscal year.
- Fiscal year 2022 Adjusted EBITDA to be approximately $400 million - $450 million, which is in line with historical double digit growth rates when compared to fiscal year 2020.
Challenges Ahead
- Normalization of PVC electrical conduit business as we enter the next fiscal year.
- Perspective on fiscal year 2022 may vary due to changes in assumptions or market conditions and other factors described under “Forward-Looking Statements.”
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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