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Jun 25, 2021
Atkore Q3 2021 Earnings Report
Atkore's Q3 2021 earnings were announced, revealing record earnings and solid volume growth.
Key Takeaways
Atkore Inc. reported a significant increase in net sales, net income, and adjusted EBITDA for the third quarter of fiscal year 2021. Net sales reached $853.7 million, a 121.8% increase compared to the prior year. Net income increased by 628.0% to $175.3 million, and adjusted EBITDA rose by 330.4% to $274.3 million.
Net sales increased by 121.8% to $853.7 million compared to the prior year.
Diluted earnings per share increased to $3.64, up from $0.49 in the prior year.
Net income increased by 628.0% to $175.3 million.
Adjusted EBITDA increased by 330.4% to $274.3 million.
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 Net Sales to be up approximately 60%, and Adjusted EBITDA to be in the range of $855 to $875 million. In addition, the Company expects Adjusted net income per diluted share to be in the range of $12.25 - $12.55. The Company expects fiscal year 2022 Adjusted EBITDA to be approximately $500 million - $550 million.
Positive Outlook
- Strong demand in the PVC electrical conduit business is expected to continue through the rest of this fiscal year.
- Net Sales are expected to be up approximately 60% for fiscal year 2021.
- Adjusted EBITDA is projected to be in the range of $855 million to $875 million for fiscal year 2021.
- Adjusted net income per diluted share is expected to be between $12.25 and $12.55 for fiscal year 2021.
- Company is updating its perspective on fiscal year 2022, expecting Adjusted EBITDA to be approximately $500 million - $550 million.
Challenges Ahead
- Industry supply constraints in the PVC electrical conduit business are expected to normalize in the next fiscal year.
- Pricing for PVC products, as well as other parts of the business, are expected to return to more normal historical levels over time, but that time is uncertain.
- Forward-looking statements may vary due to changes in assumptions or market conditions and other factors.
- Reconciliations of the forward-looking full-year 2021 outlook for Adjusted EBITDA and Adjusted net income per diluted share and full-year 2022 perspective for Adjusted EBITDA are not being provided as the Company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such reconciliations.
- Company expects fiscal year 2022 Adjusted EBITDA to be approximately $500 million - $550 million, this perspective 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