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Dec 30, 2023
Atkore Inc Up 1.51% To $150.82 After Earnings Beat
Atkore Inc (ATKR) said before open Tuesday that it earned $5.72 per share in quarter three 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst
Atkore Inc (ATKR) said before open Tuesday that it earned $5.72 per share in quarter three 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.On the revenue line, the company reported $919.1 million, missing estimates by $20.3 million.In the same quarter a year ago, the company earned $6.07 per share on revenue of $1.1 billion. The stock is up 1.51% to $150.82 after the report.Atkore Inc's revenues declined at a faster pace than earnings.The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.Trading in the five days leading up to the report earned Atkore Inc a Bearish Sentiment Rank from InvestorsObserver.Atkore Inc has been a strong performer over the past few months, garnering a high Long-Term Technical Rank by InvestorsObserver of 83, putting Atkore Inc in the top 25% of stocks. The firm was recently trading at a 52-week high of $164.76 on August 2, 2023 and set a 52-week low on September 27, 2022 at $70.5.Atkore is a diversified industrials company and a leading manufacturer of electrical, mechanical, and safety infrastructure solutions. Atkore has two business segments: electrical and safety and infrastructure. Net sales are highest in the electrical business line as well as in the United States. The key product categories in the electrical segment are PVC conduit, steel conduit, and PVC-coated conduit, which are staples for electrical distributors. The key product categories in the safety and infrastructure segment include in-line galvanized mechanical tube, metal framing and related fittings, and security bollards. Also, the company provides ancillary services to customers in the form of slitting and cutting structural steel sheets.