Atkore has reported a decline in fourth-quarter sales and earnings after a record performance a year earlier.
The company, a provider of electrical, safety and infrastructure solutions, posted a 16% decline in net sales to $869.9 million, below the $920.4 million pencilled in by Wall Street analysts. It attributed the fall to lower average selling prices and the economic value of solar tax credits transferred to certain customers.
Adjusted earnings per diluted share fell 24% to $4.21 but were above analysts’ consensus for $4.08 per share.
“As our performance and financial results continue to normalize after our significant levels of outperformance and record results in fiscal 2022, we are encouraged by the resilience of our business model, and the differentiated value that our product portfolio provides to our customers,” the company’s president and CEO Bill Waltz commented in a statement.
“We believe that we have transformed, diversified and elevated the profitability of this business since our initial public offering.”
The company’s shares were up 0.6% at $136 ahead of the opening bell.
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