Chicago, Illinois – Atkore Inc. (NYSE:ATKR) recently held its Q2 2024 Earnings Conference Call on May 7, 2024, with company executives discussing the financial performance and outlook for the upcoming fiscal year. Matthew Kline, the VP of Treasury and Investor Relations, along with Bill Waltz, the President and CEO, and David Johnson, the CFO, shared insights about the company’s progress and future prospects.

During the conference call, they highlighted Atkore’s strong second-quarter performance, with a 6% year-to-date increase in volume, despite a 1% decrease in organic volume from the previous year. The net sales for the quarter met initial projections, and both adjusted EBITDA and adjusted diluted EPS exceeded expectations. The company also emphasized its capital deployment strategy, with $150 million spent on share repurchases and over $70 million invested in capital expenditures in the first half of fiscal 2024.

Furthermore, Atkore announced the payment of its first quarterly dividend in the second quarter and revealed a new $500 million share repurchase program authorized by the board of directors. The company’s recent upgrade to investment grade rating reflects its strong operating profile and financial flexibility. Looking ahead to the second half of fiscal 2024, Atkore adjusted its EBITDA outlook to $875 million, taking into account challenges in HDPE and solar initiatives, but expressing confidence in its diversified product portfolio’s long-term prospects.

David Johnson provided an overview of the company’s consolidated results, highlighting a strong adjusted EBITDA margin of over 26% in the second quarter. He noted a 6% year-to-date volume increase across the portfolio and robust EBITDA margin performance in both the electrical and S&I segments. The company’s focus on capital deployment and cash flow generation positions it well to deliver value to shareholders.

Moreover, the executives addressed questions regarding challenges in the HDPE market, pricing dynamics, and the significance of large project opportunities, particularly in the AI and data center sectors. They expressed optimism about the future growth potential in these areas and reiterated their commitment to executing a balanced capital deployment model to drive long-term success for Atkore.

In conclusion, Atkore remains confident in its ability to navigate current challenges and capitalize on emerging opportunities in the market. The company’s strategic initiatives, strong financial performance, and focus on shareholder value set a solid foundation for continued growth and success in the future.