Atkore Soars After Earnings Boosted by Increased Average Selling Prices
Investing.com
Published May 03, 2022 12:44PM ET
By Sam Boughedda
Investing.com -- Atkore International Group (NYSE:ATKR) announced its second-quarter results on Tuesday, causing its shares to rally 15.8%.
The manufacturer and supplier of electrical solutions reported earnings per share of $5.39, which beat analysts' forecasts of $3.75. Furthermore, revenue was $982.57 million, beating estimates of $800.9 million and increasing 53.6% compared to last year.
The company said the increase in net sales was due to increased average selling prices across its products of $338.7 million, which were driven mainly by the plastic pipe and conduit product category within the electrical segment and increased net sales from companies acquired during fiscal 2021 and fiscal 2022.
Net sales increased 55.9% to $759.9 million in its electrical segment. Meanwhile, net sales increased 46.9% to $224.3 million in its safety and infrastructure segment.
"Atkore continued to build on its momentum in the second quarter, generating a significant increase in sales year-over-year and growing profitability," said Bill Waltz, Atkore President, and Chief Executive Officer.
Finally, the company announced its full-year outlook, forecasting adjusted EBITDA between $1.25 billion and $1.3 billion.
In addition, guidance for fiscal 2023 includes forecasted EBITDA of approximately $800 million to $900 million.
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