Atkore Shares Sink Premarket as Earnings Guidance Misses Expectations

Dow Jones11-21

By Robb M. Stewart

Shares of Atkore were headed for a drop at the market open after the electrical-products manufacturer set earnings targets for the new fiscal year well below analyst expectations.

Atkore forecast earnings for fiscal 2025 will fall to between $7.80 and $8.90 a share on an adjusted basis, well below the $11.67 median forecast of analysts polled by FactSet.

The company is targeting first-quarter adjusted per-share earnings of $1.45 to $1.65, where analysts had penciled in $2.72 a share.

The company, which produces products for uses in sectors including commercial, industrial, telecommunications and solar, recorded net income in the final quarter of fiscal 2024 of $73.1 million, or $2.02 a share, down sharply from $140.9 million, or $3.63, a year earlier.

Per-share earnings on an adjusted basis also fell, coming in at $2.43 for the three months to Sept. 30. For the full year, adjusted earnings totaled $14.48 a share, in line with the $14.30 to $14.52 guidance set by the company in August.

Fourth-quarter sales dropped 9.4% to $788.3 million, dented by lower average selling prices that offset a rise in sales volume, Atkore said.

Sales in the company's electrical division were down 13% to $564.5 million, but safety and infrastructure segment sales rose 1.9% to $224.5 million.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

November 21, 2024 07:52 ET (12:52 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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Stewart \n\n\n \n\n\n  Shares of Atkore were headed for a drop at the market open after the electrical-products manufacturer set earnings targets for the new fiscal year well below analyst expectations. \n\n\n  Atkore forecast earnings for fiscal 2025 will fall to between $7.80 and $8.90 a share on an adjusted basis, well below the $11.67 median forecast of analysts polled by FactSet. \n\n\n  The company is targeting first-quarter adjusted per-share earnings of $1.45 to $1.65, where analysts had penciled in $2.72 a share. \n\n\n  The company, which produces products for uses in sectors including commercial, industrial, telecommunications and solar, recorded net income in the final quarter of fiscal 2024 of $73.1 million, or $2.02 a share, down sharply from $140.9 million, or $3.63, a year earlier. \n\n\n  Per-share earnings on an adjusted basis also fell, coming in at $2.43 for the three months to Sept. 30. 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