- Atkore Inc ATKR reported first-quarter FY22 sales growth of 64.5% year-over-year to $840.8 million, beating the consensus of $768.52 million.
- The company attributed the net sales growth to increased average selling prices of $368 million and increased net sales of $10.7 million, reflecting acquisitions of Queen City Plastics and FRE Composites Group.
- "We were particularly pleased with the positive volume growth in our international markets led by solid demand and growth from data center projects," said CEO Bill Waltz.
- Adjusted EPS improved to $4.58 from $1.88 in 1Q21, beating the consensus of $3.56.
- Sales by segments: Electrical $641.68 million (+65.7% Y/Y), and Safety & Infrastructure $200.51 million (+60.7% Y/Y).
- The gross margin expanded by 520 bps to 42.2%. The operating income increased to $268.43 million from $119.85 million last year, and the margin expanded by 850 bps to 31.9%.
- Adjusted EBITDA increased to $293.01 million from $136.99 million in 1Q21, and margin expanded by 804 bps to 34.9%.
- Atkore generated cash from operating activities of $97.19 million, compared to $86.28 million a year ago. Free cash flow was $87.83 million.
- The company repurchased $105 million of its common stock during the quarter.
- FY22 Outlook: Atkore continues to expect net sales to be up approximately mid-single-digit percentages versus FY21.
- It expects Adjusted EBITDA of $875 million - $925 million (prior view $650 million -$700 million) and Adjusted EPS of $12.80 - $13.60 (prior view $9.20 - $10.00) vs. consensus of $9.90.
- Price Action: ATKR shares traded higher by 5.61% at $102.00 during the premarket session on Monday.
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