Financial Performance - Atkore delivered record financial results in FY2022[11] - Net sales for Q4 2022 reached $1029 million, an 11% increase compared to $923.7 million in Q4 2021[12] - Net income for Q4 2022 was $220.8 million, a 9% increase from $202.6 million in Q4 2021[12] - Adjusted EBITDA for Q4 2022 was $325 million, an 11% increase compared to $292.9 million in Q4 2021[12] - Adjusted diluted EPS for Q4 2022 was $5.52, a 26% increase from $4.39 in Q4 2021[12] - Net sales for FY2022 were $3913.9 million, a 34% increase compared to $2928 million in FY2021[12] - Adjusted EBITDA for FY2022 was $1341.8 million, a 49% increase compared to $897.5 million in FY2021[12] - Adjusted diluted EPS for FY2022 was $21.55, a 66% increase compared to $12.98 in FY2021[12] Strategic Initiatives - The company deployed $136 million in capital expenditures to support future growth in FY2022[11] - The company repurchased $500 million in stock in FY2022[11] - The company deployed $649 million to bolster product categories, expand geographic presence and enter new markets to enhance transformation[49]

Financial Data and Key Metrics Changes - In Q4 2022, net sales increased by 11% year-over-year to $1 billion, and adjusted EPS rose by 26% to $5.52. For the full year, revenue reached $3.9 billion, with adjusted EPS growing by 66% to $21.55. Adjusted EBITDA for the full year was $1.3 billion [8][22][24]. Business Line Data and Key Metrics Changes - The company reported positive volume growth in Q4 and strong October volumes, contributing to confidence entering 2023. The full-year net sales increase of approximately $986 million was attributed to higher selling prices and contributions from recent acquisitions [8][12][22]. Market Data and Key Metrics Changes - The company noted strong underlying fundamentals in its end markets, supported by megatrends such as electrification and infrastructure investments. The rolling 12-month averages for key market indicators are moving positively compared to the previous year [15][16]. Company Strategy and Development Direction - M&A is central to the company's growth strategy, with a robust pipeline and a disciplined approach to capital deployment. The company aims to expand its HDPE products and large mechanical tubing to capture significant growth opportunities [17][20][24]. The Atkore Business System drives operational efficiency and market insights, enhancing the company's competitive position [11][12]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about market demand despite potential economic uncertainties, projecting flat to down net sales in 2023 and adjusted EBITDA in the range of $850 million to $950 million. The company anticipates mid-single-digit volume growth and strong incremental margins [22][23][24]. Other Important Information - The company achieved its goal of deploying over $1 billion in cash ahead of schedule through capital expenditures, M&A, and share repurchases, having repurchased over 15% of its market capitalization in the past year [6][7][24]. Q&A Session Summary Question: Insights on pricing normalization and assumptions - Management clarified that while some pricing outperformance is expected to normalize, they believe approximately 40% of the pricing benefits are sustainable moving forward [29][30]. Question: Market demand and backlog insights - Management indicated that core destocking is largely behind them, and they are optimistic about mid-single-digit growth driven by strong contractor backlogs and positive market indicators [41][42][44]. Question: Free cash flow expectations for 2023 - Management expects free cash flow to be slightly lower than the 100% net income target due to increased CapEx for growth initiatives, but overall cash flow remains healthy [51][52]. Question: HDPE versus PVC market dynamics - Management expressed optimism for both HDPE and PVC markets, highlighting strong demand for HDPE driven by government funding and infrastructure investments [53][54]. Question: Clarification on $18 adjusted EPS target - Management indicated that the $18 adjusted EPS target is based on conservative assumptions regarding share count and capital deployment, with a focus on maintaining flexibility [58][60].

Company Overview - Atkore is a values-based organization driven by the Atkore Business System[9] - Atkore has leading market share in key product categories with a portfolio of must-stock products for electrical distributors[9] - Atkore has a strong liquidity position with a balance sheet ready to support and help drive future growth[11] Growth Opportunities - Atkore has multiple levers and opportunities to drive sustainable growth through both organic and inorganic investments[10] - Electrification & Digitization Megatrends are where Atkore delivers solutions[16, 17] - Atkore takes a strategic & disciplined approach to M&A, focusing on critical mass in served markets, value creation, and stewardship & Atkore values[20] Sustainability - Atkore announced 2025 Sustainability Targets in January 2022, including a reduction in Scope 1 & 2 GHG emissions intensity and diversity across the Senior Leadership Team[25] - Atkore aims to have 90% of sites meeting TBSO targets by 2025 and 90% participation in the annual employee engagement and alignment survey by 2025[25] - Atkore's sustainability efforts have been recognized by organizations like Newsweek, Great Place to Work, and the Human Rights Campaign Foundation[25]

Atkore Inc. (NYSE:ATKR) Q3 2022 Earnings Conference Call August 2, 2022 8:00 AM ET Company Participants John Deitzer - Vice President-Treasure and Investor Relations Bill Waltz - President and Chief Executive Officer David Johnson - Chief Financial Officer Conference Call Participants Chris Moore - CJS Securities Deane Dray - RBC Capital Markets Andy Kaplowitz - Citigroup Victor Khong - Credit Suisse Operator Good morning. My name is Rob, and I will be your conference operator today. At this time, I would l ...

Atkore Inc. (NYSE:ATKR) Q2 2022 Earnings Conference Call May 3, 2022 8:00 AM ET Company Participants John Deitzer – Vice President-Treasure and Investor Relations Bill Waltz – President and Chief Executive Officer David Johnson – Chief Financial Officer Conference Call Participants Deane Dray – RBC Andy Kaplowitz – Citigroup Chris Moore – CJS Securities Victor Khong – Credit Suisse Operator Good morning. My name is Brent and I will be your conference operator today. At this time I would like to welcome ever ...

PART I. FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Presents the unaudited condensed consolidated financial statements for the quarterly period ended March 25, 2022, including statements of operations, balance sheets, cash flows, and related notes on accounting policies and key events Condensed Consolidated Statements of Operations Highlights (in thousands) | Indicator | Three Months Ended Mar 25, 2022 | Three Months Ended Mar 26, 2021 | Six Months Ended Mar 25, 2022 | Six Months Ended Mar 26, 2021 | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | $982,573 | $639,543 | $1,823,374 | $1,150,625 | | **Gross profit** | $416,416 | $239,849 | $771,224 | $429,040 | | **Operating income** | $318,797 | $164,413 | $587,225 | $284,266 | | **Net income** | $233,477 | $124,933 | $438,320 | $209,999 | | **Diluted EPS** | $5.08 | $2.58 | $9.39 | $4.33 | Condensed Consolidated Balance Sheets Highlights (in thousands) | Account | March 25, 2022 | September 30, 2021 | | :--- | :--- | :--- | | Cash and cash equivalents | $390,399 | $576,289 | | Total current assets | $1,490,040 | $1,421,452 | | **Total Assets** | **$2,304,120** | **$2,210,099** | | Total current liabilities | $458,276 | $524,936 | | Long-term debt | $759,461 | $758,386 | | **Total Liabilities** | **$1,280,846** | **$1,345,363** | | **Total Equity** | **$1,023,274** | **$864,736** | Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Six Months Ended Mar 25, 2022 | Six Months Ended Mar 26, 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $161,159 | $153,246 | | Net cash used in investing activities | ($60,799) | ($60,935) | | Net cash used for financing activities | ($285,572) | ($75,404) | | **Decrease in cash and cash equivalents** | **($185,890)** | **$19,998** | - In fiscal 2022, the company acquired Four Star Industries for **$23.2 million** and Sasco Tubes & Roll Forming Inc. for **$15.8 million** to expand its HDPE conduit and metal framing product offerings[35](index=35&type=chunk)[36](index=36&type=chunk) - Subsequent to the quarter end, on April 26, 2022, the board of directors increased the company's share repurchase program authorization from **$400 million** to a total of **$800 million**[97](index=97&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses significant financial performance improvements in Q2 and H1 FY2022, driven by increased selling prices, covering operational results, segment performance, liquidity, and capital resources, while acknowledging market uncertainties [Results of Operations (Three Months Ended March 25, 2022)](index=25&type=section&id=Results%20of%20Operations%20(Three%20Months%20Ended%20March%2025%2C%202022)) Net sales surged **53.6%** to **$982.6 million** for the three months ended March 25, 2022, driven by a **52.9%** increase in average selling prices, leading to an **86.9%** rise in net income to **$233.5 million** Q2 FY2022 vs Q2 FY2021 Performance (in thousands) | Metric | Q2 2022 | Q2 2021 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net sales | $982,573 | $639,543 | $343,030 | 53.6% | | Gross profit | $416,416 | $239,849 | $176,567 | 73.6% | | Operating income | $318,797 | $164,413 | $154,384 | 93.9% | | Net income | $233,477 | $124,933 | $108,544 | 86.9% | - The **53.6%** increase in net sales was primarily driven by a **52.9%** increase in average selling prices, while sales volume saw a slight decrease of **1.3%**. Acquisitions contributed **2.3%** to the sales growth[104](index=104&type=chunk) [Results of Operations (Six Months Ended March 25, 2022)](index=28&type=section&id=Results%20of%20Operations%20(Six%20Months%20Ended%20March%2025%2C%202022)) Net sales increased **58.5%** to **$1.82 billion** for the six months ended March 25, 2022, primarily due to a **61.5%** rise in average selling prices, resulting in a **108.7%** increase in net income to **$438.3 million** Six Months FY2022 vs FY2021 Performance (in thousands) | Metric | Six Months 2022 | Six Months 2021 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net sales | $1,823,374 | $1,150,625 | $672,749 | 58.5% | | Gross profit | $771,224 | $429,040 | $342,184 | 79.8% | | Operating income | $587,225 | $284,266 | $302,959 | 106.6% | | Net income | $438,320 | $209,999 | $228,321 | 108.7% | - The **58.5%** increase in net sales for the six-month period was attributed to a **61.5%** increase in average selling prices, partially offset by a **5.1%** decrease in sales volume[121](index=121&type=chunk) [Segment Results](index=27&type=section&id=Segment%20Results) Both Electrical and Safety & Infrastructure segments reported strong Q2 2022 growth, driven by higher average selling prices, with Electrical net sales up **55.9%** to **$759.9 million** and Safety & Infrastructure net sales up **46.9%** to **$224.3 million** Q2 FY2022 Segment Performance (in thousands) | Segment | Net Sales | % Change | Adjusted EBITDA | % Change | Adjusted EBITDA Margin | | :--- | :--- | :--- | :--- | :--- | :--- | | Electrical | $759,877 | 55.9% | $330,970 | 75.3% | 43.6% | | Safety & Infrastructure | $224,285 | 46.9% | $28,917 | 78.6% | 12.9% | Six Months FY2022 Segment Performance (in thousands) | Segment | Net Sales | % Change | Adjusted EBITDA | % Change | Adjusted EBITDA Margin | | :--- | :--- | :--- | :--- | :--- | :--- | | Electrical | $1,401,560 | 60.2% | $610,517 | 89.5% | 43.6% | | Safety & Infrastructure | $424,795 | 53.1% | $56,349 | 85.1% | 13.3% | [Liquidity and Capital Resources](index=31&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) The company maintains a strong liquidity position with **$390.4 million** in cash and **$312.9 million** available under its ABL Credit Facility, with operating activities providing **$161.2 million** in cash for the first six months of fiscal 2022 - As of March 25, 2022, the company had **$390.4 million** in cash and cash equivalents and approximately **$312.9 million** available under its ABL Credit Facility[134](index=134&type=chunk)[135](index=135&type=chunk) - Cash used in financing activities increased significantly to **$285.6 million** in the first six months of FY2022 from **$75.4 million** in the prior-year period, primarily due to a **$226.1 million** increase in common stock repurchases[145](index=145&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=35&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) No material changes have occurred in the quantitative and qualitative disclosures about market risk since the last Annual Report on Form 10-K filing - There have been no material changes to the quantitative and qualitative disclosures about market risk from the company's Annual Report on Form 10-K[151](index=151&type=chunk) [Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of March 25, 2022, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[152](index=152&type=chunk) - No changes to internal control over financial reporting occurred during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, these controls[153](index=153&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) The company refers to Note 14 for legal matters, highlighting ongoing "Special Products Claims" for which it is indemnified by Johnson Controls, Inc., and does not expect material adverse effects from current disputes - The company is involved in lawsuits referred to as "Special Products Claims" but is contractually indemnified by Johnson Controls, Inc. (formerly Tyco) for all related claims[79](index=79&type=chunk)[155](index=155&type=chunk) - Management does not believe that existing legal proceedings will have a **material adverse effect** on the company's business, financial condition, or results of operations[80](index=80&type=chunk)[81](index=81&type=chunk) [Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's Annual Report on Form 10-K - There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K[155](index=155&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Details the company's share repurchase activities, including a **$400.0 million** program approved in November 2021, subsequently increased to **$800.0 million** in April 2022, with **1,539 thousand** shares repurchased during the quarter - On November 16, 2021, the board approved a **$400.0 million** share repurchase program. This was subsequently amended on April 26, 2022, increasing the total repurchase authorization to **$800.0 million**[155](index=155&type=chunk)[97](index=97&type=chunk) Issuer Purchases of Equity Securities (Q2 FY2022) | Period | Total Shares Purchased (thousands) | Avg Price Paid Per Share | | :--- | :--- | :--- | | Dec 25, 2021 to Jan 21, 2022 | 271 | $107.27 | | Jan 22, 2022 to Feb 25, 2022 | 729 | $100.57 | | Feb 26, 2022 to Mar 25, 2022 | 539 | $100.49 | | **Total** | **1,539** | **N/A** | [Defaults Upon Senior Securities](index=37&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable for the reporting period - Not applicable[157](index=157&type=chunk) [Mine Safety Disclosures](index=37&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable for the reporting period - Not applicable[158](index=158&type=chunk) [Other Information](index=37&type=section&id=Item%205.%20Other%20Information) No other information to report for this period - None[158](index=158&type=chunk) [Exhibits](index=38&type=section&id=Item%206.%20Exhibits) Lists exhibits filed with the Form 10-Q, including CEO and CFO certifications under Sarbanes-Oxley Act Sections 302 and 906, and XBRL data files - The exhibits filed with this report include CEO and CFO certifications under Sarbanes-Oxley Act Sections 302 and 906, and XBRL Instance Documents[159](index=159&type=chunk)