Atkore (US:ATKR)2025-02-03 22:51Financial Performance - Net sales decreased by $136.9 million, or 17.1%, to $661.6 million for the three months ended December 27, 2024, compared to $798.5 million for the same period last year[6]. - Net income decreased by $92.0 million, or 66.5%, to $46.3 million for the three months ended December 27, 2024, compared to $138.4 million for the prior-year period[8]. - Adjusted EBITDA decreased by $114.4 million, or 53.6%, to $99.2 million for the three months ended December 27, 2024, compared to $213.5 million for the same period last year[9]. - Adjusted net income per diluted share decreased by $2.49 to $1.63 for the three months ended December 27, 2024, compared to $4.12 in the prior year[10]. - Gross profit decreased by $119.5 million, or 41.1%, to $171.1 million for the three months ended December 27, 2024, compared to $290.5 million for the prior-year period[7]. - Free cash flow for the three months ended December 27, 2024, was $33,079, compared to $113,775 for the same period in 2023, representing a decrease of 70.0%[37]. - Adjusted net income for the three months ended December 27, 2024, was $57,102, a decline of 63.3% from $155,507 in the same period of 2023[46]. Sales and Segment Performance - The decrease in net sales is primarily attributed to decreased average selling prices of $96.2 million and decreased sales volume of $43.8 million[6]. - Electrical segment net sales decreased by $128.3 million, or 21.6%, to $465.4 million for the three months ended December 27, 2024[11]. - Safety & Infrastructure segment net sales decreased by $8.4 million, or 4.1%, to $196.7 million for the three months ended December 27, 2024[13]. Outlook and Adjustments - The full-year Adjusted EBITDA outlook is adjusted to $375 million to $425 million, and Adjusted net income per diluted share outlook is adjusted to $5.75 to $6.85[5]. Assets and Liabilities - Total assets as of December 27, 2024, were $2,961,745, a decrease from $3,021,403 as of September 30, 2024[35]. - The company’s total liabilities decreased to $1,454,397 as of December 27, 2024, from $1,481,503 as of September 30, 2024[35]. - Cash and cash equivalents at the end of the period were $310,444, down from $380,922 at the end of the same period in 2023[36]. - Total debt as of December 27, 2024, is $765,375,000, with net debt at $454,931,000 after accounting for cash and cash equivalents of $310,444,000[49]. Trailing Twelve Months (TTM) Metrics - Trailing twelve months (TTM) Adjusted EBITDA for the period ended December 27, 2024, is $657,338,000, showing a decrease from $771,713,000 in the previous quarter[52]. - Net income for the TTM ended December 27, 2024, is reported at $380,827,000, with quarterly net income of $46,336,000 for the three months ended September 30, 2024[52]. - Interest expense for the TTM is $36,000,000, with a quarterly expense of $8,209,000 for the three months ended September 30, 2024[52]. - Income tax expense for the TTM is $97,353,000, with a quarterly expense of $12,260,000 for the three months ended September 30, 2024[52]. - Depreciation and amortization for the TTM is $121,330,000, with a quarterly amount of $29,333,000 for the three months ended September 30, 2024[52]. - Stock-based compensation for the TTM is $21,640,000, with a quarterly expense of $6,097,000 for the three months ended September 30, 2024[52]. - Adjusted EBITDA for the three months ended September 30, 2024, is $99,150,000, down from $140,150,000 in the previous quarter[52]. - Cash and cash equivalents decreased from $368,050,000 in March 2024 to $310,444,000 in December 2024[49]. - The company has shown a consistent trend in net debt reduction, decreasing from $460,643,000 in June 2024 to $454,931,000 in December 2024[49]. Sustainability Efforts - The company published its 2024 Sustainability Report, highlighting progress towards its 2025 ESG goals, including developing Environmental Product Declarations for core product offerings covering approximately half of Atkore's global sales[3].