Atkore (US:ATKR)2025-02-03 23:06Financial 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 in 2023[91] - Gross profit fell 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 same period in 2023[91] - Operating income decreased by $107.5 million or 61.3% to $67.9 million for the three months ended December 27, 2024, compared to $175.5 million for the same period in 2023[91] - Adjusted EBITDA for the Electrical segment decreased by $112.0 million or 54.8% to $92.4 million for the three months ended December 27, 2024, compared to $204.4 million for the same period in 2023[105] - Adjusted EBITDA margin for the Electrical segment decreased to 19.9% for the three months ended December 27, 2024, compared to 34.4% for the same period in 2023[105] - The Safety & Infrastructure segment's net sales decreased by $8.4 million or 4.1% to $196.7 million for the three months ended December 27, 2024, compared to $205.1 million for the same period in 2023[107] Cash Flow and Liquidity - Cash and cash equivalents were $310.4 million as of December 27, 2024, with $96.3 million held at non-U.S. subsidiaries[109] - Cash flows provided by operating activities were $74.4 million for the three months ended December 27, 2024, compared to $158.1 million for the same period in 2023[119] - Operating activities generated $74.4 million in cash during Q4 2024, a decrease of $83.7 million compared to $158.1 million in Q4 2023, primarily due to a $109.1 million drop in operating income[120] - Investing activities utilized $41.1 million in Q4 2024, down from $50.3 million in Q4 2023, with a $3.0 million reduction in capital expenditures contributing to the decrease[121] - Financing activities accounted for $67.7 million in cash used in Q4 2024, a reduction of $50.5 million from $118.2 million in Q4 2023, mainly due to $46.4 million less spent on stock repurchases[122] - The company has access to an ABL Credit Facility with an estimated borrowing base of $325.0 million, with no outstanding borrowings as of December 27, 2024[110] Tax and Accounting - Income tax expense decreased by $17.0 million or 58.1% to $12.3 million for the three months ended December 27, 2024, compared to $29.3 million for the same period in 2023[91] - There have been no material changes in critical accounting policies and estimates since the last Annual Report[123] - The company has not made any material changes to market risk disclosures since the last Annual Report[130] Strategic Outlook and Risks - The company issued forward-looking statements regarding financial position and growth strategies, emphasizing that actual results may differ significantly from these expectations[125] - Risks include economic conditions, competition, and regulatory changes that could impact future performance[127] - The company remains cautious about future performance due to various known and unknown risks[126] - No additional acquisition activities occurred during Q4 2024, indicating a focus on integration and operational efficiency[121]