Atkore (ATKR) - 2026 Q1 - Quarterly Results

Financial Performance - Net sales for the first quarter of fiscal 2026 were $655.5 million, a decrease of 0.9% compared to $661.6 million in the prior year[5]. - Net income decreased by $31.3 million, or 67.6%, to $15.0 million for the quarter, down from $46.3 million in the prior year[8]. - Adjusted EBITDA decreased by $30.0 million, or 30.3%, to $69.1 million compared to $99.1 million in the prior year[9]. - Adjusted net income per diluted share decreased by $0.80 to $0.83 for the quarter, compared to $1.63 in the prior year[10]. - Gross profit decreased by $45.2 million, or 26.4%, to $125.9 million, with a gross margin of 19.2% compared to 25.9% in the prior year[7]. - Free Cash Flow for the three months ended December 26, 2025, was $(67,255), compared to $33,079 in the same period of 2024[37]. - Adjusted net income for the three months ended December 26, 2025, was $28,013, down from $57,102 in the prior year, a decline of 50.9%[45]. - The diluted net income per share decreased to $0.44 from $1.31 year-over-year, representing a drop of 66.4%[45]. Segment Performance - The Electrical segment reported net sales of $469.6 million, an increase of 0.9%, while the Safety & Infrastructure segment saw a decrease of 5.3% to $186.3 million[11][13]. - Adjusted EBITDA margin for the Electrical segment decreased to 11.7% from 19.9% in the prior year, primarily due to lower average selling prices and higher input costs[12]. - Adjusted EBITDA margin for the Electrical segment was 11.7%, down from 19.9% in the previous year, while the Safety & Infrastructure segment saw an increase to 16.2% from 7.9%[43]. Asset and Liability Changes - Total assets decreased to $2,788,581 as of December 26, 2025, from $2,851,922 as of September 30, 2025[35]. - Total liabilities decreased to $1,383,311 as of December 26, 2025, from $1,453,581 as of September 30, 2025[35]. - Cash and cash equivalents at the end of the period were $443,771, down from $506,699 at the beginning of the period[36]. - Total debt as of December 26, 2025, was $761,053, slightly up from $760,532 in September 2025[47]. - Net debt increased to $317,282 as of December 26, 2025, compared to $253,833 in September 2025, marking a rise of 25%[47]. Other Financial Metrics - The company maintains its full-year 2026 Adjusted EBITDA outlook at a midpoint of $350 million and Adjusted net income per diluted share at a midpoint of $5.30[5][16]. - Trailing twelve months (TTM) Adjusted EBITDA for the period ended December 26, 2025, was $356,390, down from $386,356 in September 2025, a decrease of 7.5%[48]. - Stock-based compensation for the three months ended December 26, 2025, was $4,020, compared to $6,097 in the same period last year, a reduction of 34.1%[45]. - The company reported a loss on the extinguishment of debt amounting to $795 for the TTM ended December 26, 2025[50]. - Asset impairment charges totaled $214,387 for the TTM ended December 26, 2025, indicating significant financial adjustments[50]. Dividend Information - The Board of Directors approved a quarterly dividend payment of $0.33 per share, payable on February 27, 2026[15].