Financial Data and Key Metrics Changes - In Q4 FY2025, net sales reached $752 million, exceeding the previous outlook, with adjusted EBITDA of $71 million, impacted by one-time inventory adjustments and non-routine items [7][11][14] - For the full year, net sales totaled $2.9 billion, with adjusted EPS at $6.05 and adjusted EBITDA of $386 million [13][14] - The company reported a net loss of $54 million in Q4, including a $19 million non-cash goodwill impairment charge and a $67 million impairment charge related to HDPE assets [11][12] Business Line Data and Key Metrics Changes - Organic volume growth was 1.4% in Q4, with significant contributions from plastic pipe conduit and finished products, particularly PVC, fiberglass, and HDPE, all showing double-digit growth [7][8] - The electrical segment generated net sales of $519 million, with organic volume growth contributing $7 million, while the S&I segment saw a 4% increase in net sales compared to the prior year [15][16] Market Data and Key Metrics Changes - The company anticipates mid-single digit volume growth in FY2026, driven by expected growth across all product areas, particularly in construction end markets such as data centers and renewable energy [10][17] - The demand for electricity is projected to grow, with a compound annual growth rate of 2.6% through 2035, driven by the expansion of data centers and renewable energy adoption [19][20] Company Strategy and Development Direction - The board is exploring strategic alternatives, including a potential sale or merger of the entire company, to enhance focus on Atkore's core electrical infrastructure portfolio [4][5] - The company plans to divest non-core assets and close three manufacturing facilities to improve financial returns and focus on electrical products [6][9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth in construction end markets for FY2026, particularly in data centers, healthcare, and renewable energy [10][19] - The company aims to generate strong cash flows and maintain a healthy balance sheet while focusing on shareholder value [9][18] Other Important Information - The company has achieved three consecutive years of organic volume growth, with a total volume increase of approximately 1% for FY2025 [8][14] - Cash flow generation remains a strength, with $144 million returned to shareholders through share repurchases and dividends [9] Q&A Session Summary Question: Guidance for fiscal 2026 and pricing dynamics - Management indicated that mid-single digit volume growth is expected, with potential pricing benefits due to sequential price increases in steel conduit and other products [26][28] Question: Strategic review and divestment magnitude - The board is considering various outcomes, including a full sale or continuing operations as is, with ongoing interest in the HDPE business [36][37] Question: Cost savings initiatives - Expected annualized cost reductions of $10 million-$12 million from the closure of three plants, with potential for further savings in the future [39][41] Question: Headwinds from imports and pricing - Management confirmed ongoing price versus cost headwinds, with a projected $50 million impact for 2026, but expects improvements in the second half of the year [48][49] Question: Impact of data centers on growth - Management acknowledged strong growth in data center-related products and expects significant contributions from global mega projects in the second half of the year [60][61] Question: Closing plants and production shifts - The company plans to shift production from closing plants to existing facilities without significant learning curves, focusing on electrical products [66][68] Question: Engagement with activists and board alignment - Management confirmed a cooperative relationship with activist investors and ongoing discussions about board refreshment [81][82]