Atkore (NYSE:ATKR) FY Conference March 24, 2026 05:00 PM ET Company ParticipantsJohn Deitzer - CFOMatt Kline - VP of Treasury and Investor RelationsConference Call ParticipantsNone - AnalystNoneCable management systems. They're one of the leading players in the U.S. here. We have with us the CFO, John Deitzer, and we also have Matt Kline, Vice President of Treasury and Investor Relations. Thanks for joining us today.John DeitzerThank you, Justin. Appreciate everybody joining us here today as well.NoneI thou ...

Core Insights - Comfort Systems USA, Inc. (FIX) achieved historic profitability with quarterly gross margins exceeding 25% for the first time in its history, driven by disciplined bidding and favorable contract structures [1][8] - The company reported a record backlog of $11.9 billion in the fourth quarter, nearly doubling year over year from $5.99 billion, primarily due to strong demand from the technology sector [2][8] - Management expressed optimism about sustaining growth through 2026, supported by the scale and duration of the current backlog, with plans to expand modular manufacturing capacity to meet demand from hyperscaler technology customers [3][4] Financial Performance - Mechanical gross margin reached 24.9% and Electrical gross margin climbed to 26.9%, indicating strong execution across both operating segments [1][8] - The sequential backlog increase of $2.4 billion in the fourth quarter was significantly driven by new modular bookings, which accounted for more than half of this increase [2] Industry Context - Competitors such as Sterling Infrastructure, Inc. (STRL) and Quanta Services, Inc. (PWR) are also experiencing notable margin expansion, highlighting competitive intensity in core markets like data centers and electrical infrastructure [5] - Sterling's fourth-quarter adjusted EBITDA surged 70% year over year to $142.1 million, with a gross margin improvement to a record 21.7% [6] - Quanta's gross profit increased to $1.22 billion in the fourth quarter, supported by higher revenue volume and improved project execution, benefiting from trends in AI, data centers, and electrification [7]

Core Insights - The trend of pursuing blue-collar jobs is increasing among Gen Z, with two in five young adults opting for trades over college education, driven by perceptions of good pay and high college costs [1] Summary by Category Blue-Collar Job Definition - Blue-collar jobs are defined as those requiring manual labor or specific trade skills, typically performed outside of an office environment [4] - These jobs are characterized by high pay and growth potential without the necessity of a college degree [4] Highest-Paying Blue-Collar Jobs - The following are the ten highest-paying blue-collar jobs along with their median salaries and top earners' salaries: - Elevator and escalator technician: Median salary of $106,580; top 10% earn $149,250 [6] - Electrical powerline installer and repairer: Median salary of $92,560; top 10% earn $126,610 [8] - Aircraft avionics equipment mechanic and technician: Median salary of $79,140; top 10% earn $120,080 [9] - Railroad worker: Median salary of $75,680; top 10% earn $100,130 [11] - Stationary engineer and boiler operator: Median salary of $75,190; top 10% earn $121,200 [12] - Industrial machinery mechanic: Median salary of $63,510; top 10% earn $85,970 [13] - Plumber, pipefitter, and steamfitter: Median salary of $62,970; top 10% earn $105,150 [14] - Wind turbine technician: Median salary of $62,580; top 10% earn $88,090 [16] - Electrician: Median salary of $62,350; top 10% earn $106,030 [17] - Solar photovoltaic installer: Median salary of $51,860; top 10% earn $80,150 [18] Job Security and Growth - Many of these blue-collar jobs are considered safe from automation for the time being, providing a sense of job security amid concerns about AI displacing workers [4]

Question-and-Answer SessionBill, as I walk over to you, just starting off. There's a lot going on in Atkore. As you know, you're undergoing a strategic review, which includes a lot of potential alternatives, potential sale of the company, maybe some divestitures. So any sort of update on to what's going on? And why did the Board, you think, decide to go this route?William WaltzPresident, CEO & Director Yes. So I'll try to do it, Andy, great kickoff question. Chronologically, I assume like all companies, but ...

Core Insights - Lincoln Educational Services Corporation is opening a new campus in Houston, Texas, on February 18, 2026, focusing on career training in four growing industries: automotive, welding, electrical, and HVAC [1][2] - The Houston campus is expected to contribute to filling over 240,000 job openings projected in these fields across Texas by 2032 [1][7] - The campus aims to address skills gaps in the workforce and enhance career opportunities for graduates, reinforcing Lincoln Tech's long-standing presence in Texas since 1966 [2][6] Company Overview - Lincoln Educational Services Corporation has been a leader in specialized technical training for 80 years, providing career-oriented programs in transportation, healthcare, skilled trades, and information technology [8][9] - The company operates 22 campuses across 12 states under three brands: Lincoln College of Technology, Lincoln Technical Institute, and Nashville Auto-Diesel College [9] Training Facilities - The Houston campus features fully equipped labs and shops designed to replicate real-world conditions, preparing students for immediate entry into the workforce with the necessary technical expertise [5][6] - Programs offered include Automotive Service, Electrical & Electronics, HVAC, and Welding, all tailored to meet industry demands [5][11]

This story was originally published on Facilities Dive. To receive daily news and insights, subscribe to our free daily Facilities Dive newsletter. Young workers and even college graduates are looking at skilled trades more than white collar work this year in a search for stability and solid pay, a survey by a resume-assistance company shows.  Six in 10 Gen Zers plan to pursue jobs in construction, electrical, HVAC, plumbing, building maintenance and manufacturing, among other trades, according to the sur ...

Core Insights - Comfort Systems USA, Inc. (NYSE:FIX) reported a remarkable third quarter with same-store revenue increasing by 33% and earnings per share more than doubling compared to the previous year [1] - The company achieved over $500 million in free cash flow for the quarter, significantly reshaping business expectations [1] Financial Performance - Revenue reached $2.5 billion, an increase of $639 million from the previous year, driven primarily by the electric segment which saw a 71% revenue increase, while mechanical revenue grew by 26% [2] - The company generated more than $400 million in quarterly EBITDA for the first time, reflecting a 74% increase from the same quarter last year [2] Business Focus and Strategy - Comfort Systems operates across mechanical, electrical, and plumbing services for various sectors including commercial, institutional, and industrial customers, focusing on projects such as data centers, hospitals, schools, and manufacturing plants [3] - Management has prioritized operational execution and maintaining a skilled workforce, while also adopting new construction methods like modular building to enhance efficiency [4] Growth and Diversification - The company has diversified its exposure to faster-growing markets such as advanced technology and healthcare, with acquisitions being approached with discipline to enhance capabilities without compromising margins [5]

Summary of Japan Equity Strategy Outlook Industry Overview - The report focuses on the Japanese equity market, specifically the TOPIX index, with a target of 3,600 points by December 2026, indicating a potential increase of nearly 10% from current levels [2][9][15]. Core Insights and Arguments 1. **Economic Growth and Inflation**: Japan is transitioning from a low-inflation environment to one where inflation is expected to approach 2%, leading to growth, wage increases, and improved pricing flexibility [4][12]. 2. **Corporate Governance Reforms**: Reforms by the Tokyo Stock Exchange and the Financial Services Agency are enhancing corporate governance, prompting companies to rethink balance-sheet management [4][13]. 3. **Investment Opportunities**: The report highlights sectors poised for growth, including Construction & Materials, Machinery, Electrical Equipment & Precision Instruments, IT Services, and Banks, while expressing caution towards Food, Pharmaceuticals, and Transportation sectors [9][40][46]. 4. **External Risks**: Significant uncertainty from external shocks is acknowledged, with a wide dispersion between bullish and bearish equity outlooks. Key risks include a potential US economic slowdown and sharp appreciation of the Japanese yen [5][9][35]. 5. **Fiscal Policy**: The Takaichi administration is expected to emphasize economic security and strategic investments in technologies essential for national security, such as AI and semiconductors [5][39]. Important but Overlooked Content 1. **Earnings Projections**: EPS growth for TOPIX constituents is projected at +16% for 2026, with a further +9% increase in 2027, indicating robust corporate earnings momentum [19]. 2. **Valuation Metrics**: The report outlines a forward P/E ratio of 15.0x for the base case, with a potential range from 12.2x in a bear case to 17.0x in a bull case, reflecting a significant range of market expectations [14][19]. 3. **Sector-Specific Insights**: - **Cyclical Sectors**: The report recommends focusing on cyclical sectors that can withstand US economic uncertainties, particularly those backed by government investment [39][40]. - **Underperforming Sectors**: Structural headwinds in Food, Pharmaceuticals, and Transportation sectors are highlighted, with expectations of underperformance during economic expansions [46]. Conclusion - The overall outlook for Japanese equities remains positive, with a strong emphasis on building resilient portfolios to navigate potential external shocks. The anticipated fiscal policies and corporate governance reforms are expected to drive long-term growth and profitability in the Japanese market [5][15][19].

Core Viewpoint - Solar A/S has successfully completed an offering of 646,000 new B-shares, raising gross proceeds of DKK 123,386,000 through an accelerated bookbuilding process [1][2]. Offering Details - The offer price for the new shares is set at DKK 191 per share, contributing to the total gross proceeds of DKK 123,386,000 [2]. - The offering was oversubscribed, leading to an individual allocation of the new shares [4]. - The proceeds from the offering will be utilized to partly finance the acquisition of Sonepar Norge AS [4]. Capital Structure - Following the capital increase, Solar's share capital will consist of nominally DKK 90,000,000 A-shares and nominally DKK 710,600,000 B-shares, totaling a nominal value of DKK 800,600,000 [5]. - The new shares represent approximately 10% of Solar's total B-shares outstanding and about 8.78% of the registered share capital before the capital increase, decreasing to approximately 8.07% after the increase [6]. Trading and Listing - The new shares will be issued in the systems of VP Securities A/S and will be delivered to investors under a temporary ISIN code, which will later merge with the existing ISIN code for the B-shares [7]. - Nasdaq Copenhagen has confirmed that the new shares are expected to be listed under the existing ISIN code on or around 17 November 2025, subject to certain conditions [8]. Lock-Up Commitments - Solar has agreed to a customary lock-up commitment for 180 calendar days from the settlement of the offering, with the executive board and board of directors also committing to a similar lock-up period [3]. Company Overview - Solar is a leading European sourcing and services company focused on electrical, heating, plumbing, ventilation, and energy solutions, generating revenue of approximately DKK 12.2 billion in 2024 [14][15].

Financial Data and Key Metrics Changes - The company reported earnings of $8.25 per share for Q3 2025, doubling the earnings from the same quarter last year [5] - Revenue for Q3 2025 was $2.5 billion, an increase of $639 million or 35% compared to the previous year [7] - EBITDA for the quarter reached $414 million, a 74% increase from $238 million in Q3 2024 [10] - Free cash flow for Q3 2025 was $519 million, with year-to-date free cash flow at $632 million [10] - Net income for Q3 2025 was $292 million, compared to $146 million in Q3 2024 [10] Business Line Data and Key Metrics Changes - The electrical segment revenue grew by 71%, while mechanical revenue increased by 26% [7] - Gross profit for Q3 2025 was $608 million, up $226 million from the previous year, with a gross profit percentage of 24.8% [8] - Service revenue increased by 11%, now accounting for 14% of total revenue [14] Market Data and Key Metrics Changes - Industrial customers represented 65% of total revenue in the first nine months of 2025, with technology making up 42% of revenue, up from 32% the previous year [12][13] - The backlog at the end of Q3 2025 was a record $9.4 billion, a 65% increase year-over-year [12] Company Strategy and Development Direction - The company announced the acquisition of two companies, FZ Electrical and Meisner Electric, expected to provide over $200 million in incremental annual revenue [6][11] - The company plans to continue investing in its modular business, aiming for 3 million square feet of space by early 2026 [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continuing growth and strong results in 2025 and 2026, driven by solid bookings and demand [7] - The company expects same-store revenue growth in the high-teens range for Q4 2025 and low to mid-teens for full-year 2026 [8] Other Important Information - The company increased its quarterly dividend by 20% to $0.60 per share [6] - The company has a net cash position of $725 million as of the end of September [11] Q&A Session Summary Question: Does the bidding activity match the bookings and revenue growth seen in Q3? - Management confirmed that the pipeline remains robust, with more opportunities than can be handled [19] Question: How is the company thinking about capital allocation with strong free cash flow? - Management indicated a preference for deploying cash into acquisitions and share buybacks, while also considering accumulating cash if necessary [20][21] Question: Can you provide insights on the backlog growth and its timing? - Management noted that most of the backlog consists of jobs that have already started, with new bookings expected to begin within the next year [68] Question: What is driving the strength in service revenue growth? - The service business is seeing broad strength due to effective execution and investment in Salesforce collaboration [70] Question: How sustainable is the pace of hiring to support growth? - Management indicated that while hiring has been strong, they do not expect to maintain the same growth rate indefinitely, but are focused on training and apprenticeship programs [75]