Atkore International Group (ATKR) Tops Q3 EPS by 19c, Revenues Beat; 'FY20 Net Sales Adj. EBITDA, Adj EPS to be Down Approx. 10% Compared to FY19'
Atkore International Group (NYSE: ATKR) reported Q3 EPS of $0.67, $0.19 better than the analyst estimate of $0.48. Revenue for the quarter came in at $384.9 million versus the consensus estimate of $364.64 million.
- Ending cash balance of $237.3 million; net cash provided by operating activities of $156.0 million; free cash flow of $130.4 million
- Diluted earnings per share of $0.49; Adjusted net income per diluted share of $0.67
- Net income of $24.1 million; Adjusted EBITDA of $63.7 million
- Full-year Net Sales, Adjusted EBITDA and Adjusted net income per diluted shared expected to be down approximately 10% compared to prior year
“I’m pleased to announce Atkore delivered solid results despite challenging economic conditions caused by the COVID-19 pandemic,” commented Bill Waltz, Atkore President and Chief Executive Officer. “Our team’s strong operational focus and disciplined cost control measures enabled the business to meet our responsibilities to customers and increase our cash balance by $100 million this quarter.”
Waltz continued, “Despite these recent market disruptions, our team remains focused on executing our strategy and business priorities to support the long-term sustainability and growth of the business, while ensuring the health and safety of all of our employees.
Our adherence to the Atkore Business System combined with strong financial management will continue to enable us to effectively manage through this challenging period of global uncertainty to meet customers’ needs and to drive shareholder value.”
Full-Year 2020 outlook
The Company is currently estimating fiscal year 2020 Net Sales, Adjusted EBITDA and Adjusted net income per diluted share to be down approximately 10% compared to fiscal year 2019.
Reconciliations of the forward-looking full-year 2020 outlook for Adjusted EBITDA and Adjusted net income per diluted share are not being provided as the Company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such reconciliations.
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