Q2 2024 Atkore Inc Earnings Call Transcript
Key Points
- Atkore Inc (ATKR) reported a 6% year-to-date increase in volume, contributing to a strong first half of the fiscal year.
- Adjusted EBITDA and adjusted diluted EPS both exceeded the top end of the company's outlook presented in February.
- Atkore Inc (ATKR) successfully executed on its capital deployment strategy, with $150 million in share repurchases and over $70 million in capital expenditures.
- Fitch Ratings upgraded Atkore Inc (ATKR) to investment grade status, reflecting the company's strong operating profile and financial flexibility.
- The company announced a new $500 million share buyback program, following the near completion of the previous $1.3 billion authorization.
- Organic volume was down 1% year-over-year in the second quarter, indicating some challenges in maintaining growth.
- Atkore Inc (ATKR) reduced its near-term growth expectations for its HGPE and solar initiatives due to current market challenges.
- The company reported a $50 million reduction in the midpoint of its adjusted EBITDA outlook for fiscal 2024.
- HDPE and solar segments underperformed, leading to an $80 million reduction in expectations, which was only partially offset by strong performance in other areas.
- Despite strong year-to-date volume growth, there are ongoing concerns about the potential impact of pricing normalization and market conditions on future performance.
Good morning. My name is Paulie, and I will be your conference operator today. At this time, I would like to welcome everyone to Atkore's second quarter of fiscal year 2024 earnings conference call. (Operator Instructions). As a reminder, this conference is being recorded. Thank you.
I would now like to turn the conference over to your host, Matt Kline, Vice President of Treasury and Investor Relations. Thank you. You may begin.
Thank you and good morning, everyone. I'm joined today by Bill Waltz, President and CEO; as well as David Johnson, Chief Financial Officer, who will take your questions after comments by Bill and David.
I would like to remind everyone that during this call, we may make projections or forward-looking statements regarding future events or financial performance of the company. Such statements involve risks and uncertainties such that actual results may differ materially.
Please refer to our SEC filings and today's press release, which
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