Q3 2024 Atkore Inc Earnings Call Transcript
Key Points
- Volume grew 8% sequentially and 4% year-to-date, indicating some positive momentum.
- Production and shipments of solar torque tubes at the Hobart, Indiana facility improved meaningfully from the second quarter to the third quarter.
- Atkore Inc (ATKR) repurchased $125 million in shares during the quarter, bringing the year-to-date total for share repurchases to more than $280 million.
- The Board of Directors authorized a new $500 million buyback program, reflecting confidence in the value of Atkore shares.
- Both segments had strong EBITDA margin performance in the third quarter, with the Electrical segment achieving 30% margins.
- Organic volume was essentially flat year-over-year, indicating stagnation in growth.
- Pricing was softer than expected due to slower end markets, particularly for the PVC conduit business.
- The third quarter proved to be more challenging than initially projected, with adjusted EBITDA and adjusted diluted EPS both off the midpoint by 4%.
- An increasing amount of imported steel conduit from Mexico is negatively impacting volume year-over-year.
- Continued softness in the telecom and utility markets is affecting overall performance.
Good morning. My name is Mark, and I will be your conference operator today. At this time, I would like to welcome everyone to Atkore's third quarter 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, best Vice President of Treasury and Investor Relations. Thank you. You may begin, sir.
Thank you, and good morning, everyone. I'm joined today by Bill Waltz, President and CEO, as well as David Johnson, Chief Financial Officer. We 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 identify important
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