Atkore reports Q1 adjusted EPS $4.12, consensus $3.61

Reports Q1 revenue $798.5M, consensus $776.87M. “Atkore is off to a great start for fiscal 2024, with double digit organic volume growth in the first quarter driven by contributions across all key product areas,” said Bill Waltz, Atkore President and CEO. “We continue to expect low double digit volume growth for the full year as we continue to realize the benefits from the investments we’ve made in the business, including the ongoing start up and ramp up of our new facility in Hobart, Indiana. Given our performance in the first quarter, we are raising our fiscal 2024 outlook for Adjusted EPS.” Waltz continued, “As we remain focused on our strategic initiatives and investing in the future of our company, we continued to execute our balanced capital allocation strategy by deploying $44 million in capital expenditures and repurchasing $96 million in shares in the first quarter. In addition, I am proud to highlight the declaration our first quarterly dividend earlier this week. This is a significant milestone for our company made possible by the transformation and structural improvements we’ve achieved over the past several years. With our broad portfolio of electrical infrastructure products and strong secular trends driving future growth, we remain confident in our future.”