NEW YORK - Atkore Inc. (NYSE:ATKR) shares fell 7% in pre-market trading Tuesday after the electrical products manufacturer reported third-quarter earnings that missed analyst expectations and lowered its full-year outlook.
The Harvey, Illinois-based company posted adjusted earnings per share of $3.80 for the quarter ended June 28, below the $3.99 analysts were expecting. Revenue declined 10.5% year-over-year to $822.4 million, also falling short of the $830.14 million consensus estimate.
Atkore cited challenging market conditions, including softer pricing in its Electrical segment and limited demand increases during the summer construction season.
"The third quarter proved to be more challenging than we initially anticipated due to a limited increase in demand from the summer construction season and an overall soft pricing environment across most of our Electrical business," said Bill Waltz, Atkore President and CEO.
Looking ahead, the company lowered its full-year adjusted EBITDA guidance to a range of $772 million to $782 million. It now expects adjusted earnings per share of $14.30 to $14.52 for fiscal 2024, well below analysts' expectations of $16.56.
Despite the headwinds, Waltz expressed confidence in the company's strategy, noting Atkore repurchased $125 million in shares during the quarter while continuing to invest in growth initiatives.
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