Atkore Inc. Announces Second Quarter 2024 Results
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RBC Capital on Atkore (ATKR): 'We would expect the selling pressure to be bracketed'
May 7, 2024 8:15 AM EDTRBC Capital analyst Deane Dray reiterated an Outperform rating and $212.00 price target on Atkore (NYSE: ATKR).
The analyst comments "Our view: Outperform-rated Atkore reported mostly in-line F2Q24 operating results, with better-than-feared pricing decline of -9.5% vs our -13.9% estimate. Volume was -0.8% vs. our up 6.3% estimate resulting in reported revenues $793 million vs our $813 million estimate. Core revenues were down -10.4% vs our -7.6% estimate. The headline EPS beat was primarily driven by lower tax. Adj. EBITDA margins that contracted 410 bps to 26.7%, ahead of our 26.1% estimate, netting to decrementals of -62%... More
