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Atkore Inc. (ATKR+2.06%) has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing reports net sales of $3,202,053,000, a decrease from $3,518,761,000 in the previous fiscal year. This decline is attributed to decreased average selling prices and the economic value of solar tax credits transferred to customers.
Cost of sales for the year was $2,124,214,000, down from $2,179,260,000 the previous year, reflecting lower input costs for steel, copper, and PVC resin.
Operating income was reported at $624,784,000, a decrease from $893,491,000 in the prior year. This decline is primarily due to lower net sales and increased selling, general, and administrative expenses.
Net income for the year was $472,872,000, compared to $689,899,000 in the previous year. The decrease is attributed to lower operating income and a slight increase in interest expense.
The Electrical segment reported net sales of $2,354,978,000, a decrease from $2,675,074,000, largely due to lower average selling prices.
The Safety & Infrastructure segment saw a slight increase in net sales to $849,077,000 from $844,158,000, driven by higher volumes offset by lower selling prices.
Atkore's cash and cash equivalents were $351,385,000 as of September 30, 2024, a decrease from $388,114,000 the previous year, primarily due to lower cash provided by operating activities and increased dividend payments.
The report highlights various risk factors, including dependence on the non-residential construction industry, fluctuations in raw material prices, and competition.
Atkore continues to focus on expanding its product offerings through strategic acquisitions, with recent purchases including Elite Polymer Solutions in fiscal 2023.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Atkore Inc. annual 10-K report dated November 21, 2024. To report an error, please email earnings@qz.com.