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Atkore Inc. (ATKR-2.63%) has submitted its 10-Q filing for the quarterly period ended December 27, 2024.
The filing includes financial statements for the quarter, showing a decrease in net sales to $661.6 million from $798.5 million in the same quarter of the previous year. The decrease is attributed to reduced average selling prices and lower sales volume.
Cost of sales for the quarter was $490.5 million, representing a decrease from $507.9 million in the same quarter of the previous year. This decrease was primarily due to lower sales volume, partially offset by increased input and freight costs.
The company reported a gross profit of $171.1 million for the quarter, compared to $290.5 million in the previous year, with the decline attributed to decreased sales prices and volume.
Selling, general, and administrative expenses decreased to $91.5 million from $100.6 million, primarily due to lower medical and insurance expenses, commissions, and other costs, partially offset by increased investments in personnel and software.
Net income for the quarter was $46.3 million, down from $138.4 million in the previous year. Basic earnings per share were $1.32, compared to $3.66 in the previous year.
Cash provided by operating activities was $74.4 million, while cash used in investing and financing activities was $41.1 million and $67.7 million, respectively.
The Electrical segment reported a decrease in net sales to $465.4 million from $593.7 million, driven by lower average selling prices and sales volume. Adjusted EBITDA for the segment was $92.4 million, down from $204.4 million.
The Safety & Infrastructure segment saw a decrease in net sales to $196.7 million from $205.1 million, primarily due to lower sales volume. Adjusted EBITDA for the segment was $15.6 million, down from $19.5 million.
Atkore's balance sheet showed cash and cash equivalents of $310.4 million as of December 27, 2024. The company had no outstanding borrowings under its ABL Credit Facility.
The filing also details various financial agreements, including the Senior Secured Term Loan Facility and the ABL Credit Facility, and highlights the company's compliance with all covenants.
Atkore announced a quarterly cash dividend of $0.32 per share, payable on February 28, 2025, to stockholders of record on February 18, 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Atkore Inc. quarterly 10-Q report dated February 4, 2025. To report an error, please email earnings@qz.com.