Atkore Q4 Profit, Revenue Miss Consensus Estimates, Q1, FY Outlook Below View; Stock Down

(RTTNews) - Atkore Inc. (ATKR), a manufacturer of electrical products, Thursday reported lower profit for the fourth quarter primarily impacted by decline in sales. Earnings as well as revenue missed analyst' view. The company also provided first-quarter and full-year earnings outlook below view. Atkore shares were down more than 8 percent in pre-market.

Net income for the fourth quarter decreased to $73.12 million or $2.02 per share from $140.93 million or $3.63 per share in the same quarter a year ago.

Excluding one time-items, adjusted earnings were $86.6 million or $2.43 per share, that missed the analysts' average estimate of $2.47 per share. Analysts' estimates typically exclude special items.

Operating income dropped to $102.07 million from $189.43 million last year.

Sales for the quarter declined 9.4 percent to $788.29 million from $869.89 million in the previous year, impacted mainly by lower prices. The consensus estimate was for $748.32 million.

For the first quarter, the company expects adjusted EPS to be in the range of $1.45 - $1.65. Analysts see earnings of $2.72 per share for the quarter.

For the full year, adjusted EPS is expected between $7.80 and $8.90, and sales are expected to be in the range of $2.9 billion - $3.2 billion. The Street is looking for earnings of $11.67 per share on revenue of $3.04 billion.

Atkore stock had closed at $84.15, down 2.51 percent on Wednesday. It has traded in the range of $80.11 - $194.98 in the last 1 year.