Atkore Inc. Files 10-Q for Period Ending December 29, 2023

TL;DR

<b>Atkore Inc. has filed its quarterly report (10-Q) for the period ending December 29, 2023.</b>

AI Summary

Atkore Inc. (ATKR) filed a Quarterly Report (10-Q) with the SEC on February 1, 2024. Atkore Inc. reported financial results for the period ending December 29, 2023. The filing is a 10-Q, indicating a quarterly report. The company's fiscal year ends on September 30. The filing covers the first quarter of the fiscal year. Atkore Inc. is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking Atkore Inc., this filing contains several important signals. This 10-Q filing provides investors with an update on Atkore Inc.'s financial performance and position during the most recent fiscal quarter. Understanding the details within this report is crucial for assessing the company's operational efficiency, profitability, and any potential risks or opportunities.

Risk Assessment

Risk Level: medium — Atkore Inc. shows moderate risk based on this filing. The filing is a standard quarterly report, which typically contains routine financial information and disclosures. However, the specific financial performance and any new risk factors detailed within the report will determine the overall risk level.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis in the 10-Q to understand the company's performance trends and identify any emerging risks or opportunities.

Key Numbers

• 2023-12-29 — Period End Date (Conformed period of report)
• 2024-02-01 — Filing Date (Filed as of date)
• 2023-09-30 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• Atkore Inc. (company) — Filer name
• 2023-12-29 (date) — Conformed period of report
• 2024-02-01 (date) — Filed as of date
• 2023-09-30 (date) — Fiscal year end
• DE (jurisdiction) — State of incorporation
• 7083391610 (phone_number) — Business phone
• Atkore International Group Inc. (company) — Former company name
• 2016-02-05 (date) — Date of name change

Forward-Looking Statements

• Atkore Inc. will continue to maintain its common stock par value at $0.01 per share in the near future. (Atkore Inc.) — high confidence, target: 2024-09-30

FAQ

Industry Context

Atkore Inc. operates in the electrical raceway and fittings industry, providing solutions for the construction and infrastructure markets.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow trends.
2. Review the Management's Discussion and Analysis (MD&A) for insights into business performance and outlook.
3. Examine any disclosed risk factors for potential impacts on the company's operations and stock price.

Key Dates

• 2023-12-29: Period End Date — End of the reporting quarter.
• 2024-02-01: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is a 10-Q filing, representing a quarterly update. A comparison to the previous quarter's 10-Q or the prior year's 10-Q would be necessary for a detailed 'vs last filing' analysis.

Key Financial Figures

• $0.01 — hares of the registrant's common stock, $0.01 par value per share, outstanding. TAB

Filing Documents

• atkr-20231229.htm (10-Q) — 857KB
• a1q24exhibit311.htm (EX-31.1) — 9KB
• a1q24exhibit312.htm (EX-31.2) — 9KB
• a1q24exhibit321.htm (EX-32.1) — 4KB
• a1q24exhibit322.htm (EX-32.2) — 4KB
• atkr-20231229_g1.jpg (GRAPHIC) — 38KB
• 0001666138-24-000016.txt (&nbsp;) — 5696KB
• atkr-20231229.xsd (EX-101.SCH) — 40KB
• atkr-20231229_cal.xml (EX-101.CAL) — 66KB
• atkr-20231229_def.xml (EX-101.DEF) — 173KB
• atkr-20231229_lab.xml (EX-101.LAB) — 570KB
• atkr-20231229_pre.xml (EX-101.PRE) — 360KB
• atkr-20231229_htm.xml (XML) — 768KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 2 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Comprehensive Income 3 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Cash Flows 5 Condensed Consolidated Statement of Changes in Shareholders' Equity 6 Notes to Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 27

Controls and Procedures

Item 4. Controls and Procedures 27

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 28

Risk Factors

Item 1A. Risk Factors 28

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 28

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 28

Other Information

Item 5. Other Information 28

Exhibits

Item 6. Exhibits 30

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements ATKORE INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three months ended (in thousands, except per share data) Note December 29, 2023 December 30, 2022 Net sales $ 798,481 $ 833,821 Cost of sales 507,941 499,468 Gross profit 290,540 334,353 Selling, general and administrative 100,615 89,977 Intangible asset amortization 11 14,467 12,796 Operating income 175,458 231,580 Interest expense, net 7,793 9,488 Other expense, net 5 12 41 Income before income taxes 167,653 222,051 Income tax expense 6 29,272 48,559 Net income $ 138,381 $ 173,492 Net income per share Basic 7 $ 3.66 $ 4.26 Diluted 7 $ 3.61 $ 4.20 See Notes to unaudited condensed consolidated financial statements. 2 ATKORE INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three months ended (in thousands) Note December 29, 2023 December 30, 2022 Net income $ 138,381 $ 173,492 Other comprehensive income, net of tax: Change in foreign currency translation adjustment 9,727 11,262 Change in unrecognized loss related to pension benefit plans 4 53 62 Total other comprehensive income 8 9,780 11,324 Comprehensive income $ 148,161 $ 184,816 See Notes to unaudited condensed consolidated financial statements. 3 ATKORE INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share and per share data) Note December 29, 2023 September 30, 2023 Assets Current Assets: Cash and cash equivalents $ 380,922 $ 388,114 Accounts receivable, less allowance for current and expected credit losses of $ 6,265 and $ 5,179 , respectively 517,634 559,854 Inventories, net 9 493,637 493,852 Prepaid expenses and other current assets 105,951 96,670 Total current assets 1,498,144 1,538,490 Property, plant and equipment, net 10 586,983 559,041 Intangible assets, net 11 381,205 394,372 Goodwill 11 312,960 311,106 Right-of-use assets, net 144,828 120,747 Deferred tax assets 6 569 546 Other long-te

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View this 10-Q filing on SEC EDGAR