Atkore Inc. (ATKR) stock: Better Than You Think

Atkore Inc. (NYSE:ATKR), a manufacturer of infrastructure, electrical, and construction equipment, has raised its fiscal year 2022 guidance after a good second quarter. Despite a number of problems, such as labor shortages, rising raw material prices, and increased transportation expenses, the company continues to grow sales.


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Atkore’s sales in the second quarter were over $982 million, up roughly 53% year over year. Earnings per share were $5.39. Both statistics – $800 million in revenue and $3.75 in earnings per share – are greatly above Wall Street’s estimates. Atkore’s primary sectors grew by double digits, with the Electrical Products division up 56% and the Security and Infrastructure division up 47%.

As a result, the company has solidified its image as a dependable provider of building and infrastructure products.

Concerns about rising raw material costs and other factors prompted Wall Street to adopt a more cautious outlook. Atkore, on the other hand, set a new record for the second quarter in a row. Strong productivity helped counterbalance the impact of pricing volatility, labor shortages, and other macroeconomic issues, while electrical and infrastructure items helped offset certain decreases in certain steel-related product categories.

Atkore’s full-year adjusted earnings estimate has been lifted from $12.8-$13.6 per share to $19.65-$20.45 per share, with year-end sales growth of 25-30 percent expected. In addition, the business increased the size of its current share repurchase program to $800 million.

Atkore Inc.’s stock dropped 0.15 percent on Thursday, closing at $113.47. The volume of shares traded was 0.56 million, more than the average volume of 521.93K during the previous three months. The stock fluctuated between $109.68 and $114.75 during the trading session. The earnings per share ratio for the company was 14.79.

 

The stock of ATKR has risen 14.94 percent in the last five sessions and 20.94 percent in the last month but has only gained 2.05 percent year-to-date. The 50-day moving average for the company is $99.83, which is higher than the 200-day moving average of $98.08. Furthermore, the stock now has an RSI of 67.98.

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