Atkore surges to over 5-month high on strong FY23 profit forecast

Atkore

18/11/2022 18:37

** Shares of electrical and safety solutions provider Atkore
Inc  ATKR.N  rise as much as 19.2% to more than five-month high
at $119.95 
    ** Co forecasts FY 2023, Q1 adj profit above analysts'
expectations
    ** Sees FY 2023 adj profit between $13.10 and $14.90 per
share vs estimates of $13.31 - Refinitiv
    ** It projects Q1 2023 profit forecast in a range of $3.85
to $4.20 per share vs estimates of $2.53
    ** Says FY 2023 net sales to be flat to down ~10% compared
to FY 2022 vs expectations of a 12.6% decline 
    ** "As anticipated, the strong pricing environment
experienced in recent years is expected to normalize in fiscal
2023, which will impact our top- and bottom-line performance
through the year," says CEO Bill Waltz
    ** Adds, "we expect to continue to generate strong cash
flow, and our capital allocation strategy remains focused on
investing in both organic and inorganic opportunities while
still returning capital to shareholders"
    ** Co also provides long-term adj profit target of greater
than $18 in fiscal 2025 
    ** ATKR beats Q4 estimates on revenue, profit 
    ** YTD, stock has risen ~4% 
 (Reporting by Granth Vanaik in Bengaluru)
 ((Granth.Vanaik@thomsonreuters.com;))