May 24, 2018 6:17 PM ET

Electrical Equipment

Company Overview of Atkore International Group Inc.

Company Overview

Atkore International Group Inc. manufactures and distributes electrical raceway products in the United States and internationally. The company’s electrical raceway products include electrical conduits and fittings, armored cable and fittings, cable trays and mounting systems, and fittings for the non-residential construction, renovation markets, and mechanical products and solutions (MP&S) for the construction, and industrial markets. It also offers MP&S products comprising metal framing and fittings, mechanical pipes, flexible sprinkler drops, and barbed tapes, as well as construction services for the construction and industrial markets. The company offers its products under the Allied Tube...

16100 South Lathrop Avenue

Harvey, IL 60426

United States

Founded in 1959

3,080 Employees

Phone:

708-339-1610

Key Executives for Atkore International Group Inc.

Atkore International Group Inc. does not have any Key Executives recorded.

Atkore International Group Inc. Key Developments

Atkore International Group Inc. Reports Consolidated Earnings Results for the Second Quarter and Six Months Ended March 31, 2018; Provides Earnings Guidance for the Year 2018; Provides Earnings Guidance for the Third Quarter and Tax Rate Guidance for the Fourth Quarter of 2018

Atkore International Group Inc. reported consolidated earnings results for the second quarter and six months ended March 31, 2018. For the quarter, the company reported net sales of $445,000,000 compared to $372,791,000 for the prior-year period. Operating income was $41,274,000 as compared to $30,391,000 for the prior-year period. Income before income taxes was $57,950,000 as compared to $31,310,000 for the prior-year period. Net income was $42,558,000 or $0.79 per diluted share compared to $18,935,000 or $0.28 per diluted share for the prior-year period. Adjusted EBITDA was $65,341,000 compared to $56,122,000 a year ago. Adjusted net income was $33,810,000 or $0.63 per diluted share compared to $26,762,000 or $0.40 per diluted share a year ago. For the six months, the company reported net sales of $859,558,000 compared to $710,382,000 for the prior-year period. Operating income was $77,859,000 as compared to $72,539,000 for the prior-year period. Income before income taxes was $87,655,000 as compared to $54,199,000 a year ago. Net income was $69,747,000 or $1.16 per diluted share compared to $36,317,000 or $0.55 per diluted share for the prior-year period. Net cash provided by operating activities was $53,218,000 as compared to $25,097,000 for the prior-year period. Capital expenditures was $17,173,000 as compared to $8,374,000 for the prior-year period. Adjusted EBITDA was $123,828,000 compared to $106,013,000 a year ago. Adjusted net income was $70,440,000 or $1.18 per diluted share compared to $48,757,000 or $0.73 per diluted share a year ago. Net debt as at March 31, 2018 was $831,317,000. The company is increasing 2018 expected adjusted EBITDA to be between $250 million and $260 million. The company expects adjusted net income per diluted share to be in the range to $2.40 - $2.50. Interest expense will be approximately $42 million. Tax rate will be about 23% for the full year. CapEx is expected to be right around $32 million for the entire year. Free cash flow is going to be in the $100 million to $120 million range. The company expects tax rate will be 26% for third quarter of 2018. The company expects consolidated adjusted EBITDA to be between $65 million and $70 million and EPS between $0.65 and $0.70. The company expects tax rate will be 26% for fourth quarter of 2018. The company expects tax rate will be 26% for fourth quarter of 2018.

Atkore International Group Inc. Announces Executive Changes

Atkore International Group Inc. announced that John Williamson, President and Chief Executive Officer, will retire at the end of Atkore’s fiscal year on September 30, 2018. The Atkore Board of Directors approved his retirement and a leadership succession plan under which, effective immediately, William (“Bill”) Waltz is appointed Atkore President and Chief Operating Officer, reporting to Mr. Williamson. Mr. Waltz will succeed Mr. Williamson as Atkore President and Chief Executive Officer upon his retirement. Mr. Waltz is expected to be appointed to the board at the time of succession. Most recently, Bill Waltz served as the Company’s Vice President and Group President-Electrical Raceway, a position he continues to hold during this transition. Mr. Waltz was promoted to this position in September 2017 with responsibility for overall management of the Atkore Electrical Raceway reporting segment. Previously, Mr. Waltz was the President of the Conduit and Fittings business unit, a position he held since September 2015, after joining Atkore as President-Plastic Pipe and Conduit in 2013. From 2009 until joining Atkore in 2013, Mr. Waltz was Chairman and Chief Executive Officer at Strategic Materials Inc., North America’s largest glass recycling company. Prior to that, he spent 15 years in various divisions of Pentair plc, including President-Pentair Flow Technologies. Mr. Waltz began his career at General Electric Company and as a Deloitte Management Consultant. Bill earned a Masters of Business Administration from Northwestern University, Kellogg Graduate School of Management, a Masters of Science in Computer Science from Villanova University, a Bachelor of Science in Industrial Engineering from Pennsylvania State University, and is a graduate of General Electric’s Information Systems Management Program.

Atkore International Group Inc. Names Michael V. Schrock to its Board of Directors

Atkore International Group Inc. announced the appointment of Michael V. Schrock to the company’s Board of Directors. His appointment gives the company ten directors, seven of whom are independent. Mr. Schrock is a senior operating advisor of Oak Hill Capital Partners. He retired in 2013 from Pentair LLC, a global water, fluid, thermal management, and equipment protection company. Mr. Schrock began his Pentair career in 1999, where he most recently served as President and Chief Operating Officer, beginning in 2006. His other roles at Pentair included President of Water Technologies Americas and President of the Pump and Pool Group and President and COO of Pentair Technical Products. Prior to joining Pentair, Mr. Schrock held numerous senior leadership positions at Honeywell International Inc. He currently serves on the boards of Berlin Packaging, MTS Corporation, and Plexus Corporation, as well as serving on the Board of Governors of the St. Thomas School of Engineering.

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