- Diluted earnings per share decreased by
$0.18 to $0.61; Adjusted net income per diluted share increased by
$0.20 to $0.83
- Net income decreased by $13.0 million,
or 30.6%, to $29.6 million; Adjusted EBITDA increased by $11.8
million, or 18.0%, to $77.1 million
- Full-year Adjusted EBITDA guidance
increased to $300.0 million - $310.0 million
- Full-year Adjusted net income per
diluted share guidance increased to $3.25 - $3.40
Atkore International Group Inc. (the "Company" or "Atkore")
(NYSE: ATKR) announced earnings for its fiscal 2019 second quarter
ended March 29, 2019.
“Atkore again produced strong quarterly results with net sales
and Adjusted EBITDA growth of 5% and 18% year over year,
respectively,” commented Bill Waltz, President and Chief Executive
Officer of Atkore. “Our primary focus on serving customers with the
right products and solutions is a catalyst that has enabled us to
raise our full year guidance for a second time this year and
deliver upon our commitments to our shareholders.”
2019 Second Quarter Results
Three months ended
(in
thousands)
March 29, 2019 March 30, 2018
Change % Change Net sales Electrical Raceway $
353,514 $ 324,787 $ 28,727 8.8 % Mechanical Products &
Solutions 116,190 120,310 (4,120 ) (3.4 )% Eliminations (395 ) (97
) (298 ) 307.2 %
Consolidated operations
$ 469,309 $ 445,000 $ 24,309 5.5 %
Adjusted EBITDA Electrical Raceway $ 67,375 $ 56,404 $ 10,971 19.5
% Mechanical Products & Solutions 17,421 16,722 699 4.2 %
Unallocated (7,702 ) (7,785 ) 83 (1.1 )% Consolidated
operations $ 77,094 $ 65,341 $ 11,753 18.0 %
Net sales increased by $24.3 million, or 5.5%, to $469.3 million
for the three months ended March 29, 2019 compared to $445.0
million for the three months ended March 30, 2018. Net sales
increased by $28.0 million primarily due to increased average
market prices for all product categories and the pass-through
impact of higher average input costs of steel, copper, and freight.
Additionally, net sales increased by $10.8 million due to the
acquisition of Vergokan International NV ("Vergokan") over the past
twelve months, partly offset by a decrease in net sales of $4.5
million from the sale of the assets of FlexHead Industries, Inc.
and SprinkFLEX, LLC (together "FlexHead") in the second quarter of
fiscal 2018. The increase in net sales was partially offset by
lower volume of $6.5 million primarily in the metal conduit and
fittings product category sold within the Electrical Raceway
segment and in the mechanical pipe product category sold within the
Mechanical Products & Solutions segment.
Gross profit increased by $7.9 million, or 7.3%, to $117.1
million for the three months ended March 29, 2019, as compared to
$109.2 million for the prior-year period. Gross margin increased to
24.9% for the three months ended March 29, 2019, as compared to
24.5% for the prior-year period. Gross margin increased primarily
due to implemented pricing strategies and favorable product
mix.
Net income decreased by $13.0 million, or 30.6%, to $29.6
million for the three months ended March 29, 2019 compared to $42.6
million for the prior-year period primarily due to the fiscal 2018
pre-tax gain of 26.7 million on the sale of the assets FlexHead,
partially offset by higher operating income of $11.3 million.
Adjusted EBITDA increased by $11.8 million, or 18.0%, to $77.1
million for the three months ended March 29, 2019 compared to $65.3
million for the three months ended March 30, 2018. The increase was
primarily due to higher gross profit.
Diluted earnings per share on a GAAP basis was $0.61 for the
three months ended March 29, 2019, as compared to $0.79 in the
prior-year period primarily due to the prior year gain on the sale
of FlexHead. Adjusted net income per diluted share increased by
$0.20 to $0.83 for the three months ended March 29, 2019, as
compared to $0.63 for the prior-year period primarily due to higher
gross profit.
Segment Results
Electrical Raceway
Net sales increased by $28.7 million, or 8.8%, to $353.5 million
for the three months ended March 29, 2019 compared to $324.8
million for the three months ended March 30, 2018. The increase was
primarily due to increased average market prices for the metal
electrical conduit and fittings product category of $15.1 million.
Additionally, sales increased $10.8 million as a result of the
acquisition of Vergokan during fiscal 2019. Lastly, sales increased
$5.9 million due to higher volume, primarily in the cable wire
product category. The increase in net sales was partially offset by
foreign exchange losses of $3.4 million and by lower volume in the
metal conduit and fittings product category.
Adjusted EBITDA for the three months ended March 29, 2019
increased by $11.0 million, or 19.5%, to $67.4 million from $56.4
million for the three months ended March 30, 2018. Adjusted EBITDA
margins increased to 19.1% for the three months ended March 29,
2019 compared to 17.4% for the three months ended March 30, 2018.
The increase in Adjusted EBITDA was largely due to pricing
strategies and favorable product mix.
Mechanical Products & Solutions ("MP&S")
Net sales decreased by $4.1 million, or 3.4%, to $116.2 million
for the three months ended March 29, 2019 compared to $120.3
million for the three months ended March 30, 2018. The decrease was
due to lower volume of $12.4 million primarily in the mechanical
pipe product category and a decrease in net sales of $4.5 million
from the sale of the assets of FlexHead in the second quarter of
fiscal 2018. The sales decrease was partially offset by $12.8
million of higher average selling prices.
Adjusted EBITDA increased $0.7 million, or 4.2%, to $17.4
million for the three months ended March 29, 2019 compared to $16.7
million for the three months ended March 30, 2018. Adjusted EBITDA
margins increased to 15.0% for the three months ended March 29,
2019 compared to 13.9% for the three months ended March 30, 2018.
Adjusted EBITDA increased primarily due to pricing strategies and
favorable product mix, partially offset by lower volume in the
mechanical pipe product category as well as from the sale of the
assets of FlexHead in the second quarter of fiscal 2018.
Full-Year 2019 Guidance
The Company is increasing its expectation of fiscal year 2019
Adjusted EBITDA to be in the range of $300.0 million - $310.0
million and its expectation of fiscal year 2019 Adjusted net income
per diluted share to be in the range of $3.25 - $3.40.
Reconciliations of the forward-looking full-year 2019 outlook
for Adjusted EBITDA and Adjusted net income per diluted share are
not being provided as the Company does not currently have
sufficient data to accurately estimate the variables and individual
adjustments for such reconciliations.
Conference Call Information
Atkore management will host a conference call today, May 7,
2019, at 8 a.m. Eastern time, to discuss the Company's financial
results. The conference call may be accessed by dialing (877)
407-0789 (domestic) or (201) 689-8562 (international). The call
will be available for replay until May 21, 2019. The replay
can be accessed by dialing (844) 512-2921, or for international
callers, (412) 317-6671. The passcode for the live call and the
replay is 13689898.
The conference call can also be accessed by dialing 877-407-0789
(domestic) or 201-689-8562 (international). A telephonic replay
will be available approximately three hours after the call by
dialing 844-512-2921 (domestic) or 412-317-6671 (international).
The passcode for the replay is 13689898. The replay will be
available until 11:59 p.m. (ET) on May 21, 2019.
Interested investors and other parties can also listen to a
webcast of the live conference call by logging onto the Investor
Relations section of the Company's website at http://investors.atkore.com. The online replay
will be available on the same website immediately following the
call.
To learn more about the Company, please visit the company's
website at http://investors.atkore.com.
About Atkore International Group Inc.
Atkore International Group Inc. is a leading manufacturer of
Electrical Raceway products primarily for the non-residential
construction and renovation markets and Mechanical Products &
Solutions for the construction and industrial markets. The Company
manufactures a broad range of end-to-end integrated products and
solutions that are critical to its customers’ businesses and
employs approximately 3,500 people at 58 manufacturing and
distribution facilities worldwide. The Company is headquartered in
Harvey, Illinois.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Federal Private Securities Litigation Reform Act
of 1995. Forward-looking statements include, but are not limited
to, statements relating to financial outlook. Some of the
forward-looking statements can be identified by the use of
forward-looking terms such as "believes," "expects," "may," "will,"
"shall," "should," "would," "could," "seeks," "aims," "projects,"
"is optimistic," "intends," "plans," "estimates," "anticipates" or
other comparable terms. Forward-looking statements include, without
limitation, all matters that are not historical facts.
Forward-looking statements are subject to known and unknown risks
and uncertainties, many of which may be beyond our control. We
caution you that forward-looking statements are not guarantees of
future performance or outcomes and that actual performance and
outcomes, including, without limitation, our actual results of
operations, financial condition and liquidity, and the development
of the market in which we operate, may differ materially from those
made in or suggested by the forward-looking statements contained in
this press release. In addition, even if our results of operations,
financial condition and cash flows, and the development of the
market in which we operate, are consistent with the forward-looking
statements contained in this press release, those results or
developments may not be indicative of results or developments in
subsequent periods.
A number of important factors, including, without limitation,
the risks and uncertainties discussed under the caption "Risk
Factors" in our Annual Report on Form 10-K, filed with the U.S.
Securities and Exchange Commission ("SEC") on November 28, 2018
could cause actual results and outcomes to differ materially from
those reflected in the forward-looking statements. Additional
factors that could cause actual results and outcomes to differ from
those reflected in forward-looking statements include, without
limitation: declines in, and uncertainty regarding, the general
business and economic conditions in the United States and
international markets in which we operate; weakness or another
downturn in the United States non-residential construction
industry; changes in prices of raw materials; pricing pressure,
reduced profitability, or loss of market share due to intense
competition; availability and cost of third-party freight carriers
and energy; high levels of imports of products similar to those
manufactured by us; changes in federal, state, local and
international governmental regulations and trade policies; adverse
weather conditions; failure to generate sufficient cash flow from
operations or to raise sufficient funds in the capital markets to
satisfy existing obligations and support the development of our
business; increased costs relating to future capital and operating
expenditures to maintain compliance with environmental, health and
safety laws; reduced spending by, deterioration in the financial
condition of, or other adverse developments with respect to, one or
more of our top customers; increases in our working capital needs,
which are substantial and fluctuate based on economic activity and
the market prices for our main raw materials, including as a result
of failure to collect, or delays in the collection of, cash from
the sale of manufactured products; work stoppage or other
interruptions of production at our facilities as a result of
disputes under existing collective bargaining agreements with labor
unions or in connection with negotiations of new collective
bargaining agreements, as a result of supplier financial distress,
or for other reasons; challenges attracting and retaining key
personnel or high-quality employees; changes in our financial
obligations relating to pension plans that we maintain in the
United States; reduced production or distribution capacity due to
interruptions in the operations of our facilities or those of our
key suppliers; loss of a substantial number of our third-party
agents or distributors or a dramatic deviation from the amount of
sales they generate; security threats, attacks, or other
disruptions to our information systems, or failure to comply with
complex network security, data privacy and other legal obligations
or the failure to protect sensitive information; possible
impairment of goodwill or other long-lived assets as a result of
future triggering events, such as declines in our cash flow
projections or customer demand; safety and labor risks associated
with the manufacture and in the testing of our products; product
liability, construction defect and warranty claims and litigation
relating to our various products, as well as government inquiries
and investigations, and consumer, employment, tort and other legal
proceedings; our ability to protect our intellectual property and
other material proprietary rights; risks inherent in doing business
internationally; our inability to introduce new products
effectively or implement our innovation strategies; the inability
of our customers to pay off the credit lines extended to them by us
in a timely manner and the negative impact on customer relations
resulting from our collections efforts with respect to non-paying
or slow-paying customers; our inability to continue importing raw
materials, component parts and/or finished goods; changes as a
result of comprehensive tax reform; the incurrence of
liabilities and the issuance of additional debt or equity in
connection with acquisitions, joint ventures or
divestitures; failure to manage acquisitions successfully,
including identifying, evaluating, and valuing acquisition targets
and integrating acquired companies, businesses or assets; the
incurrence of liabilities in connection with violations of the U.S.
Foreign Corrupt Practices Act and similar foreign anti-corruption
laws; the incurrence of additional expenses, increase in complexity
of our supply chain and potential damage to our reputation with
customers resulting from regulations related to "conflict
minerals"; disruptions or impediments to the receipt of sufficient
raw materials resulting from various anti-terrorism security
measures; restrictions contained in our debt agreements; failure to
generate cash sufficient to pay the principal of, interest on, or
other amounts due on our debt; and other factors described from
time to time in documents that we file with the SEC. The Company
assumes no obligation to update the information contained herein,
which speaks only as of the date hereof.
Non-GAAP Financial Information
This press release includes certain financial information, not
prepared in accordance with Generally Accepted Accounting
Principles in the United States ("GAAP"). Because not all companies
calculate non-GAAP financial information identically (or at all),
the presentations herein may not be comparable to other similarly
titled measures used by other companies. Further, these measures
should not be considered substitutes for the performance measures
derived in accordance with GAAP. See non-GAAP reconciliations below
in this press release for a reconciliation of these measures to the
most directly comparable GAAP financial measures.
Adjusted EBITDA and Adjusted EBITDA Margin
We use Adjusted EBITDA and Adjusted EBITDA Margin in evaluating
the performance of our business and in the preparation of our
annual operating budgets and as indicators of business performance
and profitability. We believe Adjusted EBITDA and Adjusted EBITDA
Margin allow us to readily view operating trends, perform
analytical comparisons and identify strategies to improve operating
performance.
We define Adjusted EBITDA as net income (loss) before:
depreciation and amortization, interest expense, net, loss (gain)
on extinguishment of debt, income tax expense (benefit),
restructuring and impairments, stock-based compensation, certain
legal matters, transaction costs, gain on sale of a business, gain
on sale of joint venture and other items, such as inventory
reserves and adjustments and realized or unrealized gain (loss) on
foreign currency transactions. We believe Adjusted EBITDA, when
presented in conjunction with comparable accounting principles
generally accepted in the United States of America ("GAAP")
measures, is useful for investors because management uses Adjusted
EBITDA in evaluating the performance of our business. We define
Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of Net
sales.
We believe Adjusted EBITDA, when presented in conjunction with
comparable accounting principles generally accepted in the United
States of America ("GAAP") measures, is useful for investors
because management uses Adjusted EBITDA in evaluating the
performance of our business.
Adjusted Net Income and Adjusted Net Income per Share
We use Adjusted net income and Adjusted net income per share in
evaluating the performance of our business and profitability.
Management believes that these measures provide useful information
to investors by offering additional ways of viewing the Company's
results that, when reconciled to the corresponding GAAP measure
provide an indication of performance and profitability excluding
the impact of unusual and or non-cash items. We define Adjusted net
income as net income before consulting fees, loss on extinguishment
of debt, stock-based compensation, intangible asset amortization,
gain on sale of joint venture, certain legal matters and other
items. We define Adjusted net income per share as basic and diluted
earnings per share excluding the per share impact of consulting
fees, loss on extinguishment of debt, stock-based compensation,
intangible asset amortization, gain on sale of joint venture,
certain legal matters and other items. Beginning in March 2018, the
Company has excluded the impact of intangible asset amortization
from the calculation of Adjusted net income. Adjusted net income
prepared for periods prior to March 2018 have also been adjusted to
reflect this change.
Leverage Ratio - Net debt/Adjusted EBITDA
We define leverage ratio as the ratio of net debt (total debt
less cash and cash equivalents) to Adjusted EBITDA on a trailing
twelve-month ("TTM") basis. We believe the leverage ratio is useful
to investors as an alternative liquidity measure.
ATKORE INTERNATIONAL GROUP INC. CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS Three months
ended Six months ended
(in thousands,
except per share data)
March 29, 2019 March 30, 2018 March 29,
2019 March 30, 2018 Net sales $ 469,309 $ 445,000
$ 921,337 $ 859,558 Cost of sales 352,221 335,843
693,993 653,534 Gross profit 117,088 109,157 227,344
206,024 Selling, general and administrative 56,350 60,118 112,729
111,713 Intangible asset amortization 8,196 7,765
16,410 16,452 Operating income 52,542 41,274 98,205
77,859 Interest expense, net 13,328 9,286 25,488 15,880 Other
(income) expense, net (594 ) (25,962 ) (2,194 ) (25,676 ) Income
before income taxes 39,808 57,950 74,911 87,655 Income tax expense
10,253 15,392 18,407 17,908 Net income
$ 29,555 $ 42,558 $ 56,504 $ 69,747
Net income per share Basic $ 0.62 $ 0.83 $ 1.18 $ 1.22
Diluted $ 0.61 $ 0.79 $ 1.15 $ 1.16
ATKORE
INTERNATIONAL GROUP INC. CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands,
except share and per share data)
March 29, 2019 September 30, 2018 Assets
Current Assets: Cash and cash equivalents $ 51,498 $ 126,662
Accounts receivable, less allowance for doubtful accounts of $1,978
and $1,762, respectively 319,769 265,147 Inventories, net 220,787
221,753 Prepaid expenses and other current assets 47,374
33,576 Total current assets 639,428 647,138 Property, plant
and equipment, net 240,188 213,108 Intangible assets, net 287,801
291,916 Goodwill 179,489 170,129 Deferred tax assets 1,076 162
Other long-term assets 1,927 1,607
Total
Assets $ 1,349,909 $ 1,324,060
Liabilities and
Equity Current Liabilities: Short-term debt and current
maturities of long-term debt $ — $ 26,561 Accounts payable 143,742
156,525 Income tax payable 1,110 542 Accrued compensation and
employee benefits 24,470 33,350 Customer liabilities 42,723 3,377
Other current liabilities 40,664 52,392 Total current
liabilities 252,709 272,747 Long-term debt 884,095 877,686 Deferred
tax liabilities 23,752 16,510 Other long-term tax liabilities 918
1,443 Pension liabilities 15,906 17,075 Other long-term liabilities
14,032 16,540
Total Liabilities 1,191,412
1,202,001 Equity: Common stock, $0.01 par value,
1,000,000,000 shares authorized, 46,216,192 and 47,079,645 shares
issued and outstanding, respectively 463 472 Treasury stock, held
at cost, 260,900 and 260,900 shares, respectively (2,580 ) (2,580 )
Additional paid-in capital 464,082 457,978 Accumulated deficit
(282,943 ) (317,373 ) Accumulated other comprehensive loss (20,525
) (16,438 )
Total Equity 158,497 122,059
Total Liabilities and Equity $ 1,349,909 $ 1,324,060
ATKORE INTERNATIONAL GROUP INC. CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS Six months
ended
(in
thousands)
March 29, 2019 March 30, 2018 Operating
activities: Net income $ 56,504 $ 69,747 Adjustments to reconcile
net income to net cash provided by operating activities:
Depreciation and amortization 36,301 33,063 Deferred income taxes
(1,101 ) (3,667 ) Gain on sale of a business — (26,737 )
Stock-based compensation 4,816 6,334 Other adjustments to net
income 3,046 4,611 Changes in operating assets and liabilities, net
of effects from acquisitions Accounts receivable (4,839 ) (23,636 )
Inventories 8,540 (11,691 ) Accounts payable (19,135 ) (1,194 )
Other, net (41,343 ) 6,388 Net cash provided by operating
activities 42,789 53,218 Investing activities: Capital expenditures
(14,712 ) (17,173 ) Divestiture of business — 42,000 Acquisition of
businesses, net of cash acquired (57,899 ) (3,350 ) Other, net (194
) 1,469 Net cash used in (provided by) investing activities
(72,805 ) 22,946 Financing activities: Borrowings under credit
facility 17,000 309,000 Repayments under credit facility (17,000 )
(394,000 ) Repayments of short-term debt (20,980 ) (3,550 )
Repayments of long-term debt — (1,217 ) Issuance of long-term debt
— 426,217 Payment for debt financing costs and fees — (5,767 )
Issuance of common stock 1,291 5,299 Repurchase of common stock
(24,419 ) (381,805 ) Other, net (677 ) (78 ) Net cash used for
financing activities (44,785 ) (45,901 ) Effects of foreign
exchange rate changes on cash and cash equivalents (363 ) 911
Decrease in cash and cash equivalents (75,164 ) 31,174 Cash
and cash equivalents at beginning of period 126,662 45,718
Cash and cash equivalents at end of period $ 51,498 $
76,892
Supplementary Cash Flow information Capital
expenditures, not yet paid $ 626 $ 534
ATKORE
INTERNATIONAL GROUP INC. ADJUSTED EBITDA
The following table presents
reconciliations of Adjusted EBITDA to net income for the periods
presented:
Three months ended Six months ended
(in
thousands)
March 29, 2019 March 30, 2018 March 29,
2019 March 30, 2018 Net income $ 29,555 $ 42,558
$ 56,504 $ 69,747 Interest expense, net 13,328 9,286 25,488 15,880
Income tax expense 10,253 15,392 18,407 17,908 Depreciation and
amortization 18,280 15,853 36,301 33,063 Restructuring and
impairments 1,085 576 2,472 838 Stock-based compensation 1,834
2,770 4,816 6,334 Certain legal matters — 2,286 — 2,286 Transaction
costs 123 1,263 287 1,908 Gain on sale of a business — (26,737 ) —
(26,737 ) Other (a) 2,636 2,094 2,842 2,601
Adjusted EBITDA $ 77,094 $ 65,341 $ 147,117
$ 123,828 (a) Represents other items,
such as inventory reserves and adjustments, realized or unrealized
gain (loss) on foreign currency transactions and release of certain
indemnified uncertain tax positions.
ATKORE INTERNATIONAL
GROUP INC. SEGMENT INFORMATION
The following tables represent
reconciliations of Net sales and calculations of Adjusted EBITDA
Margin by segment for the periods presented:
Three months ended March 29, 2019
March 30, 2018
(in
thousands)
Net sales
AdjustedEBITDA
AdjustedEBITDAMargin
Net sales
AdjustedEBITDA
AdjustedEBITDAMargin
Electrical Raceway $ 353,514 $ 67,375 19.1 % $ 324,787 $ 56,404
17.4 % Mechanical Products & Solutions 116,190 17,421 15.0 %
120,310 16,722 13.9 % Eliminations (395 ) (97 ) Consolidated
operations $ 469,309 $ 445,000
Six months
ended March 29, 2019 March 30, 2018
(in
thousands)
Net sales
AdjustedEBITDA
AdjustedEBITDAMargin
Net sales
AdjustedEBITDA
AdjustedEBITDAMargin
Electrical Raceway $ 696,920 $ 135,864 19.5 % $ 641,310 $ 112,564
17.6 % Mechanical Products & Solutions 225,003 28,308 12.6 %
218,884 27,531 12.6 % Eliminations (586 ) (636 ) Consolidated
operations $ 921,337 $ 859,558
ATKORE INTERNATIONAL GROUP INC.
ADJUSTED NET INCOME PER SHARE
The following table presents
reconciliations of Adjusted net income to net income for the
periods presented:
Three months ended Six months ended
(in thousands,
except per share data)
March 29, 2019 March 30, 2018 March 29,
2019 March 30, 2018 Net income $ 29,555 $
42,558 $ 56,504 $ 69,747 Stock-based compensation 1,834 2,770 4,816
6,334 Intangible asset amortization 8,196 7,765 16,410 16,452 Gain
on sale of a business — (26,737 ) — (26,737 ) Certain legal matters
— 2,286 — 2,286 Other (a) 2,636 2,094 2,842
2,601 Pre-tax adjustments to net income 12,666 (11,822 )
24,068 936 Tax effect (3,103 ) 3,074 (5,897 ) (243 )
Adjusted net income $ 39,118 $ 33,810 $ 74,675
$ 70,440 Weighted-Average Diluted Common
Shares Outstanding 47,369 54,003 47,817 59,945 Net income per
diluted share $ 0.61 $ 0.79 $ 1.15 $ 1.16 Adjusted net income per
diluted share $ 0.83 $ 0.63 $ 1.56 $ 1.18 (a) Represents
other items, such as inventory reserves and adjustments, realized
or unrealized gain (loss) on foreign currency transactions and
release of certain indemnified uncertain tax positions.
ATKORE INTERNATIONAL GROUP INC. LEVERAGE RATIO
The following table presents
reconciliations of Net debt to Total debt for the periods
presented:
($ in
thousands)
March 29,2019
December 28, 2018
September 30, 2018
September 30, 2017
September 30, 2016
Short-term debt and current maturities of long-term debt $ — $
26,561 $ 26,561 $ 4,215 $ 1,267 Long-term debt 884,095
878,094 877,686 571,863 629,046
Total debt 884,095 904,655 904,247 576,078 630,313 Less cash and
cash equivalents 51,498 75,919 126,662
45,718 200,279 Net debt $ 832,597 $ 828,736 $ 777,585
$ 530,360 $ 430,034 TTM Adjusted EBITDA (a) $ 294,839 $
283,086 $ 271,549 $ 227,608 $ 235,002 Total debt/TTM
Adjusted EBITDA 3.0 x 3.2 x 3.3 x 2.5 x 2.7 x Net debt/TTM Adjusted
EBITDA 2.8 x 2.9 x 2.9 x 2.3 x 1.8 x
(a) TTM Adjusted EBITDA is equal to the
sum of Adjusted EBITDA for the trailing four quarter period.
The reconciliation of Adjusted EBITDA for
the quarter ended December 28, 2018 can be found in Exhibit 99.1 to
form 8-K filed February 6, 2019 and is incorporated by reference
herein. The reconciliation of Adjusted EBITDA for the years ended
September 30, 2018, September 30, 2017 and September 30, 2016 can
be found in Exhibit 99.1 to form 8-K filed November 28, 2018 and is
incorporated by reference herein.
ATKORE INTERNATIONAL GROUP INC. TRAILING
TWELVE MONTHS ADJUSTED EBITDA
The following table presents a
reconciliation of Adjusted EBITDA for the trailing twelve months
ended March 29, 2019:
TTM Three months ended
(in
thousands)
March 29, 2019
March 29, 2019
December 28,2018
September 30,2018
June 29, 2018
Net income $ 123,402 $ 29,555 $ 26,949 $ 32,699 $ 34,199 Interest
expense, net 50,302 13,328 12,160 12,372 12,442 Income tax expense
30,206 10,253 8,154 1,447 10,352 Depreciation and amortization
70,130 18,280 18,021 17,637 16,192 Restructuring and impairments
3,483 1,085 1,387 604 407 Stock-based compensation 13,146 1,834
2,982 4,836 3,494 Certain legal matters (7,119 ) — — (7,119 ) —
Transaction costs 7,693 123 164 6,638 768 Gain on sale of a
business (838 ) — — — (838 ) Other(a) 4,434 2,636 206
1,944 (352 ) Adjusted EBITDA $ 294,839 $
77,094 $ 70,023 $ 71,058 $ 76,664
(a) Represents other items, such as inventory reserves and
adjustments, realized or unrealized gain (loss) on foreign currency
transactions and release of certain indemnified uncertain tax
positions.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190507005202/en/
Contact:Keith WhisenandVice President - Investor
Relations708-225-2124KWhisenand@atkore.com
Atkore (NYSE:ATKR)
Historical Stock Chart
From Apr 2024 to May 2024
Atkore (NYSE:ATKR)
Historical Stock Chart
From May 2023 to May 2024