Slide 1: Third Quarter 2024 Earnings Presentation and Business Update
Third Quarter 2024 Earnings Presentation and Business Update August 6, 2024 © Atkore
Slide 2: Cautionary Statements
Cautionary Statements This presentation is provided for general informational purposes only and it does not include every item which may be of interest, nor does it purport to present full and fair disclosure with respect to Atkore Inc. (the “Company” or “Atkore”) or its operational and financial in
Slide 3: Q3 2024 Results
Q3 2024 Results Net Sales Net Income Adjusted EBITDA1 Diluted EPS Adjusted Diluted EPS1 $M $M $M $/share $/share -35% -34% -11% 1,061.6 254.3 -39% 377.5 5.74 6.07 -24% 5.72 919.1 5.13 853.7 822.4 201.3 175.3 274.3 270.3 3.64 3.96 3.80 206.1 3.33 123.4 384.9 63.7 24.1 0.49 0.67 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q
Slide 4: Q3 Income Statement Summary
Q3 Income Statement Summary Y/Y Y/Y % ($’s in millions) Q3 2024 Q3 2023 Change Change Net Sales $822.4 $919.1 ($96.8) (10.5%) Operating Income $168.5 $232.6 ($64.1) (27.6%) Net Income $123.4 $201.3 ($77.9) (38.7%) Adjusted EBITDA1 $206.1 $270.3 ($64.1) (23.7%) Adjusted EBITDA Margin2 25.1% 29.4% (43
Slide 5: Consolidated Atkore Bridges
Consolidated Atkore Bridges Q3 Net Sales Bridge Net Sales % Change 2024 $919M $1 $822M $88 $7 $1 Volume (0.1%) Price (9.5%) Solar Credit (0.8%) Other (0.1%) Total (10.5%) 2023 Volume/Mix Price Solar Credit Other1 2024 Adjusted EBITDA Bridge2 Adjusted Diluted EPS Bridge2 $270M $5.72 $5 $22 $6 $206M $
Slide 6: Key Product Area Trends & Review
Key Product Area Trends & Review Volume/Mix % FY 2024 YTD Net Sales by Product Area Review & FY 2024 YTD vs. Key Product Area1 Key End Markets FY 2023 YTD PVC related product volume up high single digits YTD despite slowness in PVC electrical markets Plastic Pipe, 31% Demand for HDPE telecom related
Slide 7: Segment Results
Segment Results Electrical Safety & Infrastructure Y/Y ($’s in millions) Y/Y ($’s in millions) Q3 2024 Q3 2023 Q3 2024 Q3 2023 Change Change Net Sales $606.0 $705.6 (14.1%) Net Sales $217.0 $213.6 1.6% Adjusted EBITDA $182.6 $266.6 (31.5%) Adjusted EBITDA $30.0 $21.5 39.8% Adjusted EBITDA Margin 30.
Slide 8: Cash & Balance Sheet Summary
Cash & Balance Sheet Summary Atkore’s strong balance sheet enables continued execution of our capital deployment model with cash generated by the business. FY24 YTD Cash Bridge Debt Maturity Profile $M $M $350 $105 $388M $400 $373 $325 $281 $304M $23 $25 FY23 YE Cash Flow Capital Stock Dividend Net
Slide 9: Updated FY 2024 Outlook
Updated FY 2024 Outlook Expect low to mid single digit percentage volume growth for FY 2024. Amending FY 2024 Outlook to reflect overall market environment and impacts of certain growth initiatives. Outlook Summary Outlook Items for Q4 2024 Outlook FY 2024 Outlook Updates to FY 2024 Outlook Consolid
Slide 10: Key Bridging Assumptions FY 2024 vs. FY 2023
Key Bridging Assumptions FY 2024 vs. FY 2023 Current bridging assumptions reflect overall market softness and updated projections from our growth initiatives related to HDPE and Solar Torque Tubes. Initial Bridging Assumptions – FY 2024 vs. FY 2023 Current Bridging Assumptions – FY 2024 vs. FY 2023
Slide 11: Appendix
Appendix © Atkore 11
Slide 12: Segment Information
Segment Information Three months ended June 28, 2024 June 30, 2023 Adjusted Adjusted Adjusted EBITDA Adjusted EBITDA (in thousands) Net sales EBITDA Margin Net sales EBITDA Margin Electrical $ 605,962 $ 182,568 30.1 % $ 705,617 $ 266,556 37.8 % Safety & Infrastructure 217,024 30,042 13.8 % 213,606 2
Slide 13: Adjusted Diluted EPS Reconciliation
Adjusted Diluted EPS Reconciliation (Adjusted Net Income Per Diluted Share) Consolidated Atkore Inc. Three months ended June 28, June 30, June 24, June 25, June 26, (in thousands, except per share data) 2024 2023 2022 2021 2020 Net income $ 123,417 $ 201,288 $ 254,313 $ 175,297 $ 24,078 Stock-based
Slide 14: Net Income to Adjusted EBITDA Reconciliation
Net Income to Adjusted EBITDA Reconciliation Consolidated Atkore Inc. Three months ended June 28, June 30, June 24, June 25, June 26, (in thousands) 2024 2023 2022 2021 2020 Net income $ 123,417 $ 201,288 $ 254,313 $ 175,297 $ 24,078 Interest expense, net 9,944 8,682 7,243 8,090 9,421 Income tax exp
Slide 15: Trailing Twelve Month Adjusted EBITDA
Trailing Twelve Month Adjusted EBITDA Consolidated Atkore Inc. TTM Three months ended June 28, June 28, March 29, December September (in thousands) 2024 2024 2024 29, 2023 30, 2023 Net income $ 540,678 $ 123,417 $ 137,955 $ 138,381 $ 140,925 Interest expense, net 34,646 9,944 8,321 7,793 8,588 Incom
Slide 16: Total Debt to Net Debt
Total Debt to Net Debt Consolidated Atkore Inc. June 28, March 29, December September June 30, March 31, (in thousands) 2024 2024 29, 2023 30, 2023 2023 2023 Long-term debt $ 764,300 $ 763,762 $ 763,225 $ 762,687 $ 762,149 $ 761,612 Total debt 764,300 763,762 763,225 762,687 762,149 761,612 Less cas
Slide 17: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation Consolidated Atkore Inc. Nine months ended June 28, June 30, (in thousands) 2024 2023 Net cash provided by operating activities $ 349,957 $ 563,748 Capital expenditures (105,098) (122,535) Free Cash Flow $ 244,859 $ 441,213 © Atkore 17
Slide 18: Glossary of Terms
Glossary of Terms Abbreviations listed in alphanumeric order Abbreviation Description Abbreviation Description 1H First Half LDD% Low Double Digit Percentage 2H Second Half LSD% Low Single Digit Percentage ABS Atkore Business System M Million Adj. Adjusted M&A Mergers & Acquisitions AI Artificial In
Slide 19: atkore.com
A Atkore A Atkore atkore.com BUILDING BETTER TOGETHER 19