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Atkore International Group Inc. (ATKR) SEC Filing 10-Q Quarterly report for the period ending Friday, June 26, 2020

Atkore International Group Inc.

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CIK: 1666138 Ticker: ATKR
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Exhibit 99.1

Atkore International Group Inc. Announces Second Quarter 2020 Results

•
Diluted earnings per share increased by $0.19 to $0.80; Adjusted net income per diluted share increased by $0.16 to $0.99
•
Net income increased by $9.6 million, or 32.6%, to $39.2 million; Adjusted EBITDA increased by $9.9 million, or 12.9%, to $87.0 million
•
Full-year Net Sales, Adjusted EBITDA and Adjusted net income per diluted shared expected to be down 10% - 15% compared to prior year

HARVEY, IL. — May 5, 2020 (BUSINESS WIRE) - Atkore International Group Inc. (the "Company" or "Atkore") (NYSE: ATKR) announced earnings for its fiscal 2020 second quarter ended March 27, 2020.

“I’m pleased to announce Atkore delivered strong second quarter results with net income up 32.6% compared to the prior year,” commented Bill Waltz, Atkore President and Chief Executive Officer. “Our team’s strong operational focus combined with our commitment to teamwork and collaboration enabled the strong earnings growth this quarter.

Waltz continued, “Despite recent market disruptions caused by the COVID-19 pandemic, our team remains focused on ensuring we continue to meet our responsibilities in serving critical infrastructure sectors during this difficult time.

To continue meeting these commitments, Atkore has implemented protocols to enhance the safety of our employees, including daily temperature screenings, social-distancing rules in the plants and warehouses, working remotely whenever possible, enhanced cleaning procedures and increased personal protective equipment measures.
Our adherence to safety, first and foremost, combined with reliance on the Atkore Business System and strong financial management will help us effectively manage through this challenging period of global uncertainty and enable us to continue meeting customers’ needs and driving shareholder value."
2020 Second Quarter Results

 
 
 
Three months ended
(in thousands)
 
 
March 27, 2020
 
March 29, 2019
 
Change
 
% Change
Net sales
 
 
 
 
 
 
 
 
Electrical Raceway
 
$
339,705

 
$
353,514

 
$
(13,809
)
 
(3.9
)%
Mechanical Products & Solutions
 
116,649

 
116,190

 
459

 
0.4
 %
Eliminations
 
(700
)
 
(395
)
 
(305
)
 
77.2
 %
Consolidated operations
 
$
455,654

 
$
469,309

 
$
(13,655
)
 
(2.9
)%
 
 
 
 
 
 
 
 
 
 
Adjusted EBITDA 
 
 
 
 
 
 
 
 
 
Electrical Raceway
 
$
78,954

 
$
67,375

 
$
11,579

 
17.2
 %
Mechanical Products & Solutions
 
16,144

 
17,421

 
(1,277
)
 
(7.3
)%
Unallocated
 
(8,092
)
 
(7,702
)
 
(390
)
 
5.1
 %
Consolidated operations
 
$
87,006

 
$
77,094

 
$
9,912

 
12.9
 %

Net sales decreased by $13.7 million, or 2.9%, to $455.7 million for the three months ended March 27, 2020, compared to $469.3 million for the three months ended March 29, 2019. The decrease is primarily attributed to $18.6 million of lower average selling prices resulting from lower commodity input costs of steel and resin. Additionally, net sales decreased by $3.6 million due to lower volume, primarily in the armored cable and fittings product category sold within the Electrical Raceway segment, partially offset by higher volume in the mechanical pipe product category sold within the Mechanical Products & Solutions segment. The decrease in net sales was partially offset by increased sales of $10.6 million from the acquisition of the assets of United Structural Products, LLC. ("US Tray") and Rocky Mountain Pipe ("Cor-Tek") and the acquisition of Flytec Systems Ltd. and its parent holding company, Modern Associates Ltd., in fiscal 2019 (together, the "2019 acquisitions").


1
The following information was filed by Atkore International Group Inc. (ATKR) on Tuesday, May 5, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Atkore International Group Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statement Of Changes Shareholders' Equity (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Tables)
Accumulated Other Comprehensive Loss - Changes In Accumulated Other Comprehensive Loss (Details)
Acquisitions
Acquisitions (Tables)
Acquisitions - Narrative (Details)
Acquisitions - Summary Of Fair Value As Of Acquisition Date (Details)
Acquisitions - Summary Of Level 3 Fair Values Assigned To Net Assets Acquired And Liabilities Assumed As Of Acquisition Date (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Basis Of Presentation And Summary Of Significant Accounting Policies (Tables)
Commitments And Contingencies
Commitments And Contingencies - Narrative (Details)
Debt
Debt (Tables)
Debt - Abl Credit Facility - Narrative (Details)
Debt - Schedule Of Debt (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Earnings Per Share - Antidilutive Securities (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Assets And Liabilities Measures On A Gross Basis (Details)
Fair Value Measurements - Estimated Fair Value (Details)
Fair Value Measurements - Narrative (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Change In Carrying Amount (Details)
Goodwill And Intangible Assets - Future Amortization Expense (Details) (Details)
Goodwill And Intangible Assets - Intangible Assets (Details)
Goodwill And Intangible Assets - Narrative (Details)
Guarantees
Guarantees - Narrative (Details)
Income Taxes
Income Taxes (Details)
Inventories, Net
Inventories, Net (Tables)
Inventories, Net - Narrative (Details)
Inventories, Net - Schedule Of Inventory (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Assets And Liabilities (Details)
Leases - Cash Flow Information (Details)
Leases - Lease Cost (Details)
Leases - Lease Term And Discount Rate (Details)
Leases - Maturity Of Lease Liabilities (Details)
Leases - Schedule Of Minimum Future Operating Lease Payments (Details)
Other Income, Net
Other Income, Net (Details)
Other Income, Net (Tables)
Postretirement Benefits
Postretirement Benefits (Tables)
Postretirement Benefits - Net Periodic Benefit Cost (Details)
Property, Plant And Equipment
Property, Plant And Equipment (Details)
Property, Plant And Equipment (Tables)
Property, Plant And Equipment - Narrative (Details)
Restructuring Charges
Restructuring Charges (Tables)
Restructuring Charges - As A Component Of Selling, General And Administrative (Details)
Restructuring Charges - Restructuring Reserves (Details)
Revenue From Contracts With Customers
Segment Information
Segment Information (Tables)
Segment Information - Narrative (Details)
Segment Information - Net Sales (Details)
Segment Information - Net Sales By Geography (Details)
Segment Information - Reconciliation Of Operating Segment Income (Details)
Segment Information - Shared Assets (Details)
Subsequent Events

Material Contracts, Statements, Certifications & more

Atkore International Group Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32: Section 1350 Certification
Ticker: ATKR
CIK: 1666138
Form Type: 10-Q Quarterly Report
Accession Number: 0001666138-20-000087
Submitted to the SEC: Mon Aug 03 2020 6:00:00 PM EST
Accepted by the SEC: Tue Aug 04 2020
Period: Friday, June 26, 2020
Industry: Miscellaneous Electrical Machinery Equipment And Supplies

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