Atkore Inc. announced its financial results for the first quarter of fiscal year 2025, ended December 27, 2024, reporting a significant downturn in performance. Net sales decreased by 17.1% to $661.6 million compared to $798.5 million in the prior-year period, primarily driven by a $96.2 million decrease in average selling prices and a $43.8 million decrease in sales volume.
The company experienced a sharp decline in profitability, with gross profit decreasing by 41.1% to $171.1 million and net income falling by 66.5% to $46.3 million. Adjusted EBITDA plummeted by 53.6% to $99.2 million from $213.5 million in the prior-year quarter, resulting in an Adjusted EBITDA Margin of 15.0%, down 1170 basis points. Adjusted diluted EPS decreased by $2.49 to $1.63.
In response to these results, Atkore adjusted its full-year fiscal 2025 outlook, lowering its estimate for Adjusted EBITDA to a range of $375 million to $425 million, a reduction of $100 million at the midpoint from previous guidance. The Adjusted net income per diluted share estimate was also reduced to $5.75 - $6.85, with the CFO attributing approximately $75 million of the guidance reduction to the PVC business.
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