Atkore Inc (ATKR)

Atkore Inc Stock (ATKR) dropped by 2.82% from $135.23 to $131.41 in the trading on Friday November 17, 2023. The reasons why ATKR stock down today include:

• Q4 FY23 earnings results: Atkore Inc reported a Q4 FY23 revenue decline of 15.5% Y/Y to $869.9 million, missing the consensus of $920.4 million. Revenue decreased Y/Y due to lower average selling prices of $173.8 million on expected pricing normalization and the economic value of solar tax credits to be transferred to certain customers of $14.5 million.
• Dividend: The company's Board of Directors approved a new quarterly dividend program and expects the first quarterly cash distribution to be declared and paid in CY Q1 2024, following the earnings announcement.
• Outlook: For FY24, Atkore expects net sales of $3.50 billion - $3.65 billion vs. consensus of $3.61 billion and adjusted EPS of $16.00-$17.00 vs. $16.47 estimate.