Atkore Inc. (NYSE:ATKR) Q1 2023 Results Conference Call February 1, 2023 8:00 AM ET

Company Participants

John Deitzer - VP, IR

Bill Waltz - President, CEO

David Johnson - CFO

Conference Call Participants

Andy Kaplowitz - Citi

Deane Dray - RBC

Alex Rygiel - B. Riley

Chris Dankert - Loop Capital

Chris Moore - CJS Securities

John Deitzer

Thank you, and good morning, everyone. I'm joined today by Bill Waltz, President and CEO; as well as David Johnson, Chief Financial Officer. We will take your questions after comments by Bill and David. I would like to remind everyone that during this call, we may make projections or forward-looking statements regarding future events or financial performance of the company.

Such statements involve risks and uncertainties such that actual results may differ materially. Please refer to our SEC filings in today's press release, which identify important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. In addition, any reference in our discussion today to EBITDA means adjusted EBITDA.

Adjusted EBITDA is a non-GAAP measure. Reconciliations of non-GAAP measures and a presentation of the most comparable GAAP measures are available in the appendix to today's presentation.

With that, I'll turn it over to Bill.

Bill Waltz

Thanks, John, and good morning, everyone. Starting on Slide 3, Atkore is off to a solid start for 2023. Volumes for the quarter were up over 5%, and adjusted EPS increased 1% year-over-year in the quarter. We continue to execute our playbook for capital deployment and strategic growth. As previously discussed, we expanded our HDPE product operating with the acquisition of Elite Polymer Solutions in November. HDPE represents a significant growth opportunity for us, and I'm pleased with the progress and integration so far.

During the first quarter, we repurchase $150 million of shares, and in the second quarter, we've already repurchased over $100 million. Collectively, this brings our year-to-date total for repurchases above $250 million. With our solid start to the year, we are increasing our full year outlook for adjusted EBITDA and adjusted EPS. It is my pleasure to also announce the release of our 2022 sustainability report, which was published this morning and posted on the ES&G section of our website.

This report covers a broad range of topics, and I believe it demonstrates and articulates why Atkore is a great place to work and truly a special company. I would like to thank all of our employees for everything they do to support our customers and all of our stakeholders, is because of their tireless efforts that Atkore is able to achieve the results and successes that we have.