Shares decline as sales expectations are missed
- Atkore stock falls 10% on sales miss
- Adjusted outlook for the year
- Revenue for Q2 decreased 11.5%
- Full-year adjusted earnings per share estimate lowered
- Second-quarter profit of $137.96 million
Shares of Atkore were on the decline after the electrical raceway products manufacturer missed analysts’ sales expectations for the second quarter and adjusted its outlook for the year. The stock decreased 10.8% to $157.31 in recent trading. Revenue for the three months ended March 29 decreased 11.5% to $792.9 million from $895.93 million in the year-ago quarter. Atkore updated its estimate for full-year adjusted earnings per share between $16 and $17, saying several factors are impacting its high-density polyethylene and solar-related initiatives. Atkore on Tuesday reported a second-quarter profit of $137.96 million, or $3.67 a share, compared with $174.19 million, or $4.31 a share in the year-ago quarter. Adjusted for certain one-time items, Atkore’s earnings were $4.08 a share, above analysts’ estimates of $3.76 a share.
Factuality Level: 8
Factuality Justification: The article provides specific details about Atkore’s financial performance, including revenue figures, earnings per share, and analysts’ expectations. The information is presented in a straightforward manner without any obvious bias or sensationalism. However, the article could benefit from additional context about the industry or market conditions that may have contributed to Atkore’s performance.
Noise Level: 3
Noise Justification: The article provides relevant information about Atkore’s financial performance, including details on revenue, earnings, and stock price movements. It stays on topic and supports its claims with data and examples. However, it lacks in-depth analysis of long-term trends or antifragility considerations. Overall, the article is focused and informative, with minimal noise.
Financial Relevance: Yes
Financial Markets Impacted: Atkore
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article pertains to financial topics as it discusses Atkore’s missed sales expectations, adjusted outlook, and financial results. However, there is no mention of an extreme event or its impact.
Public Companies: Atkore (Unknown)
Key People: Emon Reiser (Unknown)
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