Atkore Shares Up 7% On Strong Q3

Shares of Atkore Inc. (ATKR) are rising over 8% Tuesday morning, after the company reported strong Q3 results and lifted its fiscal 2021 guidance. The stock, which has been trading in the range of $20.42 - $90.08 for the past one year, is currently trading at $80.38, up $6.24 or 8.42%, with trading of over 169K versus an average volume of 402K shares.

The company reported Q3 net income of $175.3 million versus $24.1 million last year. On a per share basis, earnings grew to $3.64 from $0.49 in the prior-year period. Adjusted earnings totaled $3.96 per share, a jump from the previous year's $0.67 per share, primarily reflecting higher net income. Net sales amounted to $853.7 million, an increase of 121.8%, compared to $384.9 million generated a year ago.

Analysts polled by Thomson Reuters expected earnings of $3.07 per share on revenue of $722.78 million for the quarter. Analysts' estimate typically exclude certain special items.

For fiscal 2021, the company now expects net sales to be up about 60%, and adjusted EBITDA to be in the range of $855 million - $875 million. In addition, the company expects adjusted earnings to be in the range of $12.25 - $12.55 per share.

Wall Street analysts estimate earnings of $10.46 per share on revenue growth of 46.10% for the fiscal year 2021.

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