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Atkore’s fiscal second-quarter performance is expected to have been driven by the acquisition of Elite Polymer Solutions, which has bolstered its HDPE offering.
Higher sales volumes in metal electrical conduit and fittings, electrical cable and flexible conduit, construction and metal framing product lines are expected to have aided ATKR’s performance in the to-be-reported quarter.
However, a decrease in average selling prices and foreign currency headwinds is expected to have weighed on Atkore’s fiscal second-quarter performance.
The Zacks Consensus Estimate for ATKR’s second-quarter fiscal 2023 sales indicates a 7.4% decline from the year-ago reported figure. The same for earnings shows a 23.8% drop from the second quarter of fiscal 2022 reported figure.
What Does the Zacks Model Say?
Our proven model does not conclusively predict an earnings beat for Atkore this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of beating estimates, which is not the case here, as elaborated below.
Earnings ESP: Atkore has an Earnings ESP of 0.00% as both the Most Accurate Estimate and the Zacks Consensus Estimate are pegged at $4.11. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Atkore currently carries a Zacks Rank #3.
Highlights of Q1 Earnings
n first-quarter fiscal 2023, Atkore reported earnings of $4.61 per share, which surpassed the Zacks Consensus Estimate of $4.04. Total revenues of $834 million beat the Zacks Consensus Estimate of $821 million. The bottom line inched up marginally year over year, while the top line dipped around 1%.
Stocks to Consider
Here are some companies within the broader Industrial Products sector, which, according to our model, have the right combination of elements to beat on earnings in this reporting cycle.
The Zacks Consensus Estimate for Middleby’s first-quarter earnings has been revised downward by 2 cents in the past 60 days. However, the company pulled off a trailing four-quarter earnings surprise of 0.1%, on average. The stock has gained 6.8% in the year-to-date period.
Broadwind Energy (BWEN - Free Report) has an Earnings ESP of +75.00% and a Zacks Rank #3. The company is set to release first-quarter 2023 results on May 11.
The Zacks Consensus Estimate for Broadwind Energy’s first-quarter earnings has been revised upward by 42.8% in the past 60 days. The stock has rallied more than 100% in the year-to-date period.
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Atkore (ATKR) to Report Q2 Earnings: What's in the Cards?
Atkore (ATKR - Free Report) is scheduled to release second-quarter fiscal 2023 (ended Mar 31, 2023) financial numbers on May 9, before market open.
The Zacks Consensus Estimate for the company’s fiscal 2023 earnings has remained steady in the past 60 days.
Let’s see how things have shaped up for Atkore’s fiscal second-quarter earnings.
Atkore Inc. Price and EPS Surprise
Atkore Inc. price-eps-surprise | Atkore Inc. Quote
Factors to Note
Atkore’s fiscal second-quarter performance is expected to have been driven by the acquisition of Elite Polymer Solutions, which has bolstered its HDPE offering.
Higher sales volumes in metal electrical conduit and fittings, electrical cable and flexible conduit, construction and metal framing product lines are expected to have aided ATKR’s performance in the to-be-reported quarter.
However, a decrease in average selling prices and foreign currency headwinds is expected to have weighed on Atkore’s fiscal second-quarter performance.
The Zacks Consensus Estimate for ATKR’s second-quarter fiscal 2023 sales indicates a 7.4% decline from the year-ago reported figure. The same for earnings shows a 23.8% drop from the second quarter of fiscal 2022 reported figure.
What Does the Zacks Model Say?
Our proven model does not conclusively predict an earnings beat for Atkore this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of beating estimates, which is not the case here, as elaborated below.
Earnings ESP: Atkore has an Earnings ESP of 0.00% as both the Most Accurate Estimate and the Zacks Consensus Estimate are pegged at $4.11. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Atkore currently carries a Zacks Rank #3.
Highlights of Q1 Earnings
n first-quarter fiscal 2023, Atkore reported earnings of $4.61 per share, which surpassed the Zacks Consensus Estimate of $4.04. Total revenues of $834 million beat the Zacks Consensus Estimate of $821 million. The bottom line inched up marginally year over year, while the top line dipped around 1%.
Stocks to Consider
Here are some companies within the broader Industrial Products sector, which, according to our model, have the right combination of elements to beat on earnings in this reporting cycle.
The Middleby Corporation (MIDD - Free Report) has an Earnings ESP of +1.55% and a Zacks Rank #2. The company is scheduled to release first-quarter 2023 results on May 10. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Middleby’s first-quarter earnings has been revised downward by 2 cents in the past 60 days. However, the company pulled off a trailing four-quarter earnings surprise of 0.1%, on average. The stock has gained 6.8% in the year-to-date period.
Broadwind Energy (BWEN - Free Report) has an Earnings ESP of +75.00% and a Zacks Rank #3. The company is set to release first-quarter 2023 results on May 11.
The Zacks Consensus Estimate for Broadwind Energy’s first-quarter earnings has been revised upward by 42.8% in the past 60 days. The stock has rallied more than 100% in the year-to-date period.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.