ATKR - Earnings call transcript Q4 2018

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Operator

Greetings and welcome to the Atkore International Fourth Quarter Fiscal 2018 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I'd now like to turn the conference over to Keith Whisenand, Vice President of Investor Relations. Please go ahead.

Keith Whisenand

Thank you, Rob, and good morning, everyone. Bill and and Officer. Jim are Chief David today Officer; Financial Mallak, me Waltz, CEO; President Johnson, With Chief Accounting like statements that make everyone the company. future to call, of I'd may we financial during performance projections future regarding this forward-looking events or or remind Such risks such and that differ results may statements involve materially. uncertainties actual forward-looking differ identify statements. our could cause that Please our and XX-K factors in refer contained today's results important materially to to projections those or press release which from actual turn With Bill. I'll to that, it over

Bill Waltz

Thanks, good morning, Keith everyone. and

Let strong me full and Adjusted our net due delivered per year key $X.X XX%, adjusted double-digit start guidance to by earnings saying that million and XX%, Atkore of on in financial sales that year year. we're EBITDA proud XXXX were growth sales, to report last per and versus Starting $XXX These the adjusted our share $X.XX results billion. earnings EBITDA, net performance results on for and share. X, several on delivered of up of outperformed factors. XX% Slide

billion Electrical $X.X net higher increase XX% through freight and based average market. increased XX% Raceway the delivered on EBITDA of product These part adjusted to our sales in segments the increase a $XXX of prices market a in year-over-year our equates impact of First, million. and past costs to

volume part prices. higher delivered of selling million $XXX to increase products higher sales due Solutions net the Mechanical Products in segment & Second, up XX.X% sold year-over-year average of in

in higher we through prior However, the input to which an that segment due increase sold year average average versus through costs volume. adjusted offset declined in exceeded partially XX% EBITDA price

our inflation. of prices which continue two over the years and the mix freight selling $XX offset margins provided more organization. pricing synergies across XXXX, to of and initiatives Third, and Fourth, $XXX product versus average than management added EBITDA active commodity have our increase portfolio additional accretive drive last changes million million

financial also repurchase and strong retire million performance overall approximately provides to subsequently Lastly, Atkore's shares. XX ability

has Atkore’s a Directors transformed result, stature. a Rice with fully Dubilier that a & this of to As now reflects new independent ownership company under Clayton, Board

Atkore year-over-year up the the our strong exceeded EPS sales, midpoint Net three digit full double were and results delivered Taken all and year together, of year. adjusted for guidance. EBITDA

to team, deliver of that, our customers, the and systems. delivered a also cash approximately integrate support, EBITDA additional strong our call I'll us David, accretive $XX the manner. the sales and million an insights on walk under close to add business and quarter. provide million repurchase as and through operating capital Belgian-based industrial our acquisitions to shares metal We of The to system shareholders. in into capital continue adjusted more before will flow, manufacturer $X cables, the our XXXX detail trunking acquire commitments continue floor Vergokan provide to turn shortly efficient our who Vergokan, culture in as over synergies. deployed will net to We after With deploy to in the and well and discipline additional financials

David Johnson

good everyone. and to morning Bill, Thanks,

MP&S favorable as Electrical net the in $XXX up in mix. for Volume organic this months and MP&S flat Raceways be quarter Moving the excluding The our for In year. quarter is quarter acquisition X% environment stocking. the in top in to appears strength added QX segment and the volume and timing selling higher for for in software distributor to XX% were year. Slide by industrial line of million, for X% X% increase fourth the average prices the our was the driven as segment reflecting was continued consolidated well exchange. Atkore, the was and acquisitions XX% the X, on results the X% foreign the in quarter Raceway Net up acquisitions and after normalizing organically the To year-to-date. the softening volume year. up X% closing was sales quarter and Electrical for total up

we year-over-year, cost successfully the million through million. increases quarter, mix these $XX selling items initiatives broken at we input and incurred the X. pricing average price on bridge We've up of increased During EBITDA adjusted $XX on our Slide

to the percentages. constant in these EBITDA we've percent As cost we price, would pass equal basis, quarter, was Gross $XX was XXXX, million input sold year. and increase price million XXX our of been $XX amounts, previously, net profit margin sales in when million primarily costs. unfavorably million, compared or XX% mentioned goods XX% driven same basis On through cost $XXX to versus a EBITDA the our in $XX by last up cost and fourth versus impacting and points adjusted have up XXXX. or up Adjusted customers resulting QX mix for versus period

the net million were quarter. These in volume, decline to increases adjusted investments in compensation. M&A small for a by partially business Our growth we've increase made accounted activity offset the EBITDA in variable of $X in the

$XX Adjusted up on $XX the fourth from XX% the was basis fourth million XXXX. quarter EPS versus million, income quarter $X.XX, was net GAAP Our a up of XXXX.

to Moving to Electrical or segment net Raceway $XXX X, increased million. sales by Slide $XX our on XX% million

had with the are X%. $XX in million approximately up million ended adjustments volumes Raceway Our the combined in The strong lighter half, were reported segment X% which what acquisitions, year When quarter like the account and inventory approximately the The and Organic sales pricing looks or Adjusted Electrical year. our accretive adjusted down favorable fourth - in last volumes quarter. increased were the the recent $XX execution, quarter quarter all $X of or driving increased X%. by first to of net or improvement. EBITDA $XX due full in in points favorable or to compared basis sorry. XXX of was Adjusted acquisition increase. margin mix $XX million a prices acquisitions by to revenue for with margins, mix up about EBITDA products Higher million or selling $XX XX%. average of million impact million, the the channel, XX%

million. was show million on Solutions our as to to on Mechanical or XX% markets X. Moving Products by $XX which sprinkler traction, due and part net by last due Slide were revenue. strength. X% compared added below has in cost Adjusted in through flexible by XXXX million reduced stronger to to to segment is flexible $XXX the year. Volumes X%. divestiture industrial the sales the quarter almost volume. sales sprinkler to latest $X XX% increased in continue by pricing impacted business OEM million the XXX the of of reduction partially And cost combined to passing quarter increase the timing points EBITDA basis fourth headwinds Price primarily Net EBITDA versus the to business, by up the accelerated & our headwinds our quarter by price increases divestiture versus of decreased margin $XX Adjusted is The customers. to offset

in of However, in our the price see continued the XXXX traction fourth did delivered we quarter. our increases more in than acceleration pricing XX% being quarter with

We to expect curve actions up in pricing our catch early to cost XXXX. the

from flatten million balance our the increased will mind when about Slide was A in out million. that balance million. cash keep conversion $XXX by quarter X. The of capital equivalents working costs. of end Please higher sheet the and cash Turning cash $XX our was $XXX or operating and commodities the be flow of higher flow Net at driven most cash on for activities year decline. commodity by to

debt million EBITDA months XX net was leverage our net which adjusted as ratio of Finally, to X.Xx. define debt $XXX and we the trailing

we’re long-term moving goal past, the the our we've metric is in that As in communicated direction. to back move range this Xx and to low

the guidance turn to update. I'll Now, for Bill call our

Bill Waltz

Thanks David.

upon seven Before call to game with evolution in to the well golf Jim This important recognize its publicly the Atkore you leader want industry Atkore him company last Jim being improves years. With he continued guidance, Atkore the his his everything. earnings leadership for strong our thank as team started our and of I future enable retirement fundamentals our of advocate and to I move will past. with his Mallak’s wish thank that for on as I strong Jim, a guidance, climate The warmer of a entire is a piece now success. for want past in

as XXXX market see my lot on spent one the our Slide with and of field customers very on finals though. for the availability distributor in partners call X, are a team as time and They about expectations positive activity contractors market. The headwind and they I project in labor the Moving do to out users. end and the

guidance in markets we up well as as markets Billing Architecture to forecast input to XXXX to be between X% to XX our to up follows; we expect volume the Index, up be volumes expect XXXX, Raceway the their Electrical into in X%. the and X% as be these to million factors, and we Taking will million. from consideration segment, industrial Dodge and X% Slide be is With X% construction EBITDA $XXX adjusted X% our and on latest expect $XXX for

to we X% and For adjusted be our up EBITDA million MP&S $XX to $XX X% and volume be to segment, expect between million.

that contribution bridge our $XX $X.XX. to be generated Atkore, which to of price the off share of million offset the of by $XX Flexhead adjusted Interest of for favorability add For expecting shares. range to and for count $X that half also versus from of XXXX with be will adjusted $XXX had around net we're estimate XXXX million. and productivity back adjusted the EBITDA in net million EBITDA headwind to Vergokan, expense $XX some $XXX $X A sale midpoint XX% $X the savings acquisition be our the in million is then $XXX in margin then million saw about will we point and million our to of subtract the $XX from total adjusted million for million of approximately between EPS $X cost of for million the diluted loss EBITDA and tiny of $X We million XX% simple jumping fully XXXX. EBITDA between volume add million, be a

year. tax million. expected for and to Our rate million $XX between the be be XX% will full is about $XX CapEx

our the on to but we and and out on quarter our not teams expect adjusted is future, we things. for EBITDA, continue first key between now well markets XXXX, that help focus $XX The three continue our million range guidance Turning will we strong ensure commitments into as million. To to only has deliver forward. to year our the go started $XX

service provide profitable product, will and grow acquisitions. synergistic we to geographical through First, in addition expansion organically and accretive

with we easier deliver execution strong drive and of choice. make to we Second, customer do This customer to experience and to first voice need become the the so drive to solutions. will that only Atkore customers' business we it improve means meaningful of

and develop the the recruit, Third, to best talent retain in we ensure need to we continue industry.

are the that, for in makes please we've We of Atkore that every here the with everyone. built at in organization line operator, employees open business With up dedicating and proud line day engaged questions. for the better

Operator

[Operator of Please your Instructions] be coming the Andrew from Our line first question question. proceed Kaplowitz with Citi. with will

Eitan Buchbinder

that Andy. on. Electrical up situation? that choppy This some volume Electrical are was the you destocking quarter, think decline economic for Raceway have destocking. little and over is that uncertainty coming It what given than Last is risk went there has down seems volume now year there's and about Eitan volume degradation and inventory continued Can interest you a Buchbinder talk longer is as And the Raceway? some the in U.S. on marginally volume gotten you the like rates

Bill Waltz

the great guidance inventory itself. into slight each, math next other just rates question. some lot there. what a interest and of in words, is a as therefore, so to do see year. decrease simple see a if in forth in on see, market we What Yes, we we there’s don't commodity and back costs, In From do give we out and you

inventory because the contractors, but period, of our between size some distributors of that’s of take if one products, of week X%. you just out and Just of XX-week a

I and is our inventory. want done to leadership mix the decrease And work to thing so emphasize, on have slight compliment well, that worked of our their we and all then management. really distributors other a it's forth, So

significantly it are basic in actually look we about some if pricing, because margin, when areas. of So at lot give in have our of works but products commodity volume. revenue, do products more And indication, on there’s selling our don't the the higher feet, talking focus us. it's a we've obviously up But we margin those instead you you which to measure quite against gone that that

competitors into to growth we're of probably XXXX. would And going most same So, top with type ranges. our as Raceway I still think comfortable guidance other we it the be very X% X% talking

Eitan Buchbinder

still The market And we and to X% market you’re X% follow-up, you’re based. know pretty growth. just U.S. a strong industrial mostly seems as industrial, predicting within

in industrial in You Thank industrial concern range? are have that expectations market are solid for growing you? that Or market XXXX, all you. there any

Bill Waltz

roll such of The a we thing through also opportunities, of segments have wide listing, lots have your with we to you’ve still great to systems would just concerns diverse one segment walk We that in, such our cages, shopping start and there’s cart nothing set houses one green everything that from diverse XXXX. racking thing. are if where a there’s group where depot us optimistic that home about I put and

Operator

proceed line your comes question next The UBS. from question. Please the with Steven Winoker with of

Steven Winoker

of all, what anyway of these to etcetera. terms your MP&S you I increases of price environment just dig between the in also impact be on in price to goes And maybe certainly in steel, terms little to and commodity a ability of obviously space wanted first answer hold on do would what think any to like to Raceway October that? there deflationary differential the looks bit and

Bill Waltz

reverse them in Yes, order. I’ll do

frankly things that we literally it’s market situation. for quite is works well us really that given of the mean every pricing everyday that Raceway with do I we One have hour

tie a challenges. So well to we or in pricing. what a that to you XXXX. That I a and supply, you therefore, do strength expect purchase pricing And XXXX One, XX% lag. or to seen but long. going competitor or term similar that that Raceway. think somehow very haven’t creates are that’s us there of you’ve into in contract in that’s is continue three in made just there’s order volume execute why two MP&S but demand, either we that quite pricing factor is doing cost XX% well can a to And have seen is commodity so just react the months to quickly we two it have longer bid there price involved the

obviously can going I pricing Now well & whole we’re and forward, we Mechanical as Atkore to to their really to do own discipline, what learn XXXX. Solution that said best as continue and go we drive on know Products practice what they we into continue on our self-help focus with is, go

Steven Winoker

as little MP&S that that given that you're is what is way bit in just going hearing? of Raceway the quickly of side I'm ability deflationary describing pass a on as the So but what to down

Bill Waltz

Yes.

had or we think. hurricane $X we million I we was here. I the our where I and the end job gave gave think mean in because quicker. guidance we a reacted last QX such out also bunch guidance we great I to of at year $XX There may a and of PVC be year-over-year resin million as products a mentioned called did

period at bit a past up a the to inflationary deflationary or down. to and So in be it's our more numbers. we're deflationary the shown days the to we're But and able drive we've on to day, our the way trying margins. to conservative there's just our end very whether anything, objective, we're on periods of hold during hold prices able XX little that if And keep on that

it work goes So our could down. slightly actually as advantage to pricing

Steven Winoker

and question now that in we're Obviously, a other level several certain seeing penalizing right in leverage allocation. been companies the the market terms above has capital And of of cases. sort

the We see pace certainly here? in de-leverage been de-levering. can the are does balanced way been thinking too. have about a guys allocating you from how You - but you've How that, of

Bill Waltz

you want to? do David,

David Johnson

take I'll Yes. that.

alone, The we after acquisitions way X.X at down between to feel add balanced can put X.X I synergies. and the of we be two buyback, in priorities continued two As worked think we’ve presentation accretive or X.X. where a in we've were we've our to that large ton we main our QX seen those we being

we approach, our And that you right to this do our so Vergokan the long-term lower to where is into down would think cash the quite going ratio. think into look second, that fits our priorities it all to are With range acquisitions. appetite to if our then I I generation, the disciplined on much clearly in say at of be have acquisitions, reducing availability very acquisition, leverage but number intend to move Xs. the move going or quickly, depend we down the this it's the ability as different into I

Steven Winoker

out, similar. year? EBITDA And shape you the - if to I looks one the - just end, sneak I could the that you've in your laid pretty of seasonality normal seasonality to Are stuck guess last on for

Bill Waltz

at you I were Yes, who we If all more thing at distributors as is volume, the would out probably call QX did stage. up, had only that anyone of details. - had we even so call recalls XXXX the this into out. higher We get buying just

we comp profit a even a QX. EBITDA in and year-over-year tough first no, for expecting see you'll probably up But, normal little - had higher overall actually we're X% So and good and seasonality the on revenue bit quarter. of

Operator

line next from questions. RBC. the The is question Please your Deane with proceed Dray of with

Deane Dray

price we on XXXX. could with Maybe, cost for start

You about your quarterly is gave progression a just how helpful need at I point? know costs? for best on But you headwind. does what's least your that. But out, data what play the in point at ball estimate the price baked a on year crystal this that assumptions the But for

Jim Mallak

called spread year. did where quarter excuse the have higher tweets We out an great steel we get question up President's the costs amazing quarters that as say our QX to I Dean. and and again, QX. up in or first in XX%. onetime even and overall Yes, because we was some we spread in me, every got are look quarter quarter, last hey U.S. able price year out PVC every year, quarter mean the you probably in throughout It's extra things last were we previous

I make that there want we spread give could quarters $X that be think conservatism, So, that million sure Dean. because of just guidance in we the plus across and probably as the to or evenly

Deane Dray

this Was us little larger And then nonrecurring and give just bit What a of a please? quarter, what there least on EBITDA costs? were there were at for. some legal transaction we the to matter items? adjustments versus the you some color looking noise from Can some there of

Jim Mallak

once sec Just there Dean…

Deane Dray

give came there? can dynamics the us maybe tax we looking looking were you're what What as Dave some lighter were for. on comments than And in

David Johnson

reserve we'll the basically, benefits was stock first And our reduced that again a have with goes than said M&A tax the for provision and then it pre-spin, start was back And and reverse and XX so expected, FIN just comp, tax Tyco the it M&A. and excess so I to release we - the so that definitely higher we tax rate. a did we

So one for two the of those the are couple quarter timers

Jim Mallak

Dave talking ones I give also the an so with, we if the call can as over a I'll per had one were out then $X the million for - of reversal the And size numbers released things big duty - had it onetime anti-dumping won't I also of And government. a but but legal for company reserve slightly $X.X was adjustments the were the then we they million of play. company that two release in with we reserve is general biggest versus the here

Operator

Please of next Wells with Your with Rich line proceed Kwas the from questions. your comes Fargo. question

Deepa Raghavan

heavy non-res I your of few will a which doing today? above, be the end, questions. institutional, start Raceway color assumption This X% Within with some is in any lower for there infrastructure or are higher volume would which appreciated. a will How grow and assumptions. Kwas. to be volume towards the example commercial end I'll in think there Rich there that at are verticals Deepa slightly and the had the X% you Electrical you probably for

Bill Waltz

electrical that because it the and growing more - and help what we So, obviously call that's the tools that products the density I'm are us we foot. two focused positive we on per most really where sell square think

and to education seem up both going significantly. hotels Our be

so are a bit like minor fiscal just buildings we other the But be that parking to and in - to seemed up hotels are are XXXX for little be even at structures, that are things less our into position XXXX, as if us year. education, ones of down. think and but a Some things go least through manufacturing they're lining again great you public

Deepa Raghavan

you cash fiscal that, XXXX? So, expectations any provide year on to guidance I from if I on last this flow us we've think your any Jim color have free got mean, year. for some just curious

Jim Mallak

this is Deepa, Jim.

on guidance flow - that really think cash one se. on per we've I given never

the expected. rate CapEx and You interest see tax expense the the and as

leave that would components we flow everyone going where the main out that so we're So and leave with to we knows EBITDA, there from alone.

Deepa Raghavan

do than mean, But capital we should about working at think XXXX to should conversion how I expect were better we least? be be you're fiscal as converts better.

Jim Mallak

Dave to going we're improvement I'm in what going still not impact Yes, to probably necessarily inflation and that's X% the lot flat, maybe to be the I depend going and think on going talk that to in because dollars days. on and days see we're X% to

Deepa Raghavan

that you to now leverage, know to target or below X. closer X your be are So is I X below on

are stuff And of targeting, help you there think can you your through thinking for there. appreciated. of be see has your least your plan capital - pipeline? guidance buybacks. you how anything last in XX if dilution maybe I what color - sets It's and in are share we terms a Any Thank - all? some million share for not how allocation better had count in acquisition? you. But, at obviously just factor if well what that you pretty model So should year a think acquisition capital we How's some probably million we buyback on the deployment would spend that terms us - on there. prospects the up $XXX at share also you side should in

Jim Mallak

acquisitions the million just I'll million Deepa, to always I targeted a year. that's I'll think start the here, different of We've $XXX bring David in $XXX of I want all responsibility our give emphasize numbers management color. if stated, the still that to out. look to criteria of And slightly synergistic, and hits at and can But for it add you strategy accretive number. being part everybody, and really bandwidth

closed that, patiently some we we'll such or wait We four we of So to maybe three one Vergokan. and year. there’s or pay and will If years, a not great have fits do our that capital continue down. just use

mentioned EBITDA to you I Xs say to general below think ratio. a thing numbers to is then on but from I getting two. had these only million. And I debt would are objective would low our get the the is, stock authorized board buyback, the $XX say

for today pay continue We shareholders between approximately consider then - down and and have to drive acquisitions, used what approximately of and our to we we'll obviously best received left capital $XX use is exact million the on to that synergistic million what's we've have buyback. stock debt, $XX continue our obviously

Deepa Raghavan

your I you that of So, have flow, some is deploy ratio I anything probably cash well provide terms I how favorable targets you I are want now thinking percentage capital, range. that you of us with. would mean, have thought to want - like as in you free mean leverage to mean not within

Bill Waltz

externally, No, nothing at Deepa. - least neither

Operator

the of proceed Taylor next Century line Finch [Operator question. with The question your with Instructions] Management. comes from Please

Taylor Finch

in the million average We're know million to I the maybe was quarter So shares. the guidance I ending repurchase $XX million. of with quarter. ask $X.X weighted $XX and wanted that a about your there

what's there? guess disconnect I the So

David Johnson

guided dilution capacity far, or essentially you. thing to haven't stock only did guided really we that stock up what have It's We $XX we million. have we that compensation our buybacks the basically Basically, see any we've some every year. say so

Taylor Finch

million $X be or… shares would That

David Johnson

Roughly.

Taylor Finch

the levels you free given year cash revisit mentioned wanted allocation I for share authorization, prices year the guess, Then, your that and flow. guess certain I repurchases, I that on priorities of a your you amount do but weight cash a of and conductions market how share to now? should repurchase I capital appetite given Okay. be right the next strong guess remaining [indiscernible]

Bill Waltz

we undervalued think is are. Obviously, much do we should feel and higher we our that than trading stock be we

we've I deploy think around capital then think mentioned, I right looking giving capacity have we're opportunities and at opportunities a And we’ll is our on that at our best we our way of in look like this debt, point now, our still at similar the do manner to acquisitions buybacks. with those acquisitions time. in reduction

Taylor Finch

Okay.

I wanted to about So MP&S. ask you then,

up, XX.X% I in cost maybe can on might looks segment. price at the margin imply that it your guess guidance So, terms catching like that from better do time? there's launching or in that that I higher up maybe some of has bit cost as a sort that the margin think were price midpoint than of that than comps prior there? point up, catches

Bill Waltz

Yes.

we higher. adjusted And our XXXX. information out aspire to so accurate there. best, into to year back - the gave just answer to gave to up the give it through that time, the the accurate we we higher. feel the and future can analysts we most But continue the is, we we EBITDA XX%. Absolutely. most for can aspire XX%, it that be years, over is be But as that It information provided we out is go higher? So obviously I mean, guidance to drive to you, get shareholders and guidance

Taylor Finch

it. to And rephrase guess so I just

For be just on cost XXXX, up price fully basis, year-end price a basis? of will cost that caught in by terms

Bill Waltz

accurate. It's Yes. Yes.

Operator

your line question Walthausen. next is of The Please question. DeForest proceed Hinman from with with the

DeForest Hinman

- at this to that volume about wanted other in in some even think business sense not understanding volume. to those, from know maybe I past but where's most we some talked calls, foot don't just your some and the on lose sell revenue performance where to you've get better a where the where thinking and you bad I are profitability and if per there's - like metric make even there step some away call, it's of products not instances the

how can think revenue are a on help on that has can you’re losing you per you color little more whether and level, And market? bit either losing basis, high us give a if not you revenue per or us you at So trending? foot, just understand pound, been share a volume

Bill Waltz

Yes, as with XXX last possibly provide great points I as feel to - quarter to try as holding try we're the I'll I'll question. to XX in can can. much we as to losing do much share. basis I provide either of

So, markets around were We up XXXX low up single digits. again, the the in X%. are in

competitor assume we you We a to making going our just very decisions a done tell conscious have hold mentioned always mix probably most EBITDA as things and lost of you and up, we're to if about we little been just very prepared have push X% comment willing will have also to of you X%. our higher but bit. pricing. drive where were I lock focus up to the a mentioned products. But we go Can month conscious our it's pricing in we're pricing for you So, earnings,

in XXXX I think XX% a larger to here's increase that X% us examples I that EBITDA from employees customer. other we're area, that where out of things and want a I'll of the margin. products saying one products, specified higher don't have we're I revenue selling away you frankly more But give that call to down XXXX. But think diameter active and higher well our for quite gross products specific management it so in EBITDA the capability done have increase give is provides an in moving really in it delivers consciously that that to

DeForest Hinman

for industrial I'm the understood. year-over-year I'm very, talk explaining you like in need and story I'm but And leverage your the know reason businesses or But that it we thinking been loud processing make your is being it give the out some companies about? that little something saying but good processing metric execution disclose will And doubled there I I metal. is has and metal there's your sense our maybe Do made terms to saying anymore very is of many out ratio bit thinking not business, of way I very it needed the pound? and you either metal shareholder earnings. as that you with stock of just shareholders that is to revenue was could Is But how plastics, and down earnings. doubled but of are I a we're - know loud a any help seems this some thought their there understanding to competitive products business? doesn't that not just don't increased some per thinking And that nearly

Bill Waltz

make think your in One, because - are a sense thoughts probably thoughts. does I again good. your it couple of not

based - that mentioned products We're even there's products, PVC realized You then selling copper steel. you products beyond just and those.

there's a metric So not here.

the story one Relations David, to and our the mentioned to the and of specificity and as because, with a different tell people it's that of we why sophistication you things out is it own. attractive and Investor just company to do I I, great of Keith need communicating gets just agree Some you get we've year that numbers, had think of an the and look for better some to continue with do products. we forward

DeForest Hinman

And then, with but maybe a dead beating little stock bit the the a horse on allocation repurchases. capital

then many maybe using you're cases you're looking I - EBITDA think using synergy and metrics. acquisitions EBITDA in at whatever some post metric If for and at looking

stock sub-X have I you potentially subjecting for here adjustments acquisition risk? versus don’t we own How what because deals integration easiest paying to maybe to stock know and balance integration using. the you're ourselves If more buying integrate our there's do your no down EBITDA

Bill Waltz

philosophically integration are you we talk in And i.e. in is our of confidence the team aligned management something. as the consider buying there one is there We was buyback. things that at would ourselves we stock and about Yes, cost. future overall look no if

case. case as itself to communicate, look to hand that I one to strategy. the our On take on and believe we of Over care continue have levers will there. the does specifiable perform the or future is depends time, products same so profiles of it bring stock price personally we What by deal It their synergies. each by

So with is to there any going I I going close to to was that, to I was questions say just - Operator, or was other the going call? look to wrap-up,

Operator

this are there questions time. And no additional at

Bill Waltz

Okay.

we've walked can it's achieved. So, of the We year through some of I'm what in if a a my I wrap-up then, year. great great numbers but it's proud mind.

think The make customer's And work call. this the employees, we deliver finish ability our I their Atkore. truly us out for the their continue drive that, our hard on everything happy we're choice. know what to for do to success. interest I to XXXX, As to us them markets want everybody, you also and them shareholders happen to is for that see key you and thank make for with the and prioritize first fiscal so look thing Operator, have we forward I I in excited year, and to want our they in thank to everyone. will our you hope can I holidays. Thank

Operator

today's Thank you. concludes And conference. this

time. your disconnect participation. this for your may You lines Thank at you

Atkore (ATKR) 28 Nov 182018 Q4 Earnings call transcript