ATKR - Earnings call transcript Q1 2019

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Operator

Greetings, and welcome to the Atkore International First Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions].

As a reminder, this conference is being recorded. pleasure Investor your Relations. my Vice Keith now of President is to host, introduce Whisenand, It Thank Mr. you, Whisenand, you may begin.

Keith Whisenand

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

Bill Waltz

It end just earnings we good Thanks, like just feels and days XX over since our had call ago. morning Keith, XXXX year it everyone. of was

let brief about. financial hear the you So, details I’ll of some to David hit want be and

Looking we at sales strategy adjusted and X%, income per of on These are our and to $X.XX. X; delivered results continues year. expected We impressive $XX up deliver XX% improvements. our and of quarter ended versus $XXX X adjusted net largely net and the results million, million as EBITDA Slide last share of XX%

net difference for calendar rebates. year primarily our volume where This we quarter, push ago cable, PVC organic strengthen above-average and like to the sales due categories lighter did was get volume from of key margin, a conduit but for overall highlights expectations. we our delivered distributors is to the of year-over-year at many in X%. growth Looking We achieve year-end see the specialty than

I view on market we’re this Raceway X% I’m comparison and XXXX. no growth impact the increases curve once we we rebate-driven was was November you share are X% was mentioned up with by growth impressive revaluation. again, income expect segment quarter. initiatives to And the expecting If environment lapping construction has year this to tax adjusted per drove year. million markets. stronger to headwind It’s up we for in of proud our price last $X of to understand net that volume MP&S a as QX still the than a our volume pricing XX%. do X% an cost difficult annual and guided caught be the headwind our buying deferred to Overall, that important in pricing earnings driven see report fiscal recall, in this full net versus cost the despite the year’s a from not in

us. taking the continue open of on $XX repurchase the over XXXX strong volatility quarter Finally, to market, advantage the summary, market plan million and the approved strong ahead we quarter Board last X.X August was another In a shares QX of of fully million in our XXXX. the utilizing and see repurchased we of balance

business I’ll in will financials commitments our it’s who as customers our together the provide into over detail provide to team, walk to mentioned insights Atkore past, as more the discipline and that, our With and our the David, I’ve us on the As the the the shareholders. quarter. additional well deliver to to in call that, system culture continue turn through

David Johnson

morning and to Thanks, Bill, good everyone.

Raceway well driven selling organically million, by a Moving Electrical quarter, effort the flat up as impact rebate Net net higher line sales prices Net first MP&S. to added X% this were favorable as quarter foreign $XXX net To reflecting Slide increase on consolidated in X%, top on excluding to that average acquisitions and acquisitions, in for the the distributor down our normalizing impact the results net exchange. year-over-year volume the X% quarter. total Atkore, and acquisition after focused volume, segment Bill for X. was mix. driving our In mentioned was

we year-over-year. EBITDA increased Through million those input on quarter, favorable incurred resulting we selling broken increases Slide cost We’ve of $XX a average on X. the the net our in During impact. $XX successfully EBITDA $XX prices million million items initiatives, adjusted out bridge

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

the investments made $X quarter. partially of in to account increase business. compensation acquisitions we’ve were volume, growth net million the and the by EBITDA increases variable Our for inflation, in These offset adjusted

net on first of the a quarter slightly GAAP down Our XXXX. million, income basis was $XX versus

million. mentioned, Bill tax income year net deferred the accounting last As favorably by the Federal tax reform for impacted $X.X

XX% our FY due quarter CD&R. from is addition, QX stock up mainly to first EPS interest from XXXX was $X.XX, Adjusted our $X.X the XXXX. expense In repurchase unfavorable million

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

favorable quarter, increased EBITDA and of mix margins, in net the million all acquisitions, EBITDA was reported in $XX points with $XX adjusted of selling average accretive by compared The EBITDA million X%. or impact are XX% rebates. increase. $X revenue managing million, of million X%. Adjusted last driving for Electrical increased or Adjusted had about in driven $XX were or year-over-year execution, account $XX acquisitions $XX by distributors million up XXX year-end quarter Higher to Organic or margin which year. in prices improvement. by approximately segment the to favorable recent the price, the a acquisition volumes basis down differences Raceway, X% sales the Our million

the on Adjusted $XXX to on or prices Moving were Mechanical sales were divestiture the flexible million. $XX of $XX and Solutions added Volumes compared Net last EBITDA to of net quarter to in reduced up by sales year. X. was sprinkler & XX% X%. million our increase the flat, Products segment a business XX% Slide million flat

the and cost normalized percentages passing margin MP&S curve, points XXXX steel reduction Flexhead from for mix the However, XX steel although grew up are basis EBITDA XX%. The divestiture significant to EBITDA by increases. our of first the initiatives for the impacted accounts of points. quarter is below the impact XXX divestiture, by through caught the the basis have pricing adjusted margin by negatively Adjusted

and cash $XX equivalents our of at was million. for and the to balance end $XX X; operating Net cash million. the sheet Turning the quarter flows the balance on quarter Slide activities flow was cash cash of from

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

is As the move times our low to long-term the back metric goal we’ve in this to communicated past, two range.

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

Bill Waltz

Thanks, David.

to X. XXXX Moving guidance Slide our on

with to and in Raceway we markets, seeing for overall markets up be projects has up MP&S us adjustment on expect MP&S Atkore’s our X% lightening anticipated for and to guidance Atkore. industrial Even to on still volumes We proven strong the move is both discipline XXXX. to view now volumes. that segments are forward X%. allowing the X% And be the year and are than this to we changed although we raise construction mix to we we view volume, slower pricing expect Electrical X% full-year expect and not originally Our

guidance as follows. XXXX is Our

For the segment, we expect Electrical $XXX be $XXX adjusted EBITDA between and range million. million Raceway to

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

approximately XXXX million. For will $XXX We million $X.XX Interest count be to million repurchases, our expense EBITDA $X.XX. our adjusted diluted our we estimate EPS latest $XXX expect to $XX million between and after be fully will Atkore, and be share shares. XX total adjusted be between and

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

range between quarter Atkore, million EPS is Turning to $XX and total adjusted adjusted and $XX and million, EBITDA range is $X.XX between for second $X.XX. our the our guidance

quarter are wanted metrics inform a for recent both also strong to resolutions a QX, another in growth after I double-digit so that our note, two side of On And we you midpoint. of at effect. set just up into came

Board for new The Directors plan. first a our by of million share repurchase approval the is $XX

ownership. Atkore’s with the continuation governance majority without processes private our directors. majority us a and declassify voting plurality Secondly, from requirements that shareholders the super replace voting our Annual Directors resulted Annual in of by These evolution an the XXXX uncontested shareholder-friendly Board improvements and company are in equity annual a eliminate public Meeting, elections voting for as approval makes Meeting in of of more voting elections

our are Board We Atkore. Management which is that confidence we Directors of And with at extension set shareholders our an confidence commitments that, demonstrate the direction these pleased the our operator, please our open and and and ensure own enable forth feel and lastly, results, the overall strategic we call upon guidance. focus the questions. of to full-year we team’s With us raise deliver from to to

Operator

Thank you.

We will now session. [Operator a Instructions]. question-and-answer be conducting

proceed of with line question Please with Andrew Our from Citi. your comes first question. Kaplowitz the

Andrew Kaplowitz

good morning Hey, guys.

Bill Waltz

Good morning, Andy.

David Johnson

morning. Good

Andrew Kaplowitz

spring for pricing as regarding guys can your color you If you instance, between particularly inflation lag to last continued year, versus we the the MP&S. two know give think is cost deflation, price tailwind peak segments? of know of drop, we within a steel, Bill, and more at how or us there in since you about look but it’s

cost the how you in $XX benefit wouldn’t in cost. and price quarter that said I $X year? MP&S the you to actually guided just to you think last even P&L, affect up lag now versus you versus though you of But have previously a headwind that deflation versus caught have the could and positive early for headwind terms million the terms million in can of a price given that now

Bill Waltz

Yes.

done we address. to start into last go We several or with good job as year, So, pricing. Andy, really I’ll the we’ve Either David. as the – years, follow-up to a start

you copper, year-over-year expect to that think or whether a basically. as zero commodities from our therefore EBITDA. always a instead tariffs, over but do no steel, we’ve commodities it we’ve spreads time, lag, But we it think or have up job I the down, a net year, give sure And tariffs, perspective, be again, set really and comp to down, a a our can things of very up noted continuing, there our PVC seeing a not just go with go, perspective now increase been couple effective, that we guidance proven as good can I always doing has MP&S were a job, one-time just we that year, get last to lap job things, think PVC, done did Raceway we year-over-year. as as such a our Electrical good Hurricanes like into I we we with and to great

Andrew Kaplowitz

I get And faced I maybe into Okay. sort ask seeing to rebates down back X% last last but little maybe, the the and hearing versus about slightly volume, gives compare as it’s to guiding of sort that still expectations, if side quarters. few could that confidence you’re you you weak-ish range? volume the know, below said difficult X%, you Electrical at shift you’re guys a QX the are on is as the but for you know anything been there of you we X%, obviously Raceway gears year,

get sort muck there? going to we do how So of the get you’re out of that confidence

Bill Waltz

indication markets great architectural X% X%. the index a us Yes, every to saw. question, tell Andy. and XX%, – it’s for the last yes, then that to X%; Atkore, would Dodge building a every first around same I are And that X%

they And that’s in may has public I guided out or corporation separate put price. in. volume remember, guided take, range, from that revenue think every we give

So, our when in our you did quarter bit number be is public tough as could for be still lower example, and year. And and we price. information a put, have we a then little this better last comp addressed

first reasons. a So question, they hit commodities didn’t lot Two, bought where their are for in X% this addressed price. dropping had already it we in as of you distributors a see One, up, of your goals. ahead, couple last quarter

that volumes and our because as our can a and/or down it seeing manage where at volume. strength guidance their this down inventory are feel But year-over-year, XX% a a steel into that. for So have, with we year reasonable contractor X% XX%, pushed up XX%; and fiscal us they of to it’s dropping what the gives that’s distributor get X% copper whether the we rebound comfortable XXXX, of end we because

Andrew Kaplowitz

going what’s in negative it And that slight talked decline X%? last Bill, you share Electrical about when keeping still or maybe kind up market in at declines quarter, that on slight Is maybe... Raceway. Is look either of I

Bill Waltz

No.

Andrew Kaplowitz

or priced higher You’re no.

Bill Waltz

don’t. I No,

information, I to we’re think that’s share. had slight think crystallize some a continue the to mentioned But may put past, – market here. I and basis question in be the even there there points great I again, talking as

other articulated we’ve and The is as to past continue mix. in do the well we thing the really

we actually of like share to I those, very up. our and share are thinking basic in the was where So and with I call. out targeted called products competitors there products, and we I others, average I’m products something are of margin products. or specifically specialty below grew But am aware where we other list in cable some give our mentioned, pick PVC products the willing like I’m of things I to listening up out. hesitant higher margin did some

meet and but continue will a specific our National sure going to account this very really strategy value how team I They props with fly be I working on the agents discussions it. it after at that’s of our have I’m it’s balance, kind a conference think we tonight plans. all targeted part Convention well. of that that specific of by net very from here they’re So, has Andy with

David Johnson

one I’ll mix add that on Andy. just thing And

the product our you a bit a If million $X pretty and on little products just had rounded only you EBITDA say $XXX,XXX impact put did will million $X on And again, that volume. to the really I look that we million. $XXX,XXX $XX in and in of about was profitable volumes more impacts impact bridge, some to of less less our that volume, at only shows It mix lines – volume $XX actually EBITDA would and effect profitable of higher the minor the mix, that mix million. in as EBITDA impact our see

Andrew Kaplowitz

Thanks guys.

Bill Waltz

Thanks, Andy.

Operator

you. Thank

from with question next Markets. line Capital comes with proceed RBC Dray your Deane the Our question. of Please

Geoffrey Kwan

Hi guys. this for Deane. is Geoffrey on

leverage excuse know about net concerned your is around are peak – some three times that growing Now investors cycle. me, I

versus So, how in buyback debt pay buyback authorization, given newly the issued view you down environment? do this

David Johnson

Yes.

So believe this to we’ve which a our in the dilution, buybacks environment, and will already We sure be, I tuck-in leverage then said balance debt I do that would for make before, rest this M&A. of like offset year want it’s reduction. say we’ve towards done

the what cycle look have where we we at when are think I in you. and

know financials we bit we QX about there, to talked have We more of little $XX if debt repayment public, year. excess end allocating of you a a because we mainly our look We have debt have cash at at reduction. it’s had the in last that to million, make

more So The would highest say the say versus is would not will opportunities QX capital, have we still do where strong small we’ll advantage in M&A still to, second also we’ve really pricing going it the are do past, allocate we acquisitions, but especially it’s flow down in robust. cash that our QX, tuck-in long-term. reasonable debt typically still again, half to seen then QX. reduction, flow like I’d thing business that paying feel from year. – pretty the and to of best for where to in our I see we’re I our have to like still we say month, but us cash take that QX And where opportunities is last is you pretty feel

Geoffrey Kwan

good to $XXX And great. M&A still then Okay, a a annually? $XXX it framework would on be deployment million million, about think

Bill Waltz

I’ll that get color. at using David’s the then a different there where two-year $XX $XX million we From range that type as answer the specific $XX may of and but I just but have broad there, number, more little that’s David – more of use – Internal down now specifically we top but going teams the million, think shift be but priority because think top a CapEx, ratio I to that it company. people add tuck-ins, cash and tuck-ins, guidance your gives really in do feel. focus get over $XX with a can a return where to [ph], I million, you and question, more That’s Andy debt shorter-term a end million; and to that said, bit to continue as we’re think words,

because with delever generating. And we that with in to exactly agents do – the the opportunity the job synergistic amazing the to very fits so distributors lines, the does cash the continue high specific, going are But growth we our with fits specifiable same that things Just same products. being That’s advantage through going we’re to of through our well. we’re pipeline. team of take potential, with have type an

Geoffrey Kwan

great. That’s Thank you.

Bill Waltz

thanks, Great, Geoff.

David Johnson

you. Thank

Operator

you. [Operator Instructions]. Thank

question Please question. line of the proceed next with UBS. from comes with Peter Our Lennox-King your

Peter Lennox-King

for Thanks morning. questions. the Good taking

Bill Waltz

morning. Good

Peter Lennox-King

we year. could you’ve if segments shifts relative seasonality maybe So, on the the some within got EBITDA start seasonality, it looks line like with last to

in will EBITDA XX%, HX much last But front-loaded being HX year year, XX%, this was balanced. So, XX%. more MP&S, it looks about XX% be versus it like about

deal Is good you underlying effect? And optimistic wondering there. are MP&S a about more Or just simply I’m second lower. about in the cost a dynamics So, half? the price it

Bill Waltz

Yes.

I the just you’re the things, think one is there’s things couple as a the of commodity looking but also at prices. numbers of driving

commodity nothing I the from of a stage. numbers. there, major little at that’s as this there bit don’t prices go From So, is driving we’re the know down, seeing team,

Peter Lennox-King

Okay.

interesting, Okay, you more have but where is the the – thanks. because be be pronounced, commodity. than effect loaded might a there shift Raceway, a year. front of might And little not as you Again, that bit it’s last in the it’s reverse were

Bill Waltz

Yes.

think… I

Peter Lennox-King

Yes.

Bill Waltz

pricing. Yes, the it’s

things, there, just our things the example, versus guidance. from Let’s no gets the one just, so in I this there, then how’s and way, else at and different mixing team’s ways of is pricing, the products, look Obviously, and put for stick or There like sub-segment. our some what’s think for commodities seasonality hockey that. bottom-up there’s don’t PVC it it’s of but – elicit hey been on anything our

So, other say than, I really out, some take projects timing nothing think give nothing, Peter, of but an but being into I just to read guidance. we’ve shifted accurate

Peter Lennox-King

MP&S And a great. maybe, staying great, moment. Okay, on for

slower project? pace industrial a of industrial cited development – You slower

Bill Waltz

Yes.

Peter Lennox-King

are you’d the there? the the is seeing you’re there volume this segment. just for volume any or you your What – – from driving Behind think decrease slower that customers pace caution it do Is call out? guide

Bill Waltz

No. projects And great, project trust been raise your and of question second clarifying. you well like just logical labor just when going if then, then out. me, yes, about project more a behind. being gets because will the question, realize No, they pushed shortages half pushed when you a it’s you pushed out, great think out, get the be you always into and gets

are thought So, to I of think we accurate taking but prudent, six get in hey they some nine months, what’s would done projects our being numbers, these just that mean. that months are in if go,

But So, just timing. pretty as things right there, facets strong; across and all continue to is now, so activity just the out again, shift.

Peter Lennox-King

Okay.

then sure I’m happy there. hearing be it I it, about the I through this that where or but about imagine could, vortex polar you weather. is the a the topic you’re Okay. one – maybe And of one if last is you’re tired sit thinking to

front? And or production know you roll QX facilities any throughout you anything impacts of on I’m if through you’ve production any number that there’s As – a call or Midwest. Midwest is that for and and out? are distribution closing upper I notable wondering you’d the anything impacts [ph] that you, we – whether there got lasting

Bill Waltz

a day, and built a stories, my that and we’ll I you no, vortex, all polar only there’s holidays our partial shut on nice, always always and can into nothing. we’re facility was for about weather, our they’re New – a Year, no. comps Chinese Peter, that were forecasts. for a but there’s sincerity, of guess, convinced we Did because you pretty tell No, deliver later, and as in Yes, down I airplane but

Peter Lennox-King

Okay, much guys. that’s helpful. thanks very

Bill Waltz

Thanks. questions. Awesome

Operator

you. Thank

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

Deepa Raghavan

for Kwas. well Raghavan Good you’re Rich is morning. doing Hope Deepa This today.

Bill Waltz

Yes. Good morning, Deepa.

Deepa Raghavan

Bill. Good morning,

time, guided pretty too; I’ll on would me with mean are your granted CEO, the halfway have, guidance already. $X.XX we the I of wide I But look that probably year your comfort through. versus much a takes, that’s guided takes $X.XX and is with I spread. tighter see mean a different more or from of trying it you’re was a QX any spreads. are I to you keeping few and or I this start high mean your it, already a or of you’re So, $X.XX function $X.XX if – if you keep just a spread why guide year mean that back guiding I I mean low already is to per year, Tim, But, it the EPS wider you’re and spread. to end EPS with to tied quarter. there you now and and last line is this are puts EPS this end those last are spread? there the to spread spread, guide? And of are puts some your what there

David Johnson

again, the that prudently have, adjusted I it adjusted on we Yes, to course, million we’re for just sure, there’s to dynamics of deal a anything spread the our when quarter we is. our don’t our have that’s sure range to $XX unusual million which given guiding of it’s where EPS feel that can million with. look and are to keep We make the the imagine those within make at we of business kind guidance prudent translates, size all Deepa. we then kind $XX ends. $X into When range, EBITDA, you that of think range

So...

Deepa Raghavan

Okay.

nothing. – just right. there So so All is there’s

me ask let you... So

David Johnson

that million of a... not $X is obviously much That

Deepa Raghavan

Yes, yes. doesn’t, it

David Johnson

must fairly a I range, tight It’s say.

Deepa Raghavan

Yes, that I agree.

now X% to flat a asked be if Any little Industrials; confident bit vertical of – more little last that X% now And and helpful. so outlooks outlooks, resi you particularly below this is took of the guides feel and X%. us quarter okay, color, line. peer X% you Hubbell non-res; gave down to it’s gave – just like initial give little a us so...? market because some more looks less last you or yesterday it So I their particularly, X% will can But, us confident you giving your to you some a is your bit quarter, these, when were this

Bill Waltz

but about Yes. It’s great No, segments to distributors there are that a specific all is and market can centers. segments, down, or sales numbers, of our don’t we we’ll are M&A targeting sub question be obviously on. talking apartments – I be out working where very kind I Deepa. they’re redodge sell, we Google whatever different it’s forecasted we’re it’s working in continue as that at and such we a warehouses what consistent. and we and data Overall, Obviously, also like strength with David small and segment center through again, things not and XX% dodge Facebook general in really is they’re for are that whether because us, management, working offices and than data or we it’s projects manufacturing even less the see But our significant when sell. impact. a looking and then next XXXX or have team,

where markets many serve when of confidence together right So, net the so we us. in get X% that growth for those that’s markets, you to X% are now. are the it the active pretty some all But we overall since

Deepa Raghavan

necessarily not changing. you’re okay. But largely, Okay,

that change gave like you last that of any quarter? wouldn’t outlooks You

Bill Waltz

still tough to Yes, with to even – it QX were to – we X% be so X% it’s the X% the same light that I we hey, think same was and in little X% earlier at it from going it’s quarter, the go a the was it’s comp we knew No, Andy that and questions, range. forth feel guides.

Deepa Raghavan

Okay.

David Johnson

if sheet a guidance to presentation, a in of our our guidance. bit our MP&S Deepa, change do of go show we little

Deepa Raghavan

I was why asking that’s Right. you?

David Johnson

to timing initially I and mentioned some but take see we typically contractor so thought. longer of forth. think, had Perhaps, and availability first of that projects Bill that’s than little and bit a earlier X% we projects to Down that basically see X%, on where these we’re attributing what to we so that

that’s slightly. that numbers we’ve So why adjusted

Deepa Raghavan

Okay.

necessarily, versus So like but supply it’s industrials because slowdown, in not maybe lower demand the more prior, slightly of constraints?

David Johnson

Exactly, correct.

Deepa Raghavan

do on EBITDA provided is more stands, to by That us pretty you we that pricing there was volume raise, any in $X Your that anything after metrics that by raise your I too pricing strong, going would – we there? million maybe to maybe flow But Is you’re was double-digit year. later expecting where we any think versus from outlook is mean flowed what? the about, it I in pricing, much your $X within the was is than driven I EBITDA stayed great. suggests versus because guidelines, Anything, million a volume quarter – But but you’ve more generally, even in about QX, what commentary performance see left. just to assume one-third be given raised million. for pricing; think volume, how two-third moderate could mean $X that what’s in pickup MP&S which that but I how some parse one your of has seems some pricing – volume. probably there especially through here, that QX ER, way pricing that I out percent us

David Johnson

Deepa, pricing. increase the is due to broadly speaking, better

situation we have did year-over-year. an so we initially that And unfavorable guide

Volume that slightly that prior seeing than guide better. less our definitely is got We’re for MP&S. again, just,

increase the you midpoint just of pricing the that get higher So, million of the in net down $X and to MP&S slightly in if you volume guide. kind

Deepa Raghavan

Got it.

pricing, mean any I So is tariffs it to the or contemplated question, housekeeping here, so in Okay, just all it’s we all clarification should there were Is go if more My, to guide at question, about? all thinking right. XX% be maybe more the no? just – from impact

David Johnson

we’ve before We competitors. by think are on impact China think I – by you products and those also very minimal. communicated that mean, large, also to I tariffs I some India. the business is tariff imported from But direct our move, our from have import the do products

industry dynamics. the same those imported, where all it’s a all products cost the had So, We situation, price pretty for on imports place. much are all of

if So, we the went impact to overall feel is – business it really very pretty XX%, minimal. our on

Deepa Raghavan

Pretty you. thank minimal. All right,

Bill Waltz

would we there echo, I’ll who import. a a varies question, concerned steel, about – David I product of If so something products apologize, just we here we people. It’s of as forth. just tariffs. such not States – the we top company any small, lose my all pick for it’s digit on any in picks it’s in that Yes, some manufacture that a and Deepa, – It’s effect, of subjects bring single question. copper percent plug But single-digit volatility in. low sell I if be the up we I and are yes, side using a XX proven buy that anything the We’ve it’s buy side,

David Johnson

risk. a Not key

Bill Waltz

Yes, risk. it’s not a key

Deepa Raghavan

for so you Thank it. Got much color. the

Bill Waltz

Thanks Deepa.

David Johnson

Thank you.

Operator

Thank at you. questions Waltz further I’d to for turn the Mr. like no to this floor [Operator Instructions]. There time. comments. over back are closing

Bill Waltz

you, Thank Great. Teevan.

Before we Atkore’s takeaways quarter. summarize first key conclude, let me from four

our we and First, exceeded delivered earnings.

our well Second, to we key initiatives. execute on continue

XXXX. the managing are look product targeted markets to continue Third, well. fourth, with categories price very we index And good for

quarterly call. our commitments for mind, the and forward we thank want four delivering support year. concludes that, in your are our for you With confident to to and next With guidance look you in are pleased with these performance I today. This speaking call Atkore. the increase upon I for during factors full interest to our in

Operator

teleconference. today’s concludes This

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

Atkore (ATKR) 6 Feb 192019 Q1 Earnings call transcript