Atkore Gains 10% On Upbeat Quarterly Results, Increased Outlook

(RTTNews) - Shares of Atkore Inc. (ATKR) are gaining more than 10% Wednesday morning after reporting better-than-expected first-quarter results. The company raised its full-year outlook above analysts' view.

Profit for the first quarter declined to $173.49 million or $4.2 per share from $204.84 million or $4.32 per share last year.

Excluding one-time items, earnings were $4.61 per share, that beat the average estimate af analysts polled by Thomson-Reuters of $3.98 per share.

Sales for the quarter declined to $833.82 million from $840.8 million last year, primarily attributed to decreased average selling prices across the company's products. The consensus estimate was for $818.45 million.

Looking forward, the company has raised its full-year earnings per share outlook to the range of $15.85 - $17.75. The consensus estimate stands at $14.48 per share.

AKTR, currently at $142.78, touched a new high of $145.18 this morning.