Atkore Inc.

What they do

Atkore manufactures electrical products—conduit, cable, and installation accessories—for non-residential construction and renovation markets. Its Safety & Infrastructure segment designs and makes metal framing, mechanical tube, perimeter security, and cable management products for construction and industrial customers. The company sells primarily through wholesale distributors, contractors, and OEMs, with 88% of fiscal 2025 net sales to U.S. customers.

Revenue drivers

• Electrical segment — Largest segment, generating $578.3 million in Q3 FY2026 (73% of net sales), including metal and plastic conduit, cable, and flexible conduit.
• Safety & Infrastructure segment — Generated $216.8 million in Q3 FY2026 (27% of net sales), including mechanical tube, metal framing, and perimeter security.
• Volume and pricing — Revenue growth driven by volume (up 8.9% in Q3 FY2026) and price (up 3.0%), while input costs rose faster than selling prices in the quarter.

Recent performance

In Q3 FY2026 (quarter ended June 26, 2026), net sales grew 8.1% to $794.8 million, with volume contributing $65.7 million. Gross margin fell to 22.2% from 23.4%, as input costs rose $48.9 million versus a $22.4 million price increase. Net income dropped 98.3% to $0.7 million, hit by a $50.0 million litigation settlement and other charges. Adjusted EBITDA rose 4.7% to $104.7 million. For fiscal 2025, revenue was $2.85 billion and net loss was $15.2 million.

Strategy

Atkore aims to be the customer's first choice through quality, delivery, and value, investing in innovative products like MC Glide Tuff armored cable and 20-foot Kwik-Fit steel conduit. The company focuses on organic growth, with Q3 FY2026 volume up 8.9%, and has been divesting assets and conducting a strategic review. It has entered a definitive merger agreement with Prysmian for $95.00 per share in cash.

Risks

• U.S. non-residential construction dependence — With 88% of sales to U.S. customers, a downturn in non-residential construction would directly reduce demand for Atkore's products.
• Raw material price volatility — Atkore uses steel, copper, PVC, and HDPE resin; pricing changes can outpace selling price adjustments, as seen in Q3 FY2026 when input costs rose faster than prices.
• Tariffs and trade policy — Import tariffs and trade policy changes have caused and could cause input cost increases and potential price pressures, affecting margins.
• Merger completion risk — The Prysmian acquisition is subject to stockholder vote, antitrust review, and other conditions; failure to complete could disrupt the business.

Outlook

Management sees continued uncertainty from tariffs, interest rates, inflation, and geopolitical conflicts impacting supply chains. The company expects to complete the Prysmian merger, with closing subject to regulatory and stockholder approvals. Near-term results are likely to be influenced by raw material costs and volume trends in non-residential construction.