Atkore Inc.

Second quarter fiscal 2026 net sales were $731 million, up year over year; adjusted EBITDA was $81 million; and adjusted EPS was $1.23 versus $2.04 in the prior year. Organic volume rose about 5% year over year and average selling prices increased 1.5%. The company recorded a pretax liability of $136.5 million for settlements of 2 of 3 punitive classes in PVC pipe antitrust litigation, plus other one-time charges tied to strategic actions. Excluding the timing of about $46 million of customer payments received after quarter-end, Atkore said it generated approximately $19 million of operating cash flow. Full-year fiscal 2026 guidance remains: net sales of $2.9 billion to $2.95 billion, adjusted EBITDA of $340 million to $360 million, and adjusted EPS of $5.05 to $5.55. Management expects third-quarter net sales, adjusted EBITDA, and adjusted EPS to grow sequentially from Q2, and then rise slightly again in Q4.

Bill Waltz said the quarter reflected a combination of healthy end markets and company self-help, with productivity gains continuing after a strong Q1. He emphasized that data centers are a major growth driver, that broader markets are generally healthy, and that customers and distributors remain optimistic with good backlogs. His tone was constructive and confident, but grounded in the ongoing strategic review and divestiture program that is reshaping the company toward electrical infrastructure.

John Deitzer led with the hard numbers: $731 million of net sales, $81 million of adjusted EBITDA, and $1.23 of adjusted EPS. He said year-over-year sales improved because of higher organic volumes and pricing, while the tax rate was about 22% versus 24.7% last year. He also highlighted $136.5 million of pretax litigation liability, divestiture and asset-related charges, approximately $19 million of operating cash flow excluding timing, and a strong balance sheet with no debt maturities until 2030. On guidance, he reiterated mid-single-digit volume growth and the full-year ranges for sales, EBITDA, and EPS, while noting Q3 and Q4 should each step up sequentially.

Analysts focused on the drivers of volume growth, especially data centers, construction services, solar, and whether second-half demand would accelerate. Management said data centers are a big part of global construction services, solar is picking up, and these areas should drive back-half growth alongside healthy broader markets. Questions also centered on commodity spreads, imports, and tariffs; management said steel conduit imports from Mexico have declined into the high teens to mid-teens from the low-to-mid 20s, and that tariffs likely played a role in reducing imports. On PVC and steel pricing, they said they have been able to raise prices enough so far to cover cost pressures, though cable remains an area of spread compression due to copper and aluminum.