RTTNews | Jan 31, 2022 06:31AM EST

06:31 Monday, January 31, 2022 (RTTNews.com) - Atkore Inc. (ATKR) reported Monday that net income for the first quarter plunged to $119.8 million or $2.57 per share from $204.8 million or $4.32 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter were $2.70 per share, compared to $4.58 per share in the year-ago quarter.

Net sales for the quarter surged 64.5 percent to $840.80 million from $511.08 million in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $3.56 per share on revenues of $768.52 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2022, the company raised its adjusted net income outlook to a range of $12.80 to $13.60 per share, but continues to expect net sales growth in the mid-single digit percentages.

The Street is looking for earnings of $8.59 per share on revenue growth of 4.5 percent to $3.08 billion for the year.

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