By Rob Curran
Shares of Atkore fell after the maker of electrical gear cut its fiscal 2025 operating earnings projection due to weakening demand.
The Harvey, Ill., maker of electrical and infrastructure equipment posted earnings of $46.3 million, or $1.31 a share, for the fiscal first quarter ended in December, down from $138.4 million, or $3.61 a share, a year earlier. Earnings topped the average Wall Street target of $1.26 a share, as per FactSet.
Sales slid 17% to $661.6 million, short of the average Wall Street target of $679.8 million, as per FactSet. Sales at its electrical unit slid 22% to $465.4 million.
For the year ending in September, the company cut its forecast to a range between $5.75 a share and $6.85 a share from a prior projection of $7.80 to $8.90 a share.
Shares of Atkore fell 10% to $71.99 premarket.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
February 04, 2025 07:45 ET (12:45 GMT)
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