Atkore Inc. (ATKR) stock saw a sharp 5.92% decline in pre-market trading on Tuesday, following the company's disappointing first-quarter earnings results that missed analysts' estimates.
The electrical products maker reported Q1 sales of $661.6 million, falling short of the consensus estimate of $680.8 million. Atkore's operating income of $67.9 million also lagged behind expectations of $75 million.
While Atkore projected full-year adjusted EBITDA in the range of $375-425 million and adjusted EPS between $5.75-6.85, the weaker-than-anticipated Q1 performance appears to have rattled investors, leading to the steep pre-market sell-off.
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