Atkore shares surge 26.6% after reporting Q3 earnings beat and agreeing to a $95 per share takeover by Prysmian.
Atkore Inc. agreed to be acquired by Prysmian S.p.A. in an all-cash transaction valued at $95.00 per share. The deal coincides with Atkore’s stronger-than-expected fiscal third-quarter results, driving shares up 26.6% in pre-market trading.
Atkore reported adjusted earnings of $1.92 per share, surpassing the $1.78 estimate by $0.14. Revenue reached $794.8 million, up 8.1% year over year, exceeding projections of $781.08 million. Adjusted EBITDA rose 4.7% to $104.7 million, though GAAP earnings declined due to a $50.0 million litigation settlement.
Management highlighted broad-based operational improvements, with sequential gains in net sales, adjusted EBITDA, and adjusted EPS. The acquisition announcement and earnings beat combined to lift investor sentiment.