Atkore Inc.

Thank you and good morning everyone. I'm joined today by Bill Waltz, President and CEO, as well as David Johnson, Chief Financial Officer. We will take your questions after comments by Bill and David. I would like to remind everyone that during this call we may make projections or forward-looking statements regarding future events or financial performance of the company. Such statements involve risks and uncertainties such that actual results may differ materially. Please refer to our SEC filings in today's press release, which identify important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. In addition, any reference in our discussion today to EBITDA means adjusted EBITDA. Adjusted EBITDA is a non-GAAP measure. Reconciliations of non-GAAP measures in a presentation of the most comparable GAAP measures are available in the appendix to today's presentation. With that, I'll turn it over to Bill.

Thanks, John, and good morning, everyone. Starting on slide three, ACCOR is off to a solid start for 2023. Volumes for the quarter were up over 5%, and adjusted EPS increased 1% year over year in the quarter. We continue to execute our playbook for capital deployment and strategic growth. As previously discussed, we expanded our HDPE product offering with the acquisition of Elite Polymer Solutions in November. HDPE represents a significant growth opportunity for us, and I'm pleased with the progress and integration so far. During the first quarter, we repurchased $150 million of shares, and in the second quarter, we've already repurchased over $100 million. Collectively, this brings our year-to-date total for repurchases above $250 million. With our solid start to the year, we are increasing our full-year outlook for adjusted EBITDA and adjusted EPS. It is my pleasure to also announce the release of our 2022 sustainability report, which was published this morning and posted on the ES&G section of our website. This report covers a broad range of topics, and I believe it demonstrates and articulates why Accor is a great place to work and truly a special company. I would like to thank all of our employees for everything they do to support our customers and all of our stakeholders. It is because of their tireless efforts that Accor is able to achieve the results and successes that we have. With that, I'll turn the call over to David to talk through the results from the quarter and our outlook for the full year.

Thank you, Bill, and good morning, everyone. Moving to our consolidated results on slide four. In the first quarter, net sales were $834 million and adjusted EBITDA was $264 million. As we have mentioned several times, we expect our business to normalize in 2023 as compared to the past several years without performance. That being said, we are nonetheless pleased with our margin performance in the quarter with adjusted EBITDA margins of 32%. This is down year over year, but still a very strong and healthy level. Even with the decline in net sales and adjusted EBITDA, we are pleased to see that our adjusted EPS increased in the quarter up to $4.61. Turning to slide five and our consolidated bridges. Volumes were up over 5% in the quarter and our recent acquisitions contributed an additional 7% of growth. These gains were offset by the decline in our average selling prices. Our average selling prices have declined as we continue to see normalization of pricing and a continued downward trend for several of our key input costs. During the quarter, we saw very strong pockets of performance related to data centers and several large chip fabrication projects globally. In addition, We are very pleased with the execution and integration performance from our recent acquisitions. Moving to slide six, those segments had positive volume growth. Margins compressed in our electrical segment with the previously mentioned normalization pricing. However, we saw very strong margin growth on the S&I side. Our S&I business had 22% growth in adjusted EBITDA. Turning to our outlook for fiscal year 2023 on page seven, we continue to expect volumes to be up mid single digits for FY23. We expect net sales to be down approximately five to 10% in 2023 as prices normalize and we see declines in several of our key input cost categories. However, with the strong performance in the quarter, and the resiliency of our Accra Business System model, we are increasing our outlook for adjusted EBITDA and adjusted EPS. For FY23, we expect adjusted EBITDA of $1 billion at the midpoint with a range of plus or minus $50 million. This is an increase of $100 million versus our prior outlook. In addition, we are increasing our expectations for adjusted EPS up to a range of $15.85 to $17.75. As we mentioned last quarter, this outlook does not include any expected benefits from the tax credits associated with the Inflation Reduction Act, as we expect a majority of these credits will flow through to our customers. With the strength of our cash flow and our commitment to returning cash to stockholders, We are also increasing our expectations for share repurchases in the fiscal year. With that, I'll turn it back to Bill. Thanks, David.