Atkore Inc.

Good morning. My name is Rob and I will be your conference operator today. At this time, I would like to welcome everyone to ATCOR's fourth quarter fiscal year 2024 earnings conference call. All lines have been placed in listen-only mode. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, again, press the star one. As a reminder, this conference is being recorded. Thank you. I would now like to turn the conference over to your host, Matt Klein, Vice President of Treasury and Investor Relations. Thank you. You may begin.

Thank you, and good morning, everyone. I'm joined today by Bill Waltz, President and CEO, as well as John Deitzer, Chief Financial Officer. We will take your questions after comments by Bill and John. 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. And any reference to EPS or adjusted EPS means adjusted diluted earnings per share. Adjusted EBITDA and adjusted diluted earnings per share are non-GAAP measures. Reconciliations of our non-GAAP measures and 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, Matt, and good morning, everyone. Starting on slide three, we will discuss both our quarterly and full-year financial results. We will also provide an update on our business, the markets we serve, and our intentions for capital deployment. These updates will serve as a basis for our FY 2025 financial projections and our approach for the position of Accor to take advantage of longer-term secular trends. Turning to slide four, I want to reflect on certain highlights from the year. We achieved volume growth in each of our key product categories and 3.5% volume growth for the overall company. We returned approximately 75% of our operating cash flow to shareholders through our share repurchase program and the introduction of our quarterly dividend. ACCOR also became a leader in environmental impact awareness by releasing environmental product declarations for various products, and we continue to be recognized as an employer of choice. In addition to our strategy and processes, our talent teams are a fundamental part of the ACCOR business system and a true competitive advantage for the company. I'd like to take a moment to recognize their dedication. Thank you. Turning to slide five, we will review the most recent quarter and full year while also providing our perspective on forward-looking factors we believe will drive stronger demand for ACOR into the future. Organic volume was up 3% in the fourth quarter with contributions from both segments, We are encouraged by the performance of certain products in the fourth quarter as we head into FY25. Overall, we were pleased that net sales, adjusted EBITDA, and adjusted EPS were all within our range of expectations. Pricing was the primary driver of the change in our year-over-year results. We are also impacted by some unanticipated material conversion and overconsumption within our S&I manufacturing operations. Separately, our S&I team recorded double-digit sequential growth in sales and solar torque tubes in the fourth quarter. ACCORD generated strong operating cash flow in the fourth quarter, which allowed us to return over 50% of the cash flow to our shareholders. As we reflect on the totality of the year, we saw volume strength across all key product areas while we continue to experience demand challenges for our HDPE products due to softness in the telecom market. We announced earlier in the year our expansion of Accor's network of regional service centers. I'm pleased to announce that we are now servicing customers from two regional service centers located in Texas and Georgia. This milestone in Accor's growth journey is important as we now have a complete footprint that enables us to service all of our customers more efficiently. We remain committed to our capital deployment strategy, having repurchased over $380 million of stock in FY2024. Since initiating our share repurchase program in November 2021, we have repurchased over $1.3 billion of our stock, which equates to over 20% of the company's outstanding shares. Currently, we have approximately $428 million remaining. of our $500 million repurchase program, which was authorized earlier in the year. As we look forward, we remain focused on ACWR's ability to participate in long-term trends related to the adoption of renewable energy, grid hardening, digitization, and the surging demand for electrification. We've also identified areas where we can leverage our manufacturing and commercial capabilities to capture growth opportunities from other economic trends. The first additional opportunity we have identified is to grow and expand our offering of PVC and HDPE products for water-related end markets. Second, we have an opportunity to leverage our existing construction services capability to support growing demand for global megaprojects, which include data centers, chip manufacturing plants, and other large projects both in the U.S. and abroad. Through it all, we remain focused on executing a balanced capital deployment strategy with a strong commitment to returning cash to our shareholders. Now I'll turn the call over to John to talk through the results from the fourth quarter and full year in more detail.