Atkore Inc.

Good morning. My name is Van, and I will be your conference operator today. At this time, I would like to welcome everyone to AdCourse Second Quarter Fiscal Year 2025 Earnings Conference Call. All lines have been placed in a listen-only mode. After the speaker, 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 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 Investors Relations. Thank you. You may now begin.

Thank you, and good morning, everyone. I'm joined today by Bill Waltz, President and CEO, John Deitzer, Chief Financial Officer, and John Pergenzer, Chief Operating Officer, and President of Electrical. We will take questions at the conclusion of the call. 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 and 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 or non-GAAP measures. Reconciliations of 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. We appreciate you joining us today for our fiscal 2025 second quarter earnings call. Starting with our second quarter results on slide three, We are very pleased with our second quarter performance. We achieved net sales of $702 million, which included 5% organic volume growth, driven by strong contributions from construction services, steel conduit, metal framing, and cable management products. Adjusted EBITDA was $116 million and adjusted EPS was $2.04. In addition to our volume growth, our results benefited from better cost management and productivity. While our pricing was down year over year, we saw sequential quarter increases in our prices for our steel conduit products. Our teams have been focused on maximizing shareholder value, which includes assessing the best use for our assets. For example, in February, we announced the divestiture of Northwest Polymers Recycling Business after careful consideration and strategic review. I'm also pleased to highlight that we ratified a new five-year labor agreement with the United Steelworkers at our Harvey, Illinois facility last month. The new contract is retroactive to April 2024, which is when the previous contract expired. This new agreement is a critical element for enabling us to continue building on our commitment to productivity and serving our customers. We redeployed cash to shareholders, having repurchased approximately $50 million in shares in the second quarter and paid our fifth quarterly dividend since adding the dividend to our capital deployment model in FY24. As we announced last week, I'm also proud to highlight that Accor's Board of Directors increased the dividend to $0.33 per share during our recent Board meeting. In mid-April, we announced an impairment charge for certain long-lived assets related to our HDP pipe and conduit products. The impairment charge was triggered by the emergence of competing technologies to fiber optic cable and delays in the deployment of government stimulus funding for nationwide broadband infrastructure investments. The net loss of $50 million includes a $128 million non-cash impairment charge related to these HTPE assets. When we met in February, we had not yet incorporated the impact that tariffs might have on the broader construction market. We indicated that if tariffs went into effect, we expected to be a net beneficiary since most of what we make and sell originates with materials, labor, and equipment in the same geography. Following the elimination of exemptions and other actions taken by the administration, imported steel and aluminum products carry a 25 percent tariff, regardless of the country of origin. As we sit here today, we are more optimistic about demand for U.S.-made steel conduit in 2025. A greater demand for U.S.-made steel conduit helps ACOR. While recent weeks have been encouraging, there remains unpredictability of how long and to what extent tariffs may be part of our economic landscape. We are very mindful of the impact uncertainty has on a macroeconomic level. The most recent Dodge Momentum Index suggested planning activity slowed across several non-residential categories. On balance, we are proud to be maintaining the guidance we presented in February. We continue to expect full-year fiscal 2025 adjusted EBITDA with a midpoint of $400 million. I'm grateful for the dedication and resilience of our teams have shown through a busy first half of the fiscal year. And I'm confident that we will continue to lead into our business system to execute our strategy and deliver value to our customers and shareholders. With that, I'll turn the call over to John to talk through the results from the quarter.