(Photo: Atkore cable management products and solutions. Credit: Atkore Facebook page, January 2023.)Atkore revealed its efforts toward sustainable business in its third annual sustainability report this week. As a leading provider of electrical, safety, and infrastructure solutions in the U.S., Atkore focuses on safely and sustainably transporting electricity and water from their generation sources to consumers.
The company released the report on the same day as their first quarter 2023 results, in which they raised their earnings prediction for this year. Likely this timing was intentional so that their environmental, social, and governance efforts would be at the center of the quarterly earnings call.
This is not an attempt to hide lacking performance, but rather a demonstration of the power of ESG to benefit the bottom line. In 89% of academic studies evaluated by Deutsche Bank, companies with high ESG ratings outperform the market in three to five years, as well as in the long term.
According to an independent stock analysis by Simply Wall Street, Atkore experienced a massive growth in earnings per share since 2020. Not only is the company producing revenues, but also high profits.
(Photo: Four years of growth with the surge beginning in early 2021. Credit: Atkore investor relations page.)“Given our first quarter performance and current market dynamics, we are raising our fiscal 2023 outlook for Adjusted EBITDA and Adjusted EPS,” said Bill Waltz, Atkore president and CEO. “We are excited about the opportunities ahead as we look to build on our momentum and create value for all of our stakeholders over the long term.”
In 2020, Atkore developed its first sustainability report, after celebrating a strong safety year with its lowest Global Incident Rate to date of 2.0, based on the U.S. OSHA definition of recordability. Currently, Newsweek ranks Atkore as number 45 out of 499 in a list of America’s most responsible companies, with a 94.2 out of 100 environmental. Recognized by several leading independent organizations, the 2022 report also featured coveted awards such as a Great Place to Work® Certified company for the third year in a row, the 2023 Top Workplaces USA award from Energage, and eighth on America’s Best Mid-Size Companies List for 2023 by Forbes.
Most notably, Atkore received the ENERGY STAR Partner of the Year from the U.S. EPA and DOE, as a result of industry-leading energy achievements and reductions in Atkore’s greenhouse gas emissions. Beginning in 2013, their first site in New Bedford, MA entered the challenge in accordance with the ENERGY STAR Management Guidelines. Now 27 Atkore sites participate by setting goals to reduce energy intensity by 10% within five years of joining the challenge.
Of note, the company disclosed that though the sustainability report closely aligns with the Global Reporting Initiative (GRI) Standards and the Sustainable Accounting Standards Board (SASB), the report is not fully in accordance with either standard.
