Global manufacturer Atkore International Holdings Inc., based in Harvey, reported net sales for the third fiscal increased $11 million primarily due to increased demand of its products.
Net sales for the quarter were $428 million, up from $417 million for the same period last year. The company said higher volume from its Global Pipe, Tube & Conduit products -- which totaled $12 million -- and higher volume and average selling prices from our Global Cable & Cable Management products of $20 million and $6 million attributed to the increase.
The increase was partially offset by $16 million reduction due to lower pricing from pipe and conduit segment, as well as a $9 million loss in changes in foreign currency exchange rates, primarily as a result of the appreciation of the U.S. Dollar versus the Brazilian Real.
"We are generally pleased with the third quarter performance of all our businesses and across all critical metrics despite continued headwinds in steel spreads caused by unfavorable steel price and cost dynamics," said John Williamson, President and Chief Executive Officer. "We feel we are on track with all our improvement initiatives and look forward to more favorable steel price and cost dynamics in future quarters."
Operating income for the quarter decreased $24 million to $7 million, compared to $31 million for same period in 2011. The decrease was due primarily to lower gross margins for GPTC products as a result of lower average selling prices and higher average raw material cost, higher selling, general and administrative expense, the company said in a statement.