Why Atkore International Group Stock Dropped 22% on Tuesday

Shares of electrical raceway products manufacturer Atkore International Group Inc. (NYSE: ATKR) are down 21.9% as of 2:05 p.m. EDT. Atkore reported its fiscal third-quarter 2017 earnings this morning, and the results fell short of analyst expectations.

Analysts had been looking for Atkore to report profits of about $0.44 per share on sales of $424.5 million in Q3. Instead, the company earned only $0.41 per share, diluted -- and sales were only $397.7 million.

Thus, while Atkore grew its sales year over year (by about 0.5%), grew its profits a healthy 24% year over year, and delivered "EPS results that are in line with our guidance," the results still fell short of what Wall Street was expecting.

Source: Fool.com