Acuity Brands, Inc. (NYSE:AYI) delivered a profit and met Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Acuity Brands, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 8.77% to $0.62 in the quarter versus EPS of $0.57 in the year-earlier quarter.
Revenue: Rose 6.34% to $486.7 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Acuity Brands, Inc. reported adjusted EPS income of $0.62 per share. By that measure, the company missed the mean analyst estimate of $0.62. It beat the average revenue estimate of $468.51 million.
Quoting Management: Vernon J. Nagel, Chairman, President, and Chief Executive Officer of Acuity Brands, commented, “We are pleased with our fiscal 2013 second quarter results as we continue to execute our strategies to extend our leadership in the North American lighting market through the introduction of new and more energy-efficient lighting solutions, including the acquisitions of Adura Technologies and eldoLED to expand our wireless lighting controls and high-performance, intelligent drivers for LED-based lighting systems.”
Mr. Nagel continued, “The year-over-year and sequential increase in net sales reflects favorable trends in order rates that we experienced during the second quarter as well as the continuing adoption of LED lighting solutions, which more than doubled from a year-ago and now represents approximately 15 percent of our total sales. We believe that second quarter sales growth was positively influenced by customer projects that were delayed from the first quarter and released during the second quarter as the resolution to various political and budgetary uncertainties became clearer. This influx of orders from certain channels had a distortive impact on the mix of products sold and unfavorably impacted gross profit margins in the second quarter. Our second quarter results also included temporary inefficiencies and costs associated with the closure of our Cochran, Georgia production facility which was principally completed by the end of the quarter. Excluding these costs and inefficiencies, adjusted operating profit margin was 9.9 percent, which was virtually flat with the prior year.”
Key Stats (on next page)…