Acuity Brands, Inc. (NYSE:AYI) delivered a profit and beat 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. Shares are down 0%.
Acuity Brands, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 18.29% to $0.97 in the quarter versus EPS of $0.82 in the year-earlier quarter.
Revenue: Rose 11.08% to $541.5 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Acuity Brands, Inc. reported adjusted EPS income of $0.97 per share. By that measure, the company beat the mean analyst estimate of $0.88. It beat the average revenue estimate of $518.76 million.
Quoting Management: Vernon J. Nagel, Chairman, President, and Chief Executive Officer of Acuity Brands, commented, “We are very pleased with our adjusted results for the third quarter, particularly the growth in net sales, which we believe meaningfully outperformed the overall growth rate of the North American lighting market that we primarily serve. We believe this is reflective of our strategy to aggressively introduce innovative and energy-efficient lighting solutions, expand in key channels and geographies, and enhance our customer service. We believe that we are seeing the initial stage of returns on the significant investments we have made over the past few years to broaden and extend the value that we bring to our many customers and the markets that we serve. Our net sales were higher across most product categories and key sales channels, while our LED lighting solutions more than doubled from a year ago and now approach approximately 20 percent of our total net sales. Adjusted gross profit margin was 41.0 percent while adjusted operating profit margin was 12.2 percent, a ten basis point improvement over the year-ago period.”
Mr. Nagel continued, “Our third quarter financial performance reflects strong operating performance while investing to both expand our industry-leading product and solutions portfolio and enhance our production, distribution, and customer service and support capabilities. In an effort to help fund these important investments, we initiated streamlining actions in the fiscal third quarter of 2013 to improve our efficiency by realigning responsibilities within various selling, distribution, and administrative (“SD&A”) departments as well as deciding to further consolidate our manufacturing footprint, which will include the future closure of certain small production facilities.”
Key Stats (on next page)…