Acuity Brands Fiscal 2Q Profit Sinks By 57 Pct

ATLANTA (AP) — Lighting equipment maker Acuity Brands Inc. said Thursday its fiscal second-quarter profit sank by 57 percent on lower demand for its lighting fixtures and continued weakness in the housing market.

Net income for the quarter ended Feb. 28 fell to $14.4 million, or 35 cents per share, from $34.1 million, or 82 cents per share, last year.

The latest results included a $4.6 million pretax special charge, or 7 cents per share, related to severance charges. Acuity reduced its work force by 200 employees during the quarter.

Analysts surveyed by Thomson Reuters, on average, predicted a profit of 53 cents per share.

Revenue declined 20 percent to $386.1 million from $482.6 million last year.

"Our performance for the second quarter of 2009 reflects the continued steep decline in construction activity as a direct result of deteriorating economic conditions around the globe," said President and Chief Executive Vernon Nagel, in a statement.

Additionally, the quarter was hurt by higher raw material costs that the company was unable to pass onto its customers. Acuity estimates the impact was over $6 million, or 1.6 percent of net sales.

Looking ahead, Acuity expects the percentage decline of its full year revenue compared with the year ago period to be at least in the middle to upper teens.

Shares of Acuity added $1.13, or 5 percent, to $23.82 in midday trading.