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Acuity Brands Reports Fiscal 2012 Second Quarter Results

Stocks in this article: AYI

Acuity Brands, Inc. (NYSE: AYI) (“Company”) today announced that fiscal 2012 second quarter net sales increased $41.6 million, or 10 percent, to $457.7 million compared with the prior-year period. Net income for the second quarter of fiscal 2012 was $19.5 million compared with $19.9 million for the year-ago period. Diluted earnings per share ("EPS") for the second quarter of fiscal 2012 were $0.46 compared with $0.45 reported for the prior-year period. Included in the results for the second quarter of fiscal 2012 was a $6.6 million pre-tax special charge, or $0.11 per diluted share, associated with streamlining actions as explained below. Excluding the special charge, fiscal 2012 second quarter adjusted diluted EPS were $0.57, an increase of 27 percent compared with the year-ago period.

The year-over-year growth in fiscal 2012 second quarter net sales was due to an approximate 5 percent increase in unit volume, 3 percent from the net favorable impact of changes in product pricing and the mix of products sold (i.e., “price/mix”), and 2 percent from acquisitions. The increase in unit volume was broad-based across most product categories and key sales channels in North America, partially offset by a decline in Spain. Although it is not possible to precisely quantify the separate impact of price/mix changes, the Company believes that essentially all of the benefit from price/mix was due to price increases implemented in calendar year 2011 which offset a less favorable mix of products sold.

Fiscal 2012 second quarter operating profit was $39.0 million compared with $37.2 million for the prior-year period. Excluding the special charge, adjusted operating profit for the second quarter of fiscal 2012 was $45.6 million, or 10.0 percent of net sales, which represents a 110 basis point improvement in adjusted operating profit margin compared with the prior-year period.

Vernon J. Nagel, Chairman, President, and Chief Executive Officer of Acuity Brands, commented, “We are pleased with our fiscal 2012 second quarter results as we continue to execute our strategies, including the introduction of new and more energy-efficient lighting solutions, to extend our leadership position in North America. The improvement in adjusted operating profit was due primarily to the benefits from higher sales volumes, price increases implemented during the prior twelve months, and productivity improvements. These benefits were partially offset by higher material costs, additional operating expense related to acquired businesses, increased compensation expense, and an adjusted operating loss in Spain. Our second quarter results also reflect the continuing higher level of spending on future growth initiatives, including new products, expanded market presence, and technology and innovation.”

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