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Acuity Brands Reports Fiscal 2012 Third Quarter Results

Stocks in this article: AYI

Year-to-Date Results

Net sales for the first nine months of fiscal 2012 were $1,419.5 million compared with $1,299.5 million for the prior-year period, an increase of approximately 9 percent. Results for the first nine months of fiscal 2012 include operating profit of $146.9 million, net income of $83.1 million, and diluted EPS of $1.95. Adjusted results, which exclude $11.2 million of pre-tax special charges for streamlining activities, include adjusted operating profit of $158.1 million, or 11.1 percent of net sales, compared with $132.9 million, or 10.2 percent of net sales, for the prior-year period. Adjusted net income for the first nine months of fiscal 2012 was $90.6 million, an increase of 27 percent compared with $71.3 million for the prior-year period. For the first nine months of fiscal 2012, adjusted diluted EPS were $2.13, an increase of 31 percent compared with the year-ago period.

Outlook

Mr. Nagel commented, “We remain very positive about the future prospects for our company and our ability to outperform the markets we serve. We continue to position the Company to optimize short-term performance while investing in and deploying resources to further our long-term profitable growth opportunities. While we are optimistic about our future prospects and ability to outperform the markets we serve, we do see the potential for continuing volatility in demand due to the weak pace of economic recovery in the United States and globally.

“Our performance expectations have not changed materially during the past quarter. Key indicators continue to suggest that the U.S. non-residential construction market, a key market for the Company, is expected to grow modestly through fiscal 2013. Also, third-party forecasts suggest that the North American lighting market, which includes renovation and relight activity, will continue to outpace the growth rate of new construction. We believe opportunities exist that will allow us to continue to outperform the markets we serve, including benefits from growing renovation and tenant improvement projects, further expansion in underpenetrated geographies and channels, and growth from the introduction of innovative products and lighting solutions.”

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