Acuity Brands, Inc. (NYSE: AYI) (“Company”) today announced fiscal 2013 third quarter net sales of $541.5 million, an increase of $54.0 million, or 11 percent, compared with the year-ago period. Fiscal 2013 third quarter adjusted net income of $41.9 million increased 20 percent compared with $34.8 million for the prior-year period. Adjusted diluted earnings per share (“EPS”) for the third quarter of fiscal 2013 were $0.97 compared with $0.82 for the year-ago period, an increase of over 18 percent. Reported GAAP net income for the third quarter of fiscal 2013 was $31.7 million, or $0.73 diluted EPS, compared with $33.6 million, or $0.79 diluted EPS, for the year-ago period.
Adjusted net income and adjusted diluted EPS for the third quarter of fiscal 2013 exclude: $7.2 million pre-tax special charge related to streamlining activities, or $0.11 diluted EPS; $0.8 million of temporary manufacturing inefficiencies, or $0.01 diluted EPS; and, a pre-tax loss of $8.1 million, or $0.12 diluted EPS, resulting from fraud perpetrated at a freight payment and audit service firm formerly retained by the Company. Adjusted results for the prior-year fiscal third quarter exclude a $1.9 million pre-tax special charge related to streamlining activities, or $0.03 diluted EPS. Management believes these items impacted the comparability of the Company's results and that the adjusted financial measures enhance the reader’s overall understanding of the Company's current financial performance and prospects for the future. A reconciliation of adjusted financial measures to the most directly comparable GAAP measure is provided in the tables at the end of this release.
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.”
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