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Acuity Brands Reports Fiscal 2013 Fourth Quarter And Full-Year Results

Stocks in this article: AYI

Acuity Brands, Inc. (NYSE: AYI) (“Company”) today announced record fourth quarter net sales and diluted earnings per share (“diluted EPS”). Fiscal 2013 fourth quarter net sales of $579.8 million increased $65.5 million, or 13 percent, compared with the year-ago period. Fiscal 2013 fourth quarter net income increased to $44.9 million from $33.3 million in the prior-year period. Diluted EPS for the fourth quarter of fiscal 2013 increased 32 percent to a record $1.03 compared with $0.78 reported for the prior-year period.

Fiscal 2013 fourth quarter results included a $0.3 million pre-tax special charge associated with streamlining activities announced in the prior quarter. Prior year’s fourth quarter results included a pre-tax special charge and related expenses for streamlining actions totaling $6.5 million, or $0.10 per diluted share. Excluding the special charge and related expenses in both periods, adjusted diluted EPS increased 17 percent year-over-year.

Vernon J. Nagel, Chairman, President and Chief Executive Officer of Acuity Brands, commented, “We were very pleased with our fiscal 2013 fourth quarter and full year results as we continued to execute our strategies to extend our leadership position in North America. We believe our fourth quarter record results for net sales and earnings reflect our ability to provide customers truly differentiated value from our industry-leading portfolio of innovative lighting and control solutions along with superior service.”

Fiscal 2013 Fourth Quarter Results

The growth in net sales was due primarily to a more than 14 percent increase in sales volume, partially offset by the impact of an unfavorable change in product prices and the mix of products sold (“price/mix”). The Company experienced sales growth across most product categories and in key sales channels reflecting market share gains and growth in both the non-residential and residential markets, particularly for renovation and retrofit applications. Additionally, robust demand for the Company’s LED luminaires continued in the fourth quarter of fiscal 2013 as sales of these products more than doubled compared with the year-ago period. The Company estimated that the unfavorable price/mix in the current quarter compared with the year-ago period was due primarily to greater sales of less featured, value-oriented products sold through certain sales channels in the fourth quarter of fiscal 2013, including an increase in the number of large renovation projects, particularly for national retailers. In addition, price/mix was influenced by a reduction in the sales price of certain LED luminaries reflecting the continued decline in the cost of purchased LED components.

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