Acuity Brands Q1 Profit Increases - Quick Facts

(RTTNews) - Lighting fixtures maker Acuity Brands Inc. (AYI) reported that its net income for the first quarter of fiscal 2015 was $51.1 million, an increase of 15 percent from last year's $44.5 million. Quarterly earnings per share grew 14 percent to $1.17 from $1.03 for the year-ago period.

Quarterly adjusted net income of $57.4 million increased $16.0 million, or 39 percent, compared with adjusted net income of $41.4 million for the prior-year period. Adjusted earnings per share rose 38 percent to $1.32 compared with adjusted earnings per share of $0.96 last year.

Fiscal 2015 first quarter net sales of $647.4 million increased $72.7 million, or 13 percent, compared with the year-ago period. Analysts polled by Thomson Reuters expected the company to report revenues of $639.38 million for the quarter. Analysts' estimates typically exclude special items.

The year-over-year growth in fiscal 2015 first quarter net sales was due primarily to an increase in volume of more than 14 percent, partially offset by an estimated 1 percentage point net unfavorable change in product prices and mix of products sold and, to a lesser degree, an unfavorable impact from changes in foreign currency exchange rates. The increase in volume was broad-based across most product categories and key sales channels.

Vernon Nagel, Chairman, President, and Chief Executive Officer said, "We remain very bullish about our prospects for continued future profitable growth. Third-party forecasts as well as key leading indicators suggest that the growth rate for the North American lighting market, which includes renovation and retrofit activity, will be in the mid-to-upper single digit range for fiscal 2015 with expectations that overall demand in our end markets will continue to experience solid growth over the next several years."