09.01.2015 15:04:57
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Acuity Brands Q1 Profit Rises
(RTTNews) - Lighting fixtures maker Acuity Brands, Inc. (AYI) reported Friday a profit for the first quarter that grew 15 percent from last year, reflecting improved margins and double-digit sales growth. Quarterly revenues topped analysts' expectations.
"We were extremely pleased with our record fiscal 2015 first quarter results. Gross profit margin of 42.2 percent increased 90 basis points over prior year's first quarter, while adjusted operating profit margin of 14.9 percent increased 230 basis points over last year's first quarter adjusted operating profit margin," Chairman, President and CEO Vernon Nagel said.
The Atlanta, Georgia-based company reported net income of $51.1 million or $1.17 per share for the first quarter, higher than $44.5 million or $1.03 per share in the prior-year quarter.
Results for the latest quarter include $0.15 per share of special charge related to streamlining activities, while the year-ago quarter included $0.07 per share of fraud-related recovery.
Excluding special items, adjusted net income for the quarter was $57.4 million or $1.32 per share, compared to $41.4 million or $0.96 per share in the year-ago quarter.
Net sales for the quarter grew 13 percent to $647.4 million from $574.7 million in the same quarter last year, On average, 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 company attributed the sales growth to a 14 percent increase in sales volume amid broad-based growth across most product categories and key sales channels.
The company said sales of LED-based products surged more than 70 percent from the year-ago period and represented about 42 percent of fiscal 2015 first quarter net sales.
"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," Nagel added.
The company added it believes the lighting and lighting-related industry will experience solid growth over the next decade, particularly as energy and environmental concerns come to the forefront along with emerging opportunities for digital lighting to play a key role in the Internet of Things.
AYI closed Thursday's regular trading session at $142.00, up $3.05 on a volume of 0.53 million shares.
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