Acuity Brands Q1 Profit Rises, Tops Estimate - Quick Facts

(RTTNews) - Acuity Brands, Inc. (AYI) reported that its net income for the first quarter of fiscal 2016 was $68.4 million, an increase of 34 percent compared with the prior-year period. Quarterly earnings per share were $1.57 up 34 percent from $1.17 for the year-ago period.

Adjusted earnings per share increased 25 percent to $1.65 from $1.32 in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.58 per share for the quarter. Analysts' estimates typically exclude special items.

Fiscal 2016 first quarter net sales of $736.6 million increased $89.2 million, or 14 percent, compared with the year-ago period. Wall Street expected revenues of $740.31 million for the quarter.

Vernon J. 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 2016 with expectations that overall demand in our end markets will continue to experience solid growth over the next several years. Our order rates through the month of December reflect this favorable trend."

Additionally, the company completed the acquisitions of Juno and Geometri after the close of the first quarter. It expects the addition of Juno over the long term to meaningfully expand and strengthen its lighting solutions portfolio in both down and track lighting as well as enhance its presence in the residential and corporate accounts sales channels.

In the short term, the company expects the anticipated growth rate of Juno's revenues to be somewhat muted due to the integration of certain sales channels. Juno had revenues of approximately $250 million in the trailing 12 months.