Acuity Brands Q4 Results Beat Estimates - Quick Facts

(RTTNews) - Lighting fixtures maker Acuity Brands, Inc. (AYI) posted higher fourth-quarter net income of $44.9 million, or $1.03 per share, versus $33.3 million, or $0.78 per share, in the prior-year period. On average, 15 analysts polled by Thomson Reuters expected earnings per share of $1.02 for the quarter. Analysts' estimates typically exclude one-time items.

The firm said the latest quarter's results included a $0.3 million pre-tax special charge associated with streamlining activities announced in the prior quarter; whereas the prior year's results included a pre-tax special charge and related expenses for streamlining actions totaling $6.5 million, or $0.10 per share. Excluding the special charge and related expenses in both periods, adjusted per-share earnings increased 17 percent year-over-year, the company noted.

The Atlanta, Georgia-based company recorded quarterly net sales of $579.8 million, up 13 percent, compared with the year-ago period's $514.3 million. Thirteen analysts estimated revenues of $569.33 million for the quarter.

Commenting on the future, Acuity Brands' Chief Executive stated, "Our outlook has not changed materially during the past quarter. Third-party forecasts and leading indicators suggest that the growth rate for the North American lighting market, which includes renovation and retrofit activity, will continue to be in the mid-single digit range during the remainder of calendar 2013 and into 2014. While we still expect to see some volatility in demand among certain sales channels and geographies, our expectation for the future is that overall demand in our end markets will continue to improve and be more consistent and broad-based."