07.10.2015 07:30:33
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Acuity Brands To Throw Light On Q4 Results
(RTTNews) - The LED lighting fixture company Acuity Brands Inc. (AYI) will shed light on its fourth-quarter results before the market opens on Wednesday, October 7. Analysts polled by Thomson Reuters expect the company to report earnings of $1.62 per share on revenues of $754.85 million for the quarter. Analysts' estimate typically excludes certain special items.
The company expects to continue to outperform the growth rates of the markets it serve due to benefits from growing renovation and tenant improvement projects, further expansion in underpenetrated geographies and channels, and growth from the introduction of new products and lighting solutions.
Acuity Brands further expects to continue to pursue growth opportunities enabled by newer technologies which require additional resources, including talent with specific skill sets, to drive innovation and accelerate commercialization of these evolving digital lighting solutions.
About AYI
Acuity Brands is a North American market leader and one of the world's leading providers of lighting solutions for both indoor and outdoor applications. With fiscal year 2014 net sales of $2.4 billion, Acuity Brands employs about 7,000 associates and is headquartered in Atlanta, Georgia with operations throughout North America, and in Europe and Asia.
The company's lighting solutions are sold under various brands, including Lithonia Lighting, Holophane, Peerless, Gotham, Mark Architectural Lighting, Winona Lighting, Healthcare Lighting, Hydrel, American Electric Lighting, Carandini, Antique Street Lamps, Sunoptics, RELOC Wiring Solutions, eldoLED and Acuity Controls.
Q3 Performance
In the last quarter, the company delivered third-quarter net income of $64.5 million or $1.48 per share, compared to $43.8 million or $1.01 per share, prior year. Adjusted net income was $59.5 million or $1.37 per share, for the quarter.
On average, 14 analysts polled by Thomson Reuters expected the company to report earnings per share of $1.34 for the quarter. Analysts' estimates typically exclude certain special items.
Net sales rose 13% to $683.7 million from $603.9 million last year, largely due to a 14% increase in volume, partially offset by an estimated one percent unfavorable impact from changes in foreign currency exchange rates. Analysts expected revenue of $686.47 million for the quarter.
Gross profit margin of 43.2% increased 290 basis points over prior year's third quarter, while adjusted operating profit margin also increased 290 basis points year-over-year to 14.8%. The company's variable contribution margin, that is the incremental adjusted operating profit as a percentage of the increase in net sales, was over 36%.
Vernon Nagel, Chairman, President, and Chief Executive Officer, said, "We believe our record third quarter results reflect the on-going recovery in new construction, continuing conversion to solid-state lighting, and our ability to provide customers truly differentiated value from our industry-leading portfolio of innovative lighting and control solutions along with superior service."
Recent Happenings
Last month, Acuity Brands said its wholly-owned subsidiary, Acuity Brands Lighting Inc., has completed the previously announced acquisition of Distech Controls Inc., a provider of building automation and energy management solutions that allow for the seamless integration of lighting, HVAC, access control, closed circuit television, and related systems. Acuity Brands Lighting acquired all of the outstanding capital stock of Distech Controls for about C$318 million.
October 5, Acuity Brands, through its subsidiary Acuity Brands Lighting, and Silver Spring Networks, Inc. (SSNI) announced an agreement to jointly develop an intelligent lighting platform for utilities, cities, and large campus operators, which will allow them to upgrade their aging lighting infrastructure and establish a path to additional smart city applications and services.
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