Acuity Brands Reports Record Quarterly and Full-Year Results
Quarterly Net Sales Exceed $1 Billion For First Time
ATLANTA, October 3, 2018 - Acuity Brands, Inc. (NYSE: AYI) (the “Company”) today announced record fourth quarter and full-year results for net sales, net income, and diluted earnings per share (“EPS”). Fiscal 2018 fourth quarter net sales of $1.06 billion increased approximately $104 million, or 11 percent, compared with the year-ago period. Operating profit for the fourth quarter of fiscal 2018 was $142 million compared with $153 million in the year-ago period. Net income for the fourth quarter of fiscal 2018 was $108 million, an increase of approximately 20 percent compared with the prior-year period. Fiscal 2018 fourth quarter diluted EPS of $2.70 increased approximately 26 percent compared with the year-ago period.
Adjusted diluted EPS for the fourth quarter of fiscal 2018 increased 5 percent to $2.68 compared with the year-ago period. Adjusted operating profit for the fourth quarter of fiscal 2018 was $154 million compared with $176 million in the year-ago period, and adjusted operating profit margin decreased 390 basis points over the prior-year period to 14.5 percent. Adjusted results exclude the impact of amortization expense for acquired intangible assets, share-based payment expense, acquisition-related items (including acquired profit in inventory and professional fees), special charge/credit for planned streamlining activities, gain associated with the sale of the Company’s Spanish lighting business, and an income tax net benefit for discrete items associated with the Tax Cuts and Jobs Act of 2017 (“TCJA”). Management believes these items impacted the comparability of the Company's results and that adjusted financial measures enhance the reader’s overall understanding of the Company's current financial performance by making results comparable between periods. A reconciliation of adjusted financial measures to the most directly comparable U.S. GAAP measure is provided in the tables at the end of this release.
Vernon J. Nagel, Chairman, President, and Chief Executive Officer of Acuity Brands, commented, “Our fourth quarter performance was solid, particularly against the backdrop of a challenging lighting market where larger commercial projects remained soft and input costs rose significantly. Net sales growth of 11 percent was robust and was driven primarily by volume growth in our Contractor Select portfolio, Atrius-enabled luminaires, and Holophane solutions. Overall, we experienced solid growth in net sales in most channels and
The following information was filed by Acuity Brands Inc (AYI) on Wednesday, October 3, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: AYI CIK: 1144215 Form Type:10-K Annual Report Accession Number: 0001144215-18-000110 Submitted to the SEC: Thu Oct 25 2018 12:31:34 PM EST Accepted by the SEC: Thu Oct 25 2018 Period: Friday, August 31, 2018 Industry: Electric Lighting And Wiring Equipment