Acuity Brands Reports Fiscal 2019 Fourth Quarter and Full-Year Results
ATLANTA, October 2, 2019 - Acuity Brands, Inc. (NYSE: AYI) (the “Company”) today announced that fiscal 2019 fourth quarter net sales were $938.1 million compared with $1,061.2 million in the year-ago period. Operating profit for the fourth quarter of fiscal 2019 was $130.3 million compared with $143.7 million in the year-ago period. Net income for the fourth quarter of fiscal 2019 was $96.1 million compared with $108.2 million in the prior-year period. Fiscal 2019 fourth quarter diluted earnings per share (“EPS”) was $2.42 compared with $2.70 in the year-ago period.
Adjusted diluted EPS for the fourth quarter of fiscal 2019 increased 2.6 percent to $2.75, a quarterly record, compared with the year-ago period. Fiscal 2019 adjusted net income increased 1.5 percent to $109.0 million compared with $107.4 million for the prior-year period. Adjusted operating profit for the fourth quarter of fiscal 2019 was $146.1 million compared with $156.0 million in the year-ago period, while adjusted operating profit margin of 15.6 percent increased 90 basis points over the prior-year period. Adjusted results are non-GAAP financial measures that 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 associated with streamlining activities, gain associated with the sale of the Company’s former 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 and Chief Executive Officer of Acuity Brands, commented, “We achieved solid results despite sluggish market conditions. We delivered record adjusted net income and adjusted diluted earnings per share notwithstanding the decline in fourth quarter net sales and operating profit compared with the year-ago period. While various factors, including some that were anticipated, contributed to the decline in fourth quarter net sales, we were pleased to achieve meaningful year-over-year improvement in both adjusted gross profit margin and adjusted operating profit margin. Our fourth quarter results reflect the benefit of price increases that we implemented to help offset the impact of tariffs and inflationary cost pressures as well as efforts to reduce our exposure to products whose profitability has been most negatively impacted by tariffs, many sold primarily through the retail sales channel. Additionally, we reported record fourth quarter and full-year net cash provided by operating activities. Fiscal 2019 full-year net cash provided
The following information was filed by Acuity Brands Inc (AYI) on Wednesday, October 2, 2019 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: 0001144215-19-000114 Submitted to the SEC: Tue Oct 29 2019 10:51:38 AM EST Accepted by the SEC: Tue Oct 29 2019 Period: Saturday, August 31, 2019 Industry: Electric Lighting And Wiring Equipment