Lighting fixtures maker Acuity Brands, Inc. (AYI) Monday reported a rise in profit for the first quarter, as sales increased from the prior year, helped by higher unit volumes in some channels. However, on a per share basis, earnings missed analysts' consensus estimate. Further, the company said it expects a challenging second quarter.
The Atlanta, Georgia-based company's net income in the quarter rose to $24.4 million from $23.3 million in the prior year. On a per share basis, earnings grew to $0.56 from $0.53. On average, nine analysts polled by Thomson Reuters expect the company to have earned $0.57 per share in the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter advanced 8.5% to $425 million from $391.7 million reported in the previous year. Wall Street expected revenues of $424.98 million.
Excluding the impact of acquisitions, net sales in the quarter rose about 7% year-over-year. The company attributed the sales growth primarily to higher unit volumes in certain sales channels such as renovation, distributor stock and flow, and home improvement.
At the end of the first quarter, comparable orders increased around 10% from last year while comparable backlog rose around 2%.
Looking ahead, the company expects that the second quarter will again be challenging due primarily to weakness in non-residential construction and normal seasonal factors, including inconsistent customer demand, in addition to higher input costs. The company expects commodity cost increases to hurt second quarter's profitability by at least $4 million compared to last year.
AYI closed Friday at $59.77, down from the prior close of $60.03, on 384,400 shares.
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