Acuity Brands Inc. (AYI) reported that its second-quarter net income increased to $24.7 million, or $0.57 per share from $19.5 million, or $0.46 per share in the same quarter last year.
Included in the results for the second quarter of fiscal 2013 were a pre-tax special charge and temporary expenses associated with previously announced streamlining actions, primarily to close a production facility, totaling $3.1 million, or $0.05 per share. Included in the results for the second quarter of the prior year was a $6.6 million pre-tax special charge, or $0.11 per share, associated with streamlining actions.
Excluding special charges and related temporary expenses in both periods, fiscal 2013 second quarter adjusted net income was $26.7 million compared with adjusted net income of $24.0 million for the prior-year period, an increase of 11 percent.
Adjusted earnings per share for the second quarter were $0.62 compared with adjusted earnings per share of $0.57 for the year-ago period, an increase of 9 percent. Analysts polled by Thomson Reuters expected the company to report earnings of $0.62 per share. Analysts' estimates typically exclude special items.
Net sales for the quarter were $486.7 million, up 6 percent from $457.7 million in the prior year quarter. Thirteen analysts had consensus revenue estimate of $468.51 million for the quarter. The year-over-year growth in fiscal 2013 second quarter net sales was due primarily to a more than 9 percent increase in sales volume, partially offset by a net unfavorable change in prices and the mix of products sold.
Vernon Nagel, Chairman, President, and Chief Executive Officer said, "Our performance expectations for fiscal 2013 have not changed materially during the past quarter. Third-party forecasts and leading indicators suggest that the North American lighting market, which includes renovation and relight activity, will increase in the mid-single digits during the remainder of our fiscal 2013."
While the company expect to see some volatility in demand among certain sales channels and geographies, Acuity Brands said its expectation for the second half of fiscal 2013 is that overall demand in its end markets will continue to improve and be more consistent and broad-based.
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