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Acuity Brands Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: April 4, 2012 08:00AM

Acuity Brands Inc. (AYI) filed Quarterly Report for the period ended 2012-02-29. Acuity Brands has a market cap of $2.65 billion; its shares were traded at around $63.65 with a P/E ratio of 24.2 and P/S ratio of 1.5. The dividend yield of Acuity Brands stocks is 0.8%. Acuity Brands had an annual average earning growth of 5.8% over the past 10 years.



Highlight of Business Operations:

Net sales were $457.7 for the three months ended February 29, 2012, compared with $416.1 reported for the three months ended February 28, 2011, an increase of $41.6, or approximately 10%. For the three months ended February 29, 2012, the Company reported net income of $19.5 compared with $19.9 for the three months ended February 28, 2011. For the second quarter of fiscal 2012, diluted earnings per share increased to $0.46 compared to $0.45 reported in the year-ago period.

Gross profit for the second quarter of fiscal 2012 increased $18.1, or 11.1%, to $181.9 compared with $163.8 for the prior-year period. The increase was due primarily to higher sales volumes and pricing, productivity improvements, and contributions from acquired businesses. These benefits were partially offset by the impact of higher material and component costs, including certain transportation costs, of approximately $11.0 in the second quarter of fiscal 2012 compared with the year-ago period. Gross profit margin increased by 30 basis points to 39.7% for the three months ended February 29, 2012 compared with the prior-year period. In prior periods, LED-based products, which previously represented less than 5% of the Company's net sales, were dilutive to the Company's overall gross margin. Due to the rapid decline in component costs, which outpaced the decrease in selling prices of most LED-based luminaries, the overall gross margin of LED-based products were generally consistent with the profitability of fixtures with conventional light sources during the second quarter of fiscal 2012.

increase of $1.8, or 4.8%. The period-over-period increase was due primarily to higher net sales and benefits of productivity improvements, partially offset by increases in material and component costs, the special charge, SD&A expenses as discussed above, and results in Spain. Reflecting the difficult economic conditions in Spain, the Company's operations in Spain incurred an adjusted operating loss of $1.3 (excluding the special charge), or $0.03 per diluted share, on a 50%, or $2.6, decline in net sales in the second quarter of fiscal 2012 compared with the same period in the prior year. Operating profit margin decreased 40 basis points to 8.5% for the second quarter of fiscal 2012 compared to 8.9% for the second quarter of fiscal 2011.

Net sales were $932.0 for the six months ended February 29, 2012, compared with $841.2 reported for the six months ended February 28, 2011, an increase of $90.8, or approximately 11%. For the six months ended February 29, 2012, the Company reported net income of $49.5 compared with $44.3 for the six months ended February 28, 2011. For the first half of fiscal 2012, diluted earnings per share increased 14.9% to $1.16 from $1.01 for the prior-year period.

Operating profit for the first six months of fiscal 2012 was $89.5 compared with $82.7 for the prior-year period, an increase of $6.8, or 8.2%. The period-over-period increase was due primarily to the higher net sales and benefits of productivity improvements, partially offset by increases in material and component costs, the special charge, SD&A expenses as discussed above, and results in Spain. Reflecting the difficult economic conditions in Spain, the Company's operations in Spain incurred an adjusted operating loss of $2.1 (excluding the special charge), or $0.05 per diluted share, on approximately a 50%, or $5.8, decline in net sales in the first half of fiscal 2012 compared with the same period in the prior year. Operating profit margin decreased modestly by 20 basis points to 9.6% for the first half of fiscal 2012 compared to 9.8% in the prior-year period.

Read the The complete Report



Stocks Discussed: AYI,
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