Acuity Brands, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended November 30, 2015; Provides Earnings Guidance for the Fiscal Year 2016
January 08, 2016 at 08:51 am EST
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Acuity Brands, Inc. announced unaudited consolidated earnings results for the first quarter ended November 30, 2015. For the quarter, the company's net sales were $736.6 million compared with $647.4 million a year ago. Operating profit was $112.4 million compared with $86.7 million a year ago. Income before provision for income taxes was $105.2 million compared with $79.7 million a year ago. Net income was $68.4 million or $1.57 per diluted share compared with $51.1 million or $1.17 per diluted share a year ago. Net cash provided by operating activities was $51.1 million compared with $46.7 million a year ago. Purchases of property, plant, and equipment were $23.1 million compared with $18.5 million a year ago. Adjusted operating profit (Non-GAAP) was $117.1 million compared with $96.7 million a year ago. Adjusted net income (Non-GAAP) was $71.7 million or $1.65 diluted per share compared with $57.4 million or $1.32 diluted per share a year ago. The company recorded special pretax charges of $400,000 this quarter and $10 million in the year-ago quarter associated with certain streamlining actions to lower cost structure in certain areas.
The company expects the effective tax rate for fiscal year 2016 to be 35.5% before any discrete items and if the rates in taxing jurisdictions remain generally consistent throughout the year. The company currently expect to spend approximately 2.5% of revenues in capital expenditures in fiscal year 2016.
Acuity Brands, Inc. is an industrial technology company. The Company uses technology to solve problems in spaces and light. It operates through two segments: Acuity Brands Lighting and Lighting Controls (ABL) and the Intelligent Spaces Group (ISG). ABL's portfolio of lighting solutions includes commercial, architectural, and specialty lighting in addition to lighting controls and components that can be combined to create integrated lighting control systems. It offers devices, such as luminaires that utilize light emitting diode (LED) technology designed to optimize energy efficiency and comfort for various indoor and outdoor applications. ABL's brand portfolio include Aculux, Indy, Gotham, and more. ISG offers a building management platform and location-aware applications. Its building management platform includes products for controlling heating, ventilation, and air conditioning (HVAC), lighting, shades, and building access that deliver end-to-end optimization of building systems.
Acuity Brands, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended November 30, 2015; Provides Earnings Guidance for the Fiscal Year 2016