Acuity Brands announced its second quarter earnings just as the opening bell rang on Wednesday, with the company posting slightly higher revenue and earnings than last year’s Q2.
AYI’s Earnings in Brief
AYI reported fourth quarter revenues of $546.2 million, an increase of 12% million from last year’s Q2 revenues of $486.7 million. Net income for the quarter came in at $77.2 million, up from $50.8 million reported for last year’s Q2. The company's diluted EPS for Q2 was 75 cents, an increase from last year’s 57 cent EPS. AYI missed analysts’ estimates of 83 cents EPS on revenues of $553.95 million. Looking ahead, AYI has a positive outlook on the lighting industry, and sees growth and strong demand.CEO Commentary
AYI’s chairman, president and CEO, Vernon J. Nagel, had the following comments: “We were very pleased with our fiscal 2014 second quarter results as we continued to execute our strategies to extend our leadership position in North America. While we believe inclement winter weather in certain parts of the U.S. dampened customer orders during the quarter and somewhat impacted our operations, the year-over-year increase in net sales reflects continued favorable trends in order rates as well as the continued adoption of LED lighting solutions, which again more than doubled over the prior year. Sales of LED-based luminaires now represent 30 percent of our net sales. We believe our second quarter results reflect our ability to provide customers truly differentiated value from our industry-leading portfolio of innovative lighting and control solutions along with superior service.”
AYI’s Dividend
Acuity is paying its next dividend on May 1, and its stock goes ex-dividend on April 15. The company pays a quarterly dividend of 13 cents, which has not been touched since 2007.
Stock Performance
AYI stock was up slightly on Wednesday morning. YTD, the company’s stock is up 23.98%.
AYI Dividend SnapshotAs of 10:00am on April 2, 2014
Click here to see the complete history of AYI dividends.
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