Acuity Brands Posts Upbeat Q2 Earnings, But Sales Miss Views

reported better-than-expected earnings for the fiscal second quarter, but the company's sales missed analysts' estimates. The Atlanta, Georgia-based company posted quarterly net income of $46.4 million, or $1.07 per share, compared to $32.7 million, or $0.75 per share, in the year-ago quarter. Excluding non-recurring items, the company's earnings climbed 44% to $1.08 per share. Its revenue climbed 13% to $616.1 million. However, analysts were expecting earnings of $1.05 per share on revenue of $627.95 million. Sales of LED-based products rose around 60% versus the year-earlier period. Operating profit for the second quarter jumped 35% to $78.6 million. Adjusted operating profit margin rose 210 basis points to 12.8% from 10.7%. At the end of the second quarter, cash and cash equivalents totaled $601.1 million, a rise of $48.6 million since the beginning of the fiscal year. Vernon J. Nagel, Chairman, President, and Chief Executive Officer of Acuity Brands, said, "We remain very bullish about our prospects for continued future profitable growth. Third-party forecasts as well as key leading indicators suggest that the growth rate for the North American lighting market, which includes renovation and retrofit activity, will be in the mid-to-upper single digit range for our fiscal 2015 with expectations that overall demand in our end markets will continue to experience solid growth over the next several years." The average estimate among 12 Estimize users was for earnings of $1.10 per share and revenue of $631.66 million. Acuity Brands shares gained 0.50% to $169.00 in pre-market trading.