Shares of
Acuity Brands, Inc. AYI surged higher by more than 10 percent Wednesday morning and hit a new 52-week high of $251.90 after the company reported its second quarter results.
Acuity Brands said that it earned $1.80 per share in the second quarter on revenue of $777.8 million. Wall Street analysts were expecting the company to earn $1.51 per share on revenue of $752 million.
Net income for the quarter rose 41 percent from a year ago to $65.5 million, primarily due to a 17 percent increase in volume and an 11 percent increase from acquisitions. The company noted that the increase in volume was broad-based across most product categories and key sales channels.
Vernon J. Nagel, Chairman, President, and Chief Executive Officer of Acuity Brands, commented, "We were extremely pleased with our achievement of record second quarter results. These results are even more impressive when one considers that we continued to invest in our strong sales growth and areas with significant future growth potential, including the expansion of our solid state luminaire and controls portfolio as well as our building management, software, and Internet of Things solutions. Adjusted gross profit margin was 43.5 percent, a quarterly record, and represented an increase of 200 basis points over prior year's second quarter, while adjusted operating profit margin of 16.4 percent increased 250 basis points over last year's second quarter. The integration of recent acquisitions, which include Distech Controls, Juno Lighting and Geometri, continues to go well. We believe our record second quarter results reflect our ability to provide customers with truly differentiated value from our industry-leading portfolio of innovative lighting and building automation solutions along with superior service."
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