LONDON, UK / ACCESSWIRE / January 18, 2018 / Active-Investors.com has just released a free earnings report on Acuity Brands, Inc. (NYSE: AYI) ("Acuity"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=AYI. Acuity posted its first quarter fiscal 2018 (Q1 FY18) financial results on January 09, 2018. The leading indoor and outdoor lighting and energy management solutions providers' revenue and earnings were below expectations. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Acuity Brands most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Earnings Highlights and Summary
During the first quarter of the fiscal year 2018, Acuity posted net sales of $842.80 million compared to $851.20 million in Q1 FY17, reflecting a decrease of 1.0%. The decline in sales was primarily due to lower sales in the showroom channel and certain international sales channels because of changes in the in-house branding strategies, and weaker demand resulting from economic and political headwinds respectively. The Company's revenue numbers missed analysts' estimates of $884.00 million.
Acuity's gross profit was $350.20 million in Q1 FY18 compared to $359.60 million in Q1 FY17, declining 2.61% on a y-o-y basis. The decrease in gross profit was attributed to lower sales, unfavorable price mix, and higher input costs. The Company's selling, general, and administrative expenses (SG&A) amounted to $231.40 million in the reported quarter compared to $231.80 million in the year ago same period, decreasing 0.17% on a y-o-y basis. The reason for a dip in SG&A was lower commission expense largely offset by amortization expense, and share based payment expense. Acuity's operating profit was $118.60 million in Q1 FY18 compared to $126.60 million in Q1 FY17, dipping 6.32% on a y-o-y basis. The Company's adjusted operating profit was $133.90 million in the reported quarter compared to $143.20 million, decreasing 6.49% for the year ago comparable period.
Acuity's net income was $71.50 million in the reported quarter compared to $81.70 million in Q1 FY17, decreasing 12.48% on a y-o-y basis. The Company's earnings per share (EPS) were $1.70 in Q1 FY18 compared to $1.86 in the first quarter of the previous fiscal year, dipping 8.60% on a y-o-y basis. Adjusted earnings of the Company were $1.94 in the reported quarter compared to $2.00 in Q1 FY17, reflecting a decrease of 3.00% on a y-o-y basis. The Company's adjusted earnings numbers fell short of analysts' estimates of $2.10.
Cash Matters
As on November 30, 2017, Acuity had cash and cash equivalents of $428.60 million compared to $451.20 million as on November 30, 2016. The Company's cash inflow from operating activities was $139.80 million in the reported quarter compared to a cash inflow of $55.80 million in Q1 FY17. On January 05, 2018, the Company declared a quarterly dividend of $0.13 per share. The dividend is payable on February 01, 2018 to shareholders of record January 22, 2018.
Outlook
For the fiscal year 2018, Acuity is anticipating sales growth for the North American lighting market (comprising over 97.00% of the Company's revenues) in low- single digits. The Tax Cuts and Jobs Act is expected to favorably impact the Company's net income, diluted EPS, and cash flows. The Company's consolidated effective tax rate will be approximately between the range of 26.00% - 28.00% for the full fiscal year.
Stock Performance Snapshot
January 17, 2018 - At Wednesday's closing bell, Acuity Brands' stock climbed 2.00%, ending the trading session at $163.80.
Volume traded for the day: 1.02 million shares, which was above the 3-month average volume of 725.60 thousand shares.
Stock performance in the last month - up 1.41%.
After yesterday's close, Acuity Brands' market cap was at $6.86 billion.
Price to Earnings (P/E) ratio was at 22.03.
The stock has a dividend yield of 0.32%.
The stock is part of the Technology sector, categorized under the Diversified Electronics industry. This sector was up 1.2% at the end of the session.
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