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Acuity Brands (AYI) Tops Q1 EPS by 7c

January 8, 2016 8:54 AM EST

Acuity Brands (NYSE: AYI) reported Q1 EPS of $1.65, $0.07 better than the analyst estimate of $1.58. Revenue for the quarter came in at $736.6 million versus the consensus estimate of $740.31 million.

Outlook

Vernon J. Nagel, Chairman, President, and Chief Executive Officer of Acuity Brands, commented, “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 fiscal 2016 with expectations that overall demand in our end markets will continue to experience solid growth over the next several years. Our order rates through the month of December reflect this favorable trend. Additionally, we completed the acquisitions of Juno and Geometri after the close of the first quarter. We expect the addition of Juno over the long term to meaningfully expand and strengthen our lighting solutions portfolio in both down and track lighting as well as enhance our presence in the residential and corporate accounts sales channels. In the short term, we expect the anticipated growth rate of Juno’s revenues to be somewhat muted due to the integration of certain sales channels. Juno had revenues of approximately $250 million in the trailing 12 months. Further, the addition of Geometri, a small yet fast growing business intelligence company, will enhance our growing business analytics capabilities as part of our software solutions portfolio to provide retailers and other building users with actionable data. Lastly, we expect to continue to outperform the growth rates of the markets we serve by executing our strategies to focus on growing renovation and tenant improvement projects, expand into underpenetrated geographies and channels, and grow from the continued introduction of new products and lighting solutions as part of our integrated, tiered solutions strategy.”

Mr. Nagel concluded, “We believe the lighting and lighting-related industry as well as building automation systems will experience solid growth over the next decade, particularly as energy and environmental concerns come to the forefront along with emerging opportunities for digital lighting to play a key role in the Internet of Things. We believe we are uniquely positioned to fully participate in this exciting industry.”

For earnings history and earnings-related data on Acuity Brands (AYI) click here.



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