Upcoming AWS Coverage on Corning

LONDON, UK / ACCESSWIRE / April 12, 2017 / Active Wall St. announces its post-earnings coverage on Acuity Brands, Inc. (NYSE: AYI). The Company released its second quarter fiscal 2017 financial results on April 04, 2017. The world's leading provider of indoor and outdoor lighting and energy management solutions missed top- and bottom-line expectations. Register with us now for your free membership at:

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One of Acuity Brands' competitors within the Diversified Electronics space, Corning Inc. (NYSE: GLW), is expected to report its fiscal quarter ending March 2017 earnings results on April 25, 2017 before market open. AWS will be initiating a research report on Corning following the release of its next earnings results.

Today, AWS is promoting its earnings coverage on AYI; touching on GLW. Get our free coverage by signing up to:

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Earnings Reviewed

For the three months ended February 28, 2017, Acuity reported that net sales increased $26.9 million, or 3.5%, to $804.7 million from $777.8 million reported in Q2 FY16. The growth was primarily attributable to a 45 increase in volume and approximately 1% from acquired revenues from acquisitions, partially offset by approximately 1% net unfavorable change in product prices and mix of products sold. The impact from changes in foreign currency exchange rates was less than 1%. The Company's net sales number lagged behind analysts' consensus of $825 million. Acuity's net sales for the first six months of FY17 increased 9.3% to $1.66 billion compared with $1.51 billion for the prior-year same period.

Acuity stated that sales volume was higher across most key product categories and sales channels in the US and Canada, while volumes declined in both Europe and Mexico. The change in price/mix was due primarily to lower pricing on luminaires, largely as a result of lower LED component costs. Sales of LED-based products increased approximately 20% on a y-o-y basis and represented approximately two-thirds of Q2 FY17 total net sales.

For Q2 FY17, Acuity's operating profit was $108.0 million, an increase of $1.3 million, or 1.2%, over the year-ago comparable period. Adjusted operating profit for the reported quarter decreased $3.5 million, or 2.7%, to $123.9 million, or 15.4% of net sales, compared with the year-ago same period adjusted operating profit of $127.4 million, or 16% of net sales.

Acuity's adjusted gross profit margin of 41.7% declined 180 basis points compared with the prior year, primarily due to higher manufacturing expenses resulting from increased wages and benefits, inbound freight costs, and quality costs. The Company's adjusted operating profit margin of 15.4% declined 100 basis points compared with the prior year

Acuity's net income for Q2 FY17 was $67.3 million, an increase of $1.8 million, or 2.7%, compared with the prior-year same period. The reported quarter diluted earnings per share ("EPS") of $1.53 increased $0.04, or 2.7%, compared with $1.49 for the year-ago same period. On an adjusted basis, the Company's diluted EPS for Q2 FY17 decreased 1.7% to $1.77 compared with adjusted diluted EPS of $1.80 for the year-ago same period. Adjusted results exclude the impact of amortization expense for acquired intangible assets, share-based payment expense, acquisition-related items, and special charges for streamlining activities. The Company's adjusted earnings numbers came in below the market estimate of $1.82 per share.

Acuity's H1 FY17 reported results included operating profit of $234.6 million, net income of $149.0 million, and diluted EPS of $3.39.

Balance Sheet

Net cash provided by operating activities totaled $71.6 million for H1 FY17 compared with $119.5 million for the year-ago comparable period. Cash and cash equivalents at the end of the reported quarter were $463.2 million, an increase of $50.0 million since the beginning of the fiscal year.

Stock Performance

At the close of trading session Tuesday, April 11, 2017, Acuity Brands' stock price rose slightly by 0.72% to end the day at $177.68. A total volume of 813.98 thousand shares were exchanged during the session. The Company's shares are trading at a PE ratio of 25.55 and have a dividend yield of 0.29%. Additionally, the stock currently has a market cap of $7.81 billion.

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SOURCE: Active Wall Street