Acuity Brands, Inc. (NYSE:AYI) (“Company”) today announced record
first quarter net sales, net income, and diluted earnings per share
(“EPS”). Fiscal 2017 first quarter net sales of $851.2
million increased $114.6 million, or 16 percent, compared with the
year-ago period. Operating profit for the first quarter of
fiscal 2017 was $126.6 million, an increase of $14.2 million, or 13
percent, over the year-ago period. Net income for the first
quarter of fiscal 2017 was $81.7 million, an increase of 19 percent
compared with the prior-year period. Fiscal 2017 first
quarter diluted EPS of $1.86 increased almost 19 percent compared
with $1.57 for the year-ago period.
Adjusted diluted EPS for the first quarter of
fiscal 2017 increased 13 percent to $2.00 compared with adjusted
diluted EPS of $1.77 for the year-ago period. Adjusted
operating profit for the first quarter of fiscal 2017 increased
$17.3 million, or 14 percent, to $143.2 million, or 16.8 percent of
net sales, compared with the year-ago period adjusted operating
profit of $125.9 million, or 17.1 percent of net sales.
Adjusted results exclude the impact of amortization expense for
acquired intangible assets, share-based payment expense,
acquisition-related items (including acquired profit in inventory
and professional fees), special charges for streamlining
activities, manufacturing inefficiencies related to the closing of
a facility, and a gain on the sale of an investment in an
unconsolidated affiliate. Management believes these items
impacted the comparability of the Company's results and that
adjusted financial measures enhance the reader’s overall
understanding of the Company's current financial performance by
making results comparable between periods. A reconciliation
of adjusted financial measures to the most directly comparable U.S.
GAAP measure is provided in the tables at the end of this
release.
Vernon J. Nagel, Chairman, President, and Chief
Executive Officer of Acuity Brands, commented, “We were pleased to
deliver record first quarter financial performance and we believe
the Company continued to meaningfully outperform the overall growth
rate of our end-markets while investing in areas with significant
growth potential, including the expansion of our solid state
luminaire and lighting controls portfolio as well as our building
management and Internet of Things software platform. Initial
industry data suggests that the overall lighting market grew very
modestly during our first quarter. Nonetheless, we still grew
our legacy sales volume 10 percent in the quarter. Our
adjusted gross profit margin of 42.4 percent declined 100 basis
points compared with the prior year. The decline was due
primarily to weaker than expected net sales volume. Other
less significant factors included higher manufacturing costs,
primarily related to short-term production challenges related to
new product introductions, a rise in quality costs, and expected
increases in certain employee wages and benefits. Our
adjusted operating profit margin of 16.8 percent declined 30 basis
points compared with the prior year. Excluding the impact of
acquisitions, our variable contribution margin as a percentage of
net sales was approximately 20 percent, below our current annual
target of a mid-to-upper 20 percent range, primarily due to the
impact of less than anticipated net sales and the continued
investment in additional headcount to support our Tier 3 and 4
solutions. All in all, we had a solid quarter given market
conditions.”
The year-over-year growth in fiscal 2017 first
quarter net sales was primarily due to a 10 percent increase in
volume and approximately 9 percent from acquired revenues from
acquisitions, partially offset by approximately 2 percent net
unfavorable change in product prices and mix of products sold
(“price/mix”) and approximately 1 percent unfavorable impact from
changes in foreign currency exchange rates. The increase in
volume was broad-based across most product categories and key sales
channels. Sales of LED-based products represented two-thirds of
fiscal 2017 first quarter total net sales.
The Company reported net miscellaneous income of
$7.9 million and $0.7 million for the three months ended November
30, 2016 and November 30, 2015, respectively. Net
miscellaneous income for the three months ended November 30, 2016
included a $7.2 million gain associated with the sale of an
investment in an unconsolidated affiliate.
Net cash provided by operating activities
totaled $38.7 million for the first quarter of fiscal 2017 compared
with $51.1 million for the year-ago period. Cash and cash
equivalents at the end of the first quarter of fiscal 2017 totaled
$451.2 million, an increase of $38.0 million since the beginning of
the fiscal year.
Outlook
Mr. Nagel commented, “We believe the softness in
demand over the last quarter or so was due to temporary
circumstances that for the most part have passed; however, some
softness could linger into the second quarter. Our December
order activity continues to reflect growth albeit at a slower pace
than we experienced over the previous several quarters.
Long-term fundamental drivers of the markets we serve still seem to
be intact and positive, while independent third-party forecasts and
leading indicators continue to suggest positive growth rates for
our fiscal 2017. Therefore, we have not meaningfully changed
our previous expectations that the fiscal 2017 growth rate for
lighting and energy management solutions in the North American
market, which includes renovation and retrofit activity, will be in
the mid-to-upper single digit range. Similar to prior years,
the second fiscal quarter, typically our weakest quarter, is
expected to once again be influenced by normal seasonality and the
potential for year-end inventory rebalancing by certain
customers. Additionally, we believe that overall demand in
our end markets will continue to experience solid growth over the
next several years, and we remain bullish regarding the Company’s
prospects for continued future profitable growth. We expect
to continue to outperform the growth rates of the markets we serve
by executing our strategies focused on growth opportunities for new
construction and renovation projects, expansion into
underpenetrated geographies and channels, and growth from the
continued introduction of new lighting and building management
solutions as part of our integrated, tiered solutions
strategy.”
Recent changes in the U.S. political landscape
have produced a great amount of rhetoric and debate regarding a
wide range of policy options with respect to monetary, regulatory,
tax, and trade, amongst others, that may be pursued by the new
administration. Any policy changes implemented may have a
positive or negative consequence on the Company’s financial
performance depending on how the changes would influence many
factors, including business and consumer sentiment. While
management is proactively identifying and evaluating potential
contingency options under various certain policy scenarios, it is
to early to comment or speculate at this time on the potential
ramification of these endless scenarios.
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.”
Conference Call
As previously announced, the Company will host a conference call
to discuss first quarter results today, January 9, 2017, at 10:00
a.m. ET. Interested parties may listen to this call live
today or hear a replay at the Company's Web site:
www.acuitybrands.com.
About Acuity Brands
Acuity Brands, Inc., with fiscal year 2016 net
sales of $3.3 billion, is the North American market leader and one
of the world’s leading providers of indoor and outdoor lighting and
energy management solutions. Acuity Brands, headquartered in
Atlanta, Georgia has operations throughout North America, and in
Europe and Asia, and employs approximately 12,000 associates. The
Company’s products and solutions are sold under various brands,
including Lithonia Lighting®, Holophane®, Peerless®, Gotham®, Mark
Architectural Lighting™, Winona® Lighting, Healthcare Lighting®,
Hydrel®, American Electric Lighting®, Carandini®, Antique Street
Lamps™, Juno®, Indy™, AccuLite®, Aculux™, DanaLite, NaviLite®,
Sunoptics®, RELOC® Wiring Solutions, eldoLED®, Distech Controls®,
and Acuity Controls™.
Non-GAAP Financial Measures
This news release includes the following
non-GAAP financial measures: "adjusted gross profit", “adjusted
selling, distribution, and administrative expenses” (“adjusted
SD&A expenses”), “adjusted operating profit”, “adjusted
operating profit margin”, “adjusted net income”, and “adjusted
diluted EPS”. These non-GAAP financial measures are provided to
enhance the reader's overall understanding of the Company's current
financial performance and prospects for the future. During fiscal
2016, the Company acquired four businesses which impacted the
comparability of many of its GAAP financial measures.
Specifically, management believes that these non-GAAP measures
provide useful information to investors by excluding or adjusting
items for amortization of acquired intangible assets,
acquisition-related items, share-based payment expense which is
used as a method to improve retention and align the interests of
key leaders of acquired businesses with those of the Company’s
shareholders, special charges associated with efforts to streamline
the organization and integrate acquisitions, net loss on financial
instruments associated with acquisitions, and gain associated with
the sale of an investment in an unconsolidated affiliate.
Management typically adjusts for these items for internal reviews
of performance and uses the above non-GAAP measures for baseline
comparative operational analysis, decision making and other
activities. Management believes these non-GAAP measures
provide greater comparability and enhanced visibility into the
Company’s results of operations as well as comparability with many
of its peers, especially those companies focused more on technology
and software.
Non-GAAP financial measures included in this
news release should be considered in addition to, and not as a
substitute for or superior to, results prepared in accordance with
GAAP. The most directly comparable GAAP measure for adjusted gross
profit is "gross profit," which includes the impact of
acquisition-related items and manufacturing inefficiencies directly
related to the closure of a facility. The most directly comparable
GAAP measure for adjusted SD&A expenses is “SD&A expenses”
which includes acquisition-related items, amortization of acquired
intangible assets, and share-based payment expense. The most
directly comparable GAAP measures for adjusted operating profit and
adjusted operating profit margin are “operating profit” and
“operating profit margin,” respectively, which include the impact
of acquisition-related items, manufacturing inefficiencies directly
related to the closure of a facility, amortization of acquired
intangible assets, and share-based payment expense. The most
directly comparable GAAP measures for adjusted other expense
(income) is “other expense (income),” which includes the impact of
a gain on sale of investment in an unconsolidated affiliate.
The most directly comparable GAAP measures for adjusted net
income and adjusted diluted EPS are “net income” and “diluted EPS,”
respectively, which include the impact of acquisition-related
items, manufacturing inefficiencies directly related to the closure
of a facility, amortization of acquired intangible assets,
share-based payment expense, and gain on sale of investment in an
unconsolidated affiliate. A reconciliation of each measure to
the most directly comparable GAAP measure is available in this news
release. The Company’s non-GAAP financial measures may not be
comparable to similarly titled non-GAAP financial measures used by
other companies, have limitations as an analytical tool, and should
not be considered in isolation or as a substitute for GAAP
financial measures.
Forward Looking Information
This release contains forward-looking
statements, within the meaning of the Private Securities Litigation
Reform Act of 1995. Statements that may be considered
forward-looking include statements incorporating terms such as
"expects," "believes," "intends," “estimates”, “forecasts,”
"anticipates," “could,” “may,” “should”, “suggests,” “remain,” and
similar terms that relate to future events, performance, or results
of the Company and specifically include statements made in this
press release regarding: recent softness in demand due to temporary
circumstances that for the most part have passed and potential
lingering of softness in demand into the second quarter; long-term
fundamental drivers of the markets the Company serves still seem to
be intact and positive while independent third-party forecasts and
leading indicators continue to suggest positive growth rates for
the Company’s fiscal 2017; expectations that the second fiscal
quarter may be influenced by normal seasonality and the potential
for year-end inventory rebalancing by certain customers; positive
or negative consequences on the Company’s financial performance as
a result of wide range of policy options being pursued by the new
U.S. administration; prospects for continued future profitable
growth and expectations for the Company to continue to outperform
the growth rates of the markets it serves and execute strategies
related to growth opportunities; expectations of a mid-to-upper
single digit growth rate for the North American market for lighting
and energy management solutions for fiscal 2017 and for overall
demand in the Company’s end markets to continue to experience solid
growth over the next several years and decade as well as the
Company’s position to fully participate. Forward-looking
statements are subject to certain risks and uncertainties that
could cause actual results to differ materially from the historical
experience of Acuity Brands and management's present expectations
or projections. These risks and uncertainties include, but are not
limited to, customer and supplier relationships and prices;
competition; ability to realize anticipated benefits from
initiatives taken and timing of benefits; market demand; litigation
and other contingent liabilities; and economic, political,
governmental, and technological factors affecting the
Company. Please see the other risk factors more fully
described in the Company’s SEC filings including risks discussed in
Part I, “Item 1a. Risk Factors” in the Company’s Annual Report on
Form 10-K for the year ended August 31, 2016. The discussion
of those risks is specifically incorporated herein by
reference. Management believes these forward-looking
statements are reasonable; however, undue reliance should not be
placed on any forward-looking statements, which are based on
current expectations. Further, forward-looking statements
speak only as of the date they are made, and management undertakes
no obligation to update publicly any of them in light of new
information or future events.
ACUITY BRANDS, INC. |
CONSOLIDATED BALANCE SHEETS |
(In millions, except share data) |
|
November 30,2016 |
|
August 31,2016 |
(Unaudited) |
|
|
ASSETS |
|
|
|
Current
Assets: |
|
|
|
Cash and
cash equivalents |
$ |
451.2 |
|
|
$ |
413.2 |
|
Accounts
receivable, less reserve for doubtful accounts of $1.6 and $1.7,
respectively |
|
522.5 |
|
|
|
572.8 |
|
Inventories |
|
334.4 |
|
|
|
295.2 |
|
Prepayments and other current assets |
|
48.1 |
|
|
|
41.7 |
|
Total
current assets |
|
1,356.2 |
|
|
|
1,322.9 |
|
Property, plant, and equipment, at cost: |
|
|
|
Land |
|
21.9 |
|
|
|
23.1 |
|
Buildings
and leasehold improvements |
|
178.5 |
|
|
|
174.4 |
|
Machinery
and equipment |
|
458.4 |
|
|
|
448.2 |
|
Total
property, plant, and equipment |
|
658.8 |
|
|
|
645.7 |
|
Less -
accumulated depreciation and amortization |
|
(385.3 |
) |
|
|
(377.9 |
) |
Property,
plant, and equipment, net |
|
273.5 |
|
|
|
267.8 |
|
Other
Assets: |
|
|
|
Goodwill |
|
941.8 |
|
|
|
947.8 |
|
Intangible assets, net |
|
372.8 |
|
|
|
381.4 |
|
Deferred
income taxes |
|
4.8 |
|
|
|
5.1 |
|
Other
long-term assets |
|
14.3 |
|
|
|
23.0 |
|
Total
assets |
$ |
2,963.4 |
|
|
$ |
2,948.0 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
Current
Liabilities: |
|
|
|
Accounts
payable |
$ |
390.9 |
|
|
$ |
401.0 |
|
Current
maturities of long-term debt |
|
0.3 |
|
|
|
0.2 |
|
Accrued
compensation |
|
26.6 |
|
|
|
95.2 |
|
Other
accrued liabilities |
|
192.0 |
|
|
|
176.1 |
|
Total
current liabilities |
|
609.8 |
|
|
|
672.5 |
|
Long-term debt |
|
355.7 |
|
|
|
355.0 |
|
Accrued
pension liabilities, less current portion |
|
117.6 |
|
|
|
119.9 |
|
Deferred
income taxes |
|
74.6 |
|
|
|
74.6 |
|
Self-insurance reserves, less current portion |
|
7.4 |
|
|
|
7.2 |
|
Other
long-term liabilities |
|
68.2 |
|
|
|
59.0 |
|
Total
liabilities |
|
1,233.3 |
|
|
|
1,288.2 |
|
Stockholders’ equity: |
|
|
|
Preferred
stock, $0.01 par value; 50,000,000 shares authorized; none
issued |
|
- |
|
|
|
- |
|
Common
stock, $0.01 par value; 500,000,000 shares authorized; 53,503,317
and 53,415,687 issued, respectively |
|
0.5 |
|
|
|
0.5 |
|
Paid-in
capital |
|
860.7 |
|
|
|
856.4 |
|
Retained
earnings |
|
1,436.8 |
|
|
|
1,360.9 |
|
Accumulated other comprehensive loss |
|
(149.3 |
) |
|
|
(139.4 |
) |
Treasury
stock, at cost, -- 9,679,752 and 9,679,457 shares,
respectively |
|
(418.6 |
) |
|
|
(418.6 |
) |
Total
stockholders’ equity |
|
1,730.1 |
|
|
|
1,659.8 |
|
Total
liabilities and stockholders’ equity |
$ |
2,963.4 |
|
|
$ |
2,948.0 |
|
|
|
|
|
ACUITY BRANDS, INC. |
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) |
(In millions, except per-share data) |
|
|
Three Months |
|
Ended November 30, |
|
2016 |
|
2015 |
Net
sales |
$ |
851.2 |
|
|
$ |
736.6 |
|
Cost of
products sold |
|
491.6 |
|
|
|
417.2 |
|
|
|
|
|
Gross
profit |
|
359.6 |
|
|
|
319.4 |
|
|
|
|
|
Selling,
distribution, and administrative expenses |
|
231.8 |
|
|
|
206.6 |
|
Special
charge |
|
1.2 |
|
|
|
0.4 |
|
|
|
|
|
Operating profit |
|
126.6 |
|
|
|
112.4 |
|
|
|
|
|
Other
expense (income): |
|
|
|
Interest
expense, net |
|
8.2 |
|
|
|
7.9 |
|
Miscellaneous income, net |
|
(7.9 |
) |
|
|
(0.7 |
) |
Total
other expense |
|
0.3 |
|
|
|
7.2 |
|
Income
before provision for income taxes |
|
126.3 |
|
|
|
105.2 |
|
Provision for income taxes |
|
44.6 |
|
|
|
36.8 |
|
|
|
|
|
Net
income |
$ |
81.7 |
|
|
$ |
68.4 |
|
|
|
|
|
|
|
|
|
Earnings
per share: |
|
|
|
|
|
|
|
Basic
earnings per share |
$ |
1.87 |
|
|
$ |
1.58 |
|
|
|
|
|
Basic
weighted average number of shares outstanding |
|
43.8 |
|
|
|
43.3 |
|
|
|
|
|
Diluted
earnings per share |
$ |
1.86 |
|
|
$ |
1.57 |
|
|
|
|
|
Diluted
weighted average number of shares outstanding |
|
44.0 |
|
|
|
43.6 |
|
|
|
|
|
Dividends declared per Share |
$ |
0.13 |
|
|
$ |
0.13 |
|
|
|
|
|
ACUITY BRANDS, INC. |
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) |
(In millions) |
|
|
Three Months EndedNovember 30, |
|
2016 |
|
|
|
2015 |
|
Cash
flows from operating activities: |
|
|
|
Net
income |
$ |
81.7 |
|
|
$ |
68.4 |
|
Adjustments to reconcile net income to net cash flows from
operating activities: |
|
|
|
Depreciation and amortization |
|
17.2 |
|
|
|
14.3 |
|
Share-based payment expense |
|
7.9 |
|
|
|
6.4 |
|
Excess
tax benefits from share-based payments |
|
(5.8 |
) |
|
|
(13.9 |
) |
Loss
(gain) on the sale or disposal of property, plant, and
equipment |
|
0.1 |
|
|
|
(1.1 |
) |
Gain on
sale of investment in unconsolidated affiliate |
|
(7.2 |
) |
|
|
- |
|
Change in
assets and liabilities, net of effect of acquisitions, divestitures
and exchange rate changes: |
|
|
|
Accounts
receivable |
|
47.6 |
|
|
|
12.4 |
|
Inventories |
|
(40.3 |
) |
|
|
(13.6 |
) |
Prepayments and other current assets |
|
(10.7 |
) |
|
|
(13.6 |
) |
Accounts
payable |
|
(7.2 |
) |
|
|
10.8 |
|
Other
current liabilities |
|
(45.7 |
) |
|
|
(15.8 |
) |
Other |
|
1.1 |
|
|
|
(3.2 |
) |
|
|
|
|
Net cash
provided by operating activities |
|
38.7 |
|
|
|
51.1 |
|
|
|
|
|
Cash
flows from investing activities: |
|
|
|
Purchases
of property, plant, and equipment |
|
(19.5 |
) |
|
|
(23.1 |
) |
Proceeds
from sale of property, plant, and equipment |
|
5.4 |
|
|
|
2.1 |
|
Acquisition of businesses, net of cash acquired |
|
- |
|
|
|
(239.2 |
) |
Proceeds
from sale of investment in unconsolidated affiliate |
|
13.0 |
|
|
|
- |
|
|
|
|
|
Net cash
used for investing activities |
|
(1.1 |
) |
|
|
(260.2 |
) |
|
|
|
|
Cash
flows from financing activities: |
|
|
|
Issuance
of long-term debt |
|
0.9 |
|
|
|
- |
|
Repurchases of common stock |
|
(0.4 |
) |
|
|
- |
|
Proceeds
from stock option exercises and other |
|
2.1 |
|
|
|
6.0 |
|
Excess
tax benefits from share-based payments |
|
5.8 |
|
|
|
13.9 |
|
Dividends
paid |
|
(5.8 |
) |
|
|
(5.7 |
) |
|
|
|
|
Net cash
provided by financing activities |
|
2.6 |
|
|
|
14.2 |
|
|
|
|
|
|
|
|
|
Effect
of exchange rate changes on cash and cash equivalents |
|
(2.2 |
) |
|
|
(1.7 |
) |
|
|
|
|
Net
change in cash and cash equivalents |
|
38.0 |
|
|
|
(196.6 |
) |
Cash and
cash equivalents at beginning of period |
|
413.2 |
|
|
|
756.8 |
|
|
|
|
|
Cash and
cash equivalents at end of period |
$ |
451.2 |
|
|
$ |
560.2 |
|
|
|
|
|
ACUITY BRANDS, INC. |
Reconciliation of Non-U.S. GAAP
Measures |
|
The table below reconciles certain GAAP financial measures to
the corresponding non-GAAP measures: |
|
(In millions, except
earnings per share data) |
Three Months Ended |
|
November 30, |
|
2016 |
|
2015 |
|
|
|
% of Sales |
|
|
|
% of Sales |
Net sales |
$ |
851.2 |
|
|
|
|
$ |
736.6 |
|
|
|
|
|
|
|
|
|
|
|
Gross profit
(GAAP) |
$ |
359.6 |
|
|
42.2 |
% |
|
$ |
319.4 |
|
|
43.4 |
% |
Add-back:
Acquisition-related items(1) |
|
- |
|
|
|
|
|
0.6 |
|
|
|
Add-back: Manufacturing
inefficiencies(2) |
|
1.6 |
|
|
|
|
|
- |
|
|
|
Adjusted gross profit
(Non-GAAP) |
$ |
361.2 |
|
|
42.4 |
% |
|
$ |
320.0 |
|
|
43.4 |
% |
|
|
|
|
|
|
|
|
Selling, distribution,
and administrative expenses (GAAP) |
$ |
231.8 |
|
|
27.2 |
% |
|
$ |
206.6 |
|
|
28.0 |
% |
Less: Amortization of
acquired intangible assets |
|
(5.9 |
) |
|
|
|
|
(5.0 |
) |
|
|
Less: Share-based
payment expense |
|
(7.9 |
) |
|
|
|
|
(6.4 |
) |
|
|
Less:
Acquisition-related items(1) |
|
- |
|
|
|
|
|
(1.1 |
) |
|
|
Adjusted selling,
distribution, and administrative expenses (Non-GAAP) |
$ |
218.0 |
|
|
25.6 |
% |
|
$ |
194.1 |
|
|
26.4 |
% |
|
|
|
|
|
|
|
|
Operating profit
(GAAP) |
$ |
126.6 |
|
|
14.9 |
% |
|
$ |
112.4 |
|
|
15.3 |
% |
Add-Back: Amortization
of acquired intangible assets |
|
5.9 |
|
|
|
|
|
5.0 |
|
|
|
Add-Back: Share-based
payment expense |
|
7.9 |
|
|
|
|
|
6.4 |
|
|
|
Add-Back:
Acquisition-related items(1) |
|
- |
|
|
|
|
|
1.7 |
|
|
|
Add-back: Manufacturing
inefficiencies(2) |
|
1.6 |
|
|
|
|
|
- |
|
|
|
Add-Back: Special
charge |
|
1.2 |
|
|
|
|
|
0.4 |
|
|
|
Adjusted operating
profit (Non-GAAP) |
$ |
143.2 |
|
|
16.8 |
% |
|
$ |
125.9 |
|
|
17.1 |
% |
|
|
|
|
|
|
|
|
Other expense
(GAAP) |
$ |
0.3 |
|
|
|
|
$ |
7.2 |
|
|
|
Add-back: Gain on sale
of investment in unconsolidated affiliate |
|
7.2 |
|
|
|
|
|
- |
|
|
|
Adjusted other
expense(Non-GAAP) |
$ |
7.5 |
|
|
|
|
$ |
7.2 |
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
$ |
81.7 |
|
|
|
|
$ |
68.4 |
|
|
|
Add-Back: Amortization
of acquired intangible assets |
|
5.9 |
|
|
|
|
|
5.0 |
|
|
|
Add-Back: Share-based
payment expense |
|
7.9 |
|
|
|
|
|
6.4 |
|
|
|
Add-Back:
Acquisition-related items(1) |
|
- |
|
|
|
|
|
1.7 |
|
|
|
Add-back: Manufacturing
inefficiencies(2) |
|
1.6 |
|
|
|
|
|
- |
|
|
|
Add-Back: Special
charge |
|
1.2 |
|
|
|
|
|
0.4 |
|
|
|
Less: Gain on sale of
investment in unconsolidated affiliate |
|
(7.2 |
) |
|
|
|
|
- |
|
|
|
Total pre-tax
adjustments to net income |
|
9.4 |
|
|
|
|
|
13.5 |
|
|
|
Income tax effects |
|
(3.3 |
) |
|
|
|
|
(4.5 |
) |
|
|
Adjusted net
income (Non-GAAP) |
$ |
87.8 |
|
|
|
|
$ |
77.4 |
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share (GAAP) |
$ |
1.86 |
|
|
|
|
$ |
1.57 |
|
|
|
Adjusted diluted
earnings per share (Non-GAAP) |
$ |
2.00 |
|
|
|
|
$ |
1.77 |
|
|
|
|
|
|
|
|
|
|
|
(1)Acquisition-related items include acquired profit in
inventory and professional fees. |
(2)Incremental costs incurred due to manufacturing
inefficiencies directly related to the closure of a facility. |
Contact:
Dan Smith, 404-853-1423
dan.smith@acuitybrands.com
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