Acuity Brands, Inc. (NYSE: AYI) (“Company”) today announced fiscal
2019 first quarter net sales of $932.6 million, an increase of
$89.8 million, or 10.7 percent, compared with the year-ago period.
Operating profit for the first quarter of fiscal 2019 was
$116.4 million, a decrease of $3.8 million, or 3.2 percent, over
the year-ago period. Net income for the first quarter of
fiscal 2019 was $79.6 million, an increase of 11.3 percent compared
with the prior-year period. The increase in net income
resulted primarily from a lower provision for income taxes.
Fiscal 2019 first quarter diluted earnings per share (“EPS”) of
$1.98 increased 16.5 percent compared with $1.70 for the year-ago
period reflecting both an increase in net income and lower average
shares outstanding due to repurchases of the Company’s stock during
the prior twelve-month period.
Adjusted diluted EPS for the first quarter of
fiscal 2019 increased 19.6 percent to $2.32 compared with adjusted
diluted EPS of $1.94 for the year-ago period. Adjusted
operating profit for the first quarter of fiscal 2019 decreased
$1.4 million, or 1.0 percent, to $134.1 million, or 14.4 percent of
net sales, compared with the year-ago period adjusted operating
profit of $135.5 million, or 16.1 percent of net sales.
Adjusted results are non-GAAP financial measures that exclude the
impact of acquisition-related items, amortization expense for
acquired intangible assets, share-based payment expense, and
special charges for streamlining activities. 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, “Our first quarter
performance was solid despite continuing inflationary cost
pressures. We have taken several actions to address
these cost issues, including price increases and productivity
improvements. Further, our top line growth this quarter
continued our long trend of outpacing the overall growth rates of
the markets we serve, and diluted earnings per share rose nearly 17
percent while adjusted diluted earnings per share increased
approximately 20 percent. Our significant growth in net sales
this quarter was due in large part from continued efforts to expand
our customer base and the introduction of new products and
solutions. Net sales through our independent sales network,
which historically comprises approximately 70 percent of our total
net sales, were up 10 percent in the first quarter compared with
the year ago period, primarily as demand for lighting solutions
used in small and medium sized lighting projects improved as well
as continued strong growth for our building management
solutions. This was partially offset by continued weak demand
for larger non-residential lighting projects as well as continued
product substitution to lower priced alternatives for certain
lighting products. During the quarter, we implemented two
price increases to recover higher costs for both components and
other input items due to inflation as well as government tariffs
enacted on certain Chinese-sourced finished goods and
components. While we believe that some of the increase in net
sales was due in part to customers buying products in advance of
the effective dates of these announced price increases, it is
impossible to quantify the exact impact this had on our first
quarter sales growth or the impact from a potential pull-forward of
sales from the second quarter.”Mr. Nagel continued, “Our adjusted
gross profit and margin were negatively impacted by higher input
costs for certain items, including electronic and oil-based
components, freight, and certain other commodity-related items such
as steel. Many of these items experienced dramatic increases
in price in the last half of our fiscal 2018 due to several
economic factors, including new tariffs and wage inflation caused
by tight labor markets. We estimate that the inflationary
impact of these items reduced our gross profit in the quarter by
approximately $16 million and lowered our gross profit margin by
approximately 170 basis points. We believe that the benefit
of our recent price increases will better offset higher input costs
in our second fiscal quarter and beyond. Our first quarter
gross profit margin increased 60 basis points on a sequential basis
from the fourth quarter of fiscal 2018 on lower revenues, primarily
due to an improvement in sales channel mix and actions to improve
our cost structure.”Fiscal 2019 first quarter results were impacted
by the adoption of Accounting Standards Codification 606, Revenue
from Contracts with Customers (“ASC 606”), which resulted in a
decrease to revenues, gross profit, and operating profit of $2.4
million, $1.1 million, and $1.2 million, respectively, during the
three months ended November 30, 2018. Additionally, fiscal
2018 results were restated to reflect the impact of adopting
Accounting Standards Update No. 2017-07, Compensation — Retirement
Benefits (Topic 715): Improving the Presentation of Net Table of
Contents 29 Periodic Pension Cost and Net Periodic Postretirement
Benefit Cost (“ASU 2017-07”). Upon adoption of ASU 2017-07,
prior year’s first quarter reported operating profit and other
expense both increased $1.6 million. The provisions of ASU
2017-07 had no impact to previously reported net income or earnings
per share.The 10.7 percent year-over-year increase in fiscal 2019
first quarter net sales was primarily due to an approximate 11
percent increase in sales volume and a 1 percent favorable impact
of acquired revenues from acquisitions net of lost revenues from
divestitures, partially offset by the 1 percent combined
unfavorable impact of the adoption of ASC 606 and changes in
foreign exchange rates. The net change in product prices and
mix of products sold (“price/mix”) was flat year over year.Gross
profit for the first quarter of fiscal 2019 increased $17.6
million, or 5.0 percent, to $367.5 million compared with $349.9
million in the prior-year period due to higher sales volumes and
productivity improvements, partially offset by higher material,
component, and freight costs. Fiscal 2019 first quarter gross
profit margin of 39.4 percent declined 210 basis points compared
with prior year’s gross profit margin, while adjusted gross profit
margin of 39.5 percent declined 200 basis points compared with the
year-ago period. Selling, distribution, and administrative
(“SD&A”) expenses for the first quarter of fiscal 2019 were
$250.1 million compared with $229.5 million in the prior-year
period. The increase in SD&A expenses was primarily due to
an increase in freight and commission expense to support the
greater sales volume, higher employee related costs, and expenses
associated with acquired businesses. The Company
recognized a pre-tax special charge of $1.0 million during the
first quarter of fiscal 2019, primarily related to moving costs
associated with the previously announced transfer of activities
from a planned facility closure. In the first quarter of the
prior fiscal year, the Company recorded a pre-tax special charge of
$0.2 million consisting primarily of severance and employee-related
benefit costs for the elimination of certain positions following a
realignment of the Company's operating structure.Net cash provided
by operating activities totaled $131.8 million for the first
quarter of fiscal 2019 compared with $139.8 million for the
year-ago period. Cash and cash equivalents at the end of the
first quarter of fiscal 2019 totaled $214.8 million, an increase of
$85.7 million since the beginning of the fiscal year. During
the first quarter of fiscal 2019, the Company spent $25 million to
repurchase two hundred thousand shares of Acuity Brands common
stock under its authorized stock repurchase
program.OutlookMr. Nagel commented, “We remain
cautiously optimistic for fiscal 2019 and do not believe that the
demand outlook has meaningfully changed since our prior outlook
provided in early October 2018. Our wide and varied base of
customers generally remains positive about current year growth
prospects. Many customers continue to have record backlogs
though they too are concerned about the timing of releases,
particularly for larger projects, and the potential impact of
tariffs and inflation on overall demand. Third-party
forecasts and leading indicators continue to suggest that the North
American lighting market, the Company’s primary market, should grow
in the low-single digit range in fiscal 2019.”Mr. Nagel continued,
“Our focus in fiscal 2019 is to garner additional top-line growth
driven primarily by outperforming the growth rates of the markets
we serve through execution of our previously announced growth
strategies, continue to improve the mix of products and solutions
sold as we execute our tiered solutions strategy, and leverage our
fixed cost infrastructure to achieve targeted incremental margins
to improve our overall profitability.”Mr. Nagel concluded, “We
continue to believe the lighting and lighting-related industry as
well as building management systems have the potential to
experience solid growth over the next decade, particularly as
owners and users of lighting equipment and buildings see the
potential to transform those investments into strategic assets by
deploying our distinctive solutions. 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,
2019, 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. (NYSE: AYI) is the North
American market leader and one of the world’s leading providers of
lighting and building management solutions. With fiscal year 2018
net sales of $3.7 billion, Acuity Brands currently employs
approximately 13,000 associates and is headquartered in Atlanta,
Georgia with operations throughout North America, and in Europe and
Asia. The Company’s products and solutions are sold under various
brands, including Lithonia Lighting®, Holophane®, Aculux®, American
Electric Lighting®, Antique Street Lamps™, Atrius™, DGLogik™,
Distech Controls®, DTL®, eldoLED®, Gotham®, Healthcare Lighting®,
Hydrel®, Indy™, IOTA®, Juno®, Lucid®, Mark Architectural Lighting™,
nLight®, Peerless®, RELOC® Wiring, ROAM®, Sensor Switch®,
Sunoptics® and Winona® Lighting. Visit us
at www.acuitybrands.com.
Non-GAAP Financial Measures
This news release includes the following
non-GAAP financial measures: "adjusted gross profit," “adjusted
gross profit margin,” “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. Specifically, management believes that these
non-GAAP measures provide useful information to investors by
excluding or adjusting items for acquisition-related items,
amortization of acquired intangible assets, 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, and special charges associated with
efforts to streamline the organization that we execute on an
ongoing basis and to integrate acquisitions. 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 measures for adjusted gross
profit and adjusted gross profit margin are “gross profit” and
“gross profit margin,” respectively, which include the impact of
acquisition-related items. The most directly comparable GAAP
measure for adjusted SD&A expenses is “SD&A expenses,”
which includes 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, amortization of acquired intangible assets, share-based
payment expense, and special charges. 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, amortization of
acquired intangible assets, share-based payment expense, and
special charges. 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: the amount of the increase in net sales
due to customers buying products in advance of the effective dates
of announced price increases; the estimated inflationary impact of
economic factors on our adjusted gross profit and adjusted gross
profit margin; the benefit of recently implemented price increases
will more fulsomely offset higher input costs in the second fiscal
quarter and beyond; third-party forecasts and leading indicators
continue to suggest that the North American lighting market should
grow in the low single-digit range in fiscal 2019; the Company’s
focus in fiscal 2019 to garner additional top-line growth by
outperforming the growth rate of its markets, improving the mix of
products and solutions, and leveraging its fixed cost
infrastructure to achieve targeted incremental margins to improve
the Company’s overall profitability; prospects for continued future
profitable growth; and potential for overall demand in the
Company’s end markets to experience solid growth over the next
decade as well as the Company’s position to fully participate in
such growth. 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; trade
policies; labor markets; 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, 2018. 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 30,2018 |
|
August 31,2018 |
(Unaudited) |
|
|
ASSETS |
|
|
|
Current
assets: |
|
|
|
Cash and
cash equivalents |
$ |
214.8 |
|
|
$ |
129.1 |
|
Accounts
receivable, less reserve for doubtful accounts of $1.3 and $1.3,
respectively |
|
556.7 |
|
|
|
637.9 |
|
Inventories |
|
420.2 |
|
|
|
411.8 |
|
Prepayments and other current assets |
|
60.1 |
|
|
|
32.3 |
|
Total current assets |
|
1,251.8 |
|
|
|
1,211.1 |
|
Property,
plant, and equipment, at cost: |
|
|
|
Land |
|
22.7 |
|
|
|
22.9 |
|
Buildings
and leasehold improvements |
|
186.8 |
|
|
|
189.1 |
|
Machinery
and equipment |
|
522.9 |
|
|
|
516.6 |
|
Total property, plant, and equipment |
|
732.4 |
|
|
|
728.6 |
|
Less -
Accumulated depreciation and amortization |
|
(449.4 |
) |
|
|
(441.9 |
) |
Property, plant, and equipment, net |
|
283.0 |
|
|
|
286.7 |
|
Goodwill |
|
966.9 |
|
|
|
970.6 |
|
Intangible assets, net |
|
489.5 |
|
|
|
498.7 |
|
Deferred
income taxes |
|
2.9 |
|
|
|
2.9 |
|
Other
long-term assets |
|
21.2 |
|
|
|
18.8 |
|
Total assets |
$ |
3,015.3 |
|
|
$ |
2,988.8 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Accounts
payable |
$ |
389.7 |
|
|
$ |
451.1 |
|
Current
maturities of long-term debt |
|
0.4 |
|
|
|
0.4 |
|
Accrued
compensation |
|
39.7 |
|
|
|
67.0 |
|
Other
accrued liabilities |
|
222.2 |
|
|
|
164.2 |
|
Total current liabilities |
|
652.0 |
|
|
|
682.7 |
|
Long-term
debt |
|
356.3 |
|
|
|
356.4 |
|
Accrued
pension liabilities |
|
62.5 |
|
|
|
64.6 |
|
Deferred
income taxes |
|
88.7 |
|
|
|
92.5 |
|
Self-insurance reserves |
|
8.1 |
|
|
|
7.9 |
|
Other
long-term liabilities |
|
96.8 |
|
|
|
67.9 |
|
Total liabilities |
|
1,264.4 |
|
|
|
1,272.0 |
|
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; 53,733,561
and53,667,327 issued, respectively |
|
0.5 |
|
|
|
0.5 |
|
Paid-in
capital |
|
910.2 |
|
|
|
906.3 |
|
Retained
earnings |
|
2,060.6 |
|
|
|
1,999.2 |
|
Accumulated other comprehensive loss |
|
(121.0 |
) |
|
|
(114.8 |
) |
Treasury
stock, at cost - 13,874,079 and 13,676,689 shares,
respectively |
|
(1,099.4 |
) |
|
|
(1,074.4 |
) |
Total stockholders’ equity |
|
1,750.9 |
|
|
|
1,716.8 |
|
Total liabilities and stockholders’
equity |
$ |
3,015.3 |
|
|
$ |
2,988.8 |
|
|
ACUITY BRANDS, INC. |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME (Unaudited) |
(In millions, except per-share
data) |
|
|
|
|
|
Three Months Ended |
|
November 30,2018 |
|
November 30,2017 |
Net
sales |
$ |
932.6 |
|
|
$ |
842.8 |
|
Cost of
products sold |
|
565.1 |
|
|
|
492.9 |
|
Gross
profit |
|
367.5 |
|
|
|
349.9 |
|
Selling,
distribution, and administrative expenses |
|
250.1 |
|
|
|
229.5 |
|
Special
charge |
|
1.0 |
|
|
|
0.2 |
|
Operating profit |
|
116.4 |
|
|
|
120.2 |
|
Other
expense (income): |
|
|
|
Interest
expense, net |
|
8.7 |
|
|
|
8.1 |
|
Miscellaneous expense, net |
|
1.3 |
|
|
|
1.2 |
|
Total
other expense |
|
10.0 |
|
|
|
9.3 |
|
Income
before income taxes |
|
106.4 |
|
|
|
110.9 |
|
Income
tax expense |
|
26.8 |
|
|
|
39.4 |
|
Net
income |
$ |
79.6 |
|
|
$ |
71.5 |
|
|
|
|
|
Earnings
per share: |
|
|
|
Basic
earnings per share |
$ |
1.99 |
|
|
$ |
1.71 |
|
Basic
weighted average number of shares outstanding |
|
40.0 |
|
|
|
41.9 |
|
Diluted
earnings per share |
$ |
1.98 |
|
|
$ |
1.70 |
|
Diluted
weighted average number of shares outstanding |
|
40.1 |
|
|
|
42.1 |
|
Dividends declared per share |
$ |
0.13 |
|
|
$ |
0.13 |
|
|
Comprehensive income: |
|
|
|
Net
income |
$ |
79.6 |
|
|
$ |
71.5 |
|
Other comprehensive
income (loss) items: |
|
|
|
Foreign
currency translation adjustments |
|
(8.8 |
) |
|
|
(10.5 |
) |
Defined
benefit plans, net |
|
2.6 |
|
|
|
1.6 |
|
Other comprehensive
loss, net of tax |
|
(6.2 |
) |
|
|
(8.9 |
) |
Comprehensive
income |
$ |
73.4 |
|
|
$ |
62.6 |
|
|
|
|
|
Certain
prior-period amounts have been restated to conform to the current
year presentation. |
|
ACUITY BRANDS, INC. |
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) |
|
(In millions) |
|
|
|
|
November 30,2018 |
|
November 30,2017 |
|
Cash
Flows from operating activities: |
|
|
|
|
Net
income |
$ |
79.6 |
|
|
$ |
71.5 |
|
|
Adjustments to reconcile net income to net cash provided by (used
for)operating activities: |
|
|
|
|
Depreciation and amortization |
|
21.3 |
|
|
|
19.0 |
|
|
Share-based payment expense |
|
7.8 |
|
|
|
8.5 |
|
|
Loss on
sale or disposal of property, plant, and equipment |
|
0.4 |
|
|
|
0.1 |
|
|
Deferred
income taxes |
|
(0.1 |
) |
|
|
(0.1 |
) |
|
Change in
assets and liabilities, net of effect of acquisitions,
divestitures,and exchange rate changes: |
|
|
|
|
Accounts receivable |
|
102.0 |
|
|
|
57.6 |
|
|
Inventories |
|
(9.2 |
) |
|
|
(11.1 |
) |
|
Prepayments and other current assets |
|
(14.8 |
) |
|
|
(9.3 |
) |
|
Accounts payable |
|
(61.5 |
) |
|
|
(32.5 |
) |
|
Other current liabilities |
|
(1.6 |
) |
|
|
25.5 |
|
|
Other |
|
7.9 |
|
|
|
10.6 |
|
|
Net cash
provided by operating activities |
|
131.8 |
|
|
|
139.8 |
|
|
Cash
flows from investing activities: |
|
|
|
|
Purchases
of property, plant, and equipment |
|
(14.0 |
) |
|
|
(10.3 |
) |
|
Other
investing activities |
|
2.7 |
|
|
|
- |
|
|
Net cash used for investing activities |
|
(11.3 |
) |
|
|
(10.3 |
) |
|
Cash
flows from financing activities: |
|
|
|
|
Borrowings on credit facility |
|
55.4 |
|
|
|
- |
|
|
Repayments of borrowings on credit facility |
|
(55.4 |
) |
|
|
- |
|
|
Repayments of long-term debt |
|
(0.1 |
) |
|
|
(0.1 |
) |
|
Repurchases of common stock |
|
(25.0 |
) |
|
|
- |
|
|
Proceeds
from stock option exercises and other |
|
0.1 |
|
|
|
0.8 |
|
|
Payments
for employee taxes on net settlement of equity awards |
|
(3.9 |
) |
|
|
(6.0 |
) |
|
Dividends
paid |
|
(5.2 |
) |
|
|
(5.5 |
) |
|
Net cash used for financing activities |
|
(34.1 |
) |
|
|
(10.8 |
) |
|
Effect of
exchange rate changes on cash and cash equivalents |
|
(0.7 |
) |
|
|
(1.2 |
) |
|
Net
change in cash and cash equivalents |
|
85.7 |
|
|
|
117.5 |
|
|
Cash and
cash equivalents at beginning of period |
|
129.1 |
|
|
|
311.1 |
|
|
Cash and
cash equivalents at end of period |
$ |
214.8 |
|
|
$ |
428.6 |
|
|
|
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
per share data) |
|
|
|
|
|
|
|
Three Months Ended |
|
Increase(Decrease) |
|
PercentChange |
|
|
November 30,2018 |
|
November 30,2017 |
|
|
|
Net sales |
$ |
932.6 |
|
|
$ |
842.8 |
|
|
$ |
89.8 |
|
|
10.7 |
% |
|
|
|
|
|
|
|
|
|
|
Gross profit
(GAAP) |
$ |
367.5 |
|
|
$ |
349.9 |
|
|
|
|
|
|
Add-back:
Acquisition-related items (1) |
|
1.2 |
|
|
|
- |
|
|
|
|
|
|
Adjusted Gross profit
(Non-GAAP) |
$ |
368.7 |
|
|
$ |
349.9 |
|
|
$ |
18.8 |
|
|
5.4 |
% |
|
Percent
of net sales |
|
39.5 |
% |
|
|
41.5 |
% |
|
|
(200 |
) |
bps |
|
|
|
|
|
|
|
|
|
|
Selling, distribution,
and administrative (SD&A) expenses (GAAP) |
$ |
250.1 |
|
|
$ |
229.5 |
|
|
|
|
|
|
Less:
Amortization of acquired intangible assets |
|
(7.7 |
) |
|
|
(6.6 |
) |
|
|
|
|
|
Less:
Share-based payment expense |
|
(7.8 |
) |
|
|
(8.5 |
) |
|
|
|
|
|
Adjusted
SD&A expenses (Non-GAAP) |
$ |
234.6 |
|
|
$ |
214.4 |
|
|
$ |
20.2 |
|
|
9.4 |
% |
|
Percent
of Sales |
|
25.2 |
% |
|
|
25.4 |
% |
|
|
(20 |
) |
bps |
|
|
|
|
|
|
|
|
|
|
Operating profit
(GAAP) |
$ |
116.4 |
|
|
$ |
120.2 |
|
|
|
|
|
|
Add-back:
Amortization of acquired intangible assets |
|
7.7 |
|
|
|
6.6 |
|
|
|
|
|
|
Add-back:
Share-based payment expense |
|
7.8 |
|
|
|
8.5 |
|
|
|
|
|
|
Add-back:
Acquisition-related items (1) |
|
1.2 |
|
|
|
- |
|
|
|
|
|
|
Add-back:
Special charge |
|
1.0 |
|
|
|
0.2 |
|
|
|
|
|
|
Adjusted
operating profit (Non-GAAP) |
$ |
134.1 |
|
|
$ |
135.5 |
|
|
$ |
(1.4 |
) |
|
(1.0 |
%) |
|
Percent
of Sales |
|
14.4 |
% |
|
|
16.1 |
% |
|
|
(170 |
) |
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
$ |
79.6 |
|
|
$ |
71.5 |
|
|
|
|
|
|
Add-back:
Amortization of acquired intangible assets |
|
7.7 |
|
|
|
6.6 |
|
|
|
|
|
|
Add-back:
Share-based payment expense |
|
7.8 |
|
|
|
8.5 |
|
|
|
|
|
|
Add-back:
Acquisition-related items (1) |
|
1.2 |
|
|
|
- |
|
|
|
|
|
|
Add-back:
Special charge |
|
1.0 |
|
|
|
0.2 |
|
|
|
|
|
|
Total
pre-tax adjustments to net income |
|
17.7 |
|
|
|
15.3 |
|
|
|
|
|
|
Income
tax effect |
|
(4.5 |
) |
|
|
(5.3 |
) |
|
|
|
|
|
Adjusted
net income (Non-GAAP) |
$ |
92.8 |
|
|
$ |
81.5 |
|
|
$ |
11.3 |
|
|
13.9 |
% |
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share (GAAP) |
$ |
1.98 |
|
|
$ |
1.70 |
|
|
|
|
|
|
Adjusted diluted
earnings per share (Non-GAAP) |
$ |
2.32 |
|
|
$ |
1.94 |
|
|
$ |
0.38 |
|
|
19.6 |
% |
|
|
|
|
(1) Acquisition-related items include profit in
inventory. |
|
Contact:Dan Smith,
404-853-1423dan.smith@acuitybrands.com
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