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Acuity Brands reports record fiscal results

Staff writer ▼ | October 8, 2015
Acuity Brands announced record fourth quarter and fiscal year net sales and diluted earnings per share. Q4 net sales of $759.5 million increased $90.8 million, or 14 percent, compared with the year-ago period.
Acuity Brands
Acuity Brands   Q4 GAAP net income was $60.1 million
Fiscal 2015 fourth quarter U.S. GAAP net income was $60.1 million, an increase of 10 percent compared with $54.8 million reported in the prior-year period. U.S. GAAP diluted EPS for the fourth quarter of fiscal 2015 also increased 10 percent to $1.38 compared with $1.26 reported for the prior-year period.

Adjusted net income for the fourth quarter of fiscal 2015 increased $16.3 million, or 30 percent, to $71.1 million, compared with net income of $54.8 million for the prior-year period. Adjusted diluted EPS for the fourth quarter of fiscal 2015 increased 29 percent to $1.63 compared with adjusted diluted EPS of $1.26 for the year-ago period.

Fiscal 2015 fourth quarter adjusted results exclude a $2.6 million, or $0.04 diluted EPS, special charge related to previously announced streamlining activities, $1.2 million, or $0.03 diluted EPS, of acquisition-related professional fees (non-tax deductible expense), and a $13.1 million, or $0.18 diluted EPS, net loss associated with financial instruments to hedge the foreign currency exposure related to the acquisition of Canadian-based Distech Controls, Inc.

Management believes these items impacted the comparability of the Company's results and that the adjusted financial measures enhance the reader’s overall understanding of the Company's current financial performance.

Cash and cash equivalents at the end of fiscal 2015 totaled $756.8 million, an increase of $204.3 million for the full fiscal year. Net cash provided by operating activities totaled $288.9 million for fiscal 2015 compared with $233.1 million for the year-ago period.

The year-over-year improvement reflects higher net income and lower working capital requirements as compared with the prior-year period.