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Stock Market & Financial Investment News

News Breaks
March 1, 2013
06:46 EDTAYIAcuity Brands initiated with a Market Perform at Northland Securities
Target $71.
News For AYI From The Last 14 Days
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April 7, 2014
09:30 EDTAYIAcuity Brands upgraded to Buy from Neutral at Sidoti
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April 3, 2014
10:00 EDTAYIOn The Fly: Analyst Upgrade Summary
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08:19 EDTAYIAcuity Brands premium valuation is warranted, says RW Baird
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06:18 EDTAYIAcuity Brands upgraded to Buy from Hold at Canaccord
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April 2, 2014
09:27 EDTAYIAcuity Brands sees FY14 N.A. lighting market growth in mid-to-single digit range
Vernon J. Nagel, chairman, president, and CEO stated, "Our outlook remains positive. Third-party forecasts and 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 during 2014. While we still expect to see some volatility in demand among certain sales channels and geographies, our expectation for the future is that overall demand in our end markets will continue to improve and be more consistent and broad-based. The favorable trend in our March order rates seems to reflect this continuing improvement. We believe opportunities continue to exist that will allow us to continue to outperform the markets we serve. These opportunities include benefits from growing renovation and tenant improvement projects, further expansion in underpenetrated geographies and channels, and growth from the introduction of new products and lighting solutions."
09:21 EDTAYIAcuity Brands reports Q2 EPS ex-items 75c, consensus 83c
Reports Q2 revenue $546.2M, consensus $553.95M. The 12% year-over-year growth Q2 net sales was due primarily to a 13% increase in sales volume, which was partially offset by a net unfavorable change in foreign currency rates, primarily because of a weaker Canadian Dollar. The impact from changes in the price and mix of products sold and recent acquisitions was benign. The increase in sales volume was broad-based across most product categories and key sales channels in North America. Q2 gross profit margin was 39.4% compared with prior year's adjusted gross profit margin of 39.6%, which excludes the impact of temporary manufacturing inefficiencies directly attributable to the closing of a production facility in FY13. Q2 gross profit margin was negatively impacted by approximately 100 basis points due to a combination of higher warranty-related costs associated with a specific non-LED product, the impact of a net unfavorable change in foreign currency rates, and to a lesser degree, higher freight costs for expediting various components due primarily to service greater than expected customer demand for certain products. The total impact of these items reduced diluted EPS by approximately 9c. Management believes inclement winter weather reduced net sales by as much as 3% which also impacted margins and profitability.

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