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April 2, 2014
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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