Acuity Brands announced record second quarter net sales, net income, and diluted EPS. Q2 2015 net sales of $616.1 million increased $69.9 million, or 13%, compared with the year ago period.
Article continues below
Net income for the second quarter of fiscal 2015 was $46.4 million, an increase of 42 percent compared with the prior-year period. Fiscal 2015 second quarter diluted EPS of $1.07 increased 43 percent compared with $0.75 for the year-ago period.
Fiscal 2015 second quarter adjusted net income of $46.7 million increased $14.1 million, or 43 percent, compared with adjusted net income of $32.6 million for the prior-year period. Adjusted diluted EPS for the second quarter of fiscal 2015 increased 44 percent to $1.08 compared with diluted EPS of $0.75 for the year-ago period.
Adjusted results for the second quarter of fiscal 2015 exclude $0.7 million, or $0.02 diluted EPS, of acquisition-related professional fees (non-tax deductible expense), which was partially offset by the benefit of a $0.6 million, or $0.01 diluted EPS, favorable pre-tax adjustment to previously recorded special charges related to streamlining activities.
Adjusted results for the prior-year fiscal second quarter exclude the benefit of a $0.2 million favorable pre-tax adjustment to a previously recorded special charge.
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. A reconciliation of adjusted financial measures to the most directly comparable GAAP measure is provided in the tables at the end of this release.
Vernon J. Nagel, Chairman, president, and chief executive officer, commented, "We were extremely pleased with our record fiscal 2015 second quarter results. Gross profit margin of 41.5 percent increased 210 basis points over prior year's second quarter, while adjusted operating profit margin also increased 210 basis points year-over-year to 12.8 percent.
"Our variable contribution margin, that is the incremental adjusted operating profit as a percentage of the increase in net sales, was over 29 percent.
"We believe our record second quarter results reflect the on-going recovery in new construction and our ability to provide customers truly differentiated value from our industry-leading portfolio of innovative lighting and control solutions along with superior service." ■