Acuity today announced fiscal 2017 second quarter net sales of $804.7 million, missing the consensus estimate of $825.01 million.
Earnings missed too, with adjusted diluted earnings per share (“EPS”) for the second quarter of fiscal 2017 decreasing to $1.77, below a consensus estimate of $1.82.
Operating profit for the second quarter of fiscal 2017 was $108.0 million, an increase of $1.3 million, or 1.2 percent, over the year-ago period. Net income for the second quarter of fiscal 2017 was $67.3 million, an increase of $1.8 million, or 2.7 percent, compared with the prior-year period.
“Like last quarter, we carried a higher manufacturing cost structure into the quarter in anticipation of servicing a greater level of demand than occurred,” said Acuity Brands President and CEO Vernon Nagel, in a statement. “Based on various leading indicators and our focused investments in key strategic areas, we remain bullish regarding the Company’s prospects for continued future profitable growth.”
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