Acuity Brands profit down 31%

Oct. 9, 2009
Lighting manufacturer Acuity Brands, Atlanta, reported its financial results for the fourth quarter of fiscal 2009 this week, showing a 31 percent drop in fourth-quarter earnings

Lighting manufacturer Acuity Brands, Atlanta, reported its financial results for the fourth quarter of fiscal 2009 this week, showing a 31 percent drop in fourth-quarter earnings. Net sales for the quarter were $422.6 million, a decline of 19 percent from the fourth quarter of 2008. Comparable shipment volume fell 17 percent. The company’s recent acquisitions contributed $15 million to its sales in the quarter “and essentially offset the negative impact from unfavorable price/mix changes,” the company said in the report.

“Net sales for the fourth quarter of 2009 were impacted by the significant decline in new construction activity due to lower economic activity and tight lending standards for real estate,” said Vernon Nagel, chairman, president and chief executive officer. “We were able to partially mitigate the impact of lower sales by maintaining our pricing discipline and realizing benefits from our continuous improvement initiatives and on-going streamlining efforts, while continuing to invest in innovative and energy-efficient products. I am particularly pleased with our strong operating profit margin for the fourth quarter.”