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Acuity Brands announces 2Q results

April 1, 2010
Acuity Brands, Atlanta, said its 2010 second-quarter sales were down less than one percent YTY despite continuing tough conditions in the nonresidential market. The company had net sales of $383.5 million for the second quarter, down less than one ...

Acuity Brands, Atlanta, said its 2010 second-quarter sales were down less than one percent YTY despite continuing tough conditions in the nonresidential market. The company had net sales of $383.5 million for the second quarter, down less than one percent compared with the same period a year-ago.

"We continue to see a very challenging economic environment for the remainder of our fiscal year 2010, said Vernon Nagel, the company's chairman, president and CEO. “Key indicators for our primary market, non-residential construction, continue to signal a decline. Independent third-party forecasts continue to signal that for our fiscal 2010 the year-over-year percentage decline for net sales in the overall markets we serve will be in the mid-teens. Despite these challenges, we continue to see opportunities.

"In addition to our fiscal 2009 acquisitions of Sensor Switch and LC&D, which significantly increased our presence in the growing lighting controls market, we are accelerating investments to create more innovative and energy-efficient products, enhance services to our customers, and expand market presence in key geographies and sectors such as home centers and the renovation and relight market. We believe these strategic initiatives provide growth opportunities which should enable us to outperform the overall markets we serve. Details