Acuity Brands, Inc. AYIreported second-quarter fiscal 2018 adjusted earnings of $1.89 per share, missing the Zacks Consensus Estimate of $2.11 by 10.4%. Earnings, however, increased 6.8% on a year-over-year basis. The improvement was due to the increase in net sales driven by greater shipments of its Atrius-based luminaires to customers in certain key vertical applications.
Sales
Net sales during the quarter were $832.1 million, ahead of the Zacks Consensus Estimate of $800.2 million. The reported figure also increased 3.4% year over year.
The upside was mainly attributable to more than a 6% increase in sales volume and a 1% favorable impact from changes in foreign exchange rates. These were partially offset by a 3.5% unfavorable change in product prices and mix of products sold (price/mix).
LED-based product sales represented approximately two-thirds of fiscal second-quarter net sales.