Acuity Brands, Inc. (NYSE: AYI) is a provider of lighting solutions for institutional, commercial, infrastructure, industrial, and residential applications throughout North America and selected international markets. The company announced the second quarter financial results on Wednesday. Stock price jumped up 11.23% to $250.27 during Wednesday morning.
According to the second quarter financial results, net sales increased over 26% to $777.8 million compared with $616.1 in the same quarter last year. Net income jumped up 41% from $46.4 million last year to $65.5 million this quarter. Diluted earnings per share rose approximately 39% to $1.49 compared with $1.07 last year.
Vernon J. Nagel, Chairman, President, and Chief Executive Officer of Acuity Brands, commented, “We were extremely pleased with our achievement of record second quarter results. These results are even more impressive when one considers that we continued to invest in our strong sales growth and areas with significant future growth potential, including the expansion of our solid state luminaire and controls portfolio as well as our building management, software, and Internet of Things solutions.”
In October 2015, Acuity Brands acquired the Juno Electric Lighting LLC subsidiary of Schneider Electric SE (EPA: SU) in an approximately $385 million deal which expected to expand the company’s residential and commercial lineup of lighting fixtures. Acuity Brands also recently acquired business-intelligence company Geometri, a move expected to bolster Acuity Brands' business analytics capabilities.
Vernon J. Nagel said, “We believe the lighting and lighting-related industry as well as building automation systems will experience solid growth over the next decade, particularly as energy and environmental concerns come to the forefront along with emerging opportunities for digital lighting to play a key role in the Internet of Things. We believe we are uniquely positioned to fully participate in this exciting industry.”