Acuity Brands ends fiscal Q4 with cash and equivalents of $757 million

By Lisa Kerner

Charlotte, N.C., Oct. 7 – Acuity Brands, Inc.’s chief executive officer Vernon Nagel said he was pleased with his company’s performance in fiscal 2015.

The company ended the fiscal fourth quarter on Aug. 31 with cash and cash equivalents of about $757 million, a 204.3% increase over the prior year, said chief financial officer Ricky Reece during the company’s earnings conference call on Wednesday.

Debt totaled $352 million, and Acuity had about $244 million of additional borrowing capacity under its credit facility.

“We achieved record results for virtually all financial metrics, including net sales, adjusted operating profit margin, adjusted diluted earnings per share and cash flow generation for both the fourth quarter and the full year,” Nagel said on the call.

Net sales for the quarter were up 14% year over year at about $760 million, while net cash from operations for the year was a record $289 million.

Full-year net sales were up 13% at about $2.7 billion.

Adjusted diluted earnings per share for the quarter increased 29% to $1.63.

Cash flow for the year was up 24% from the prior year at about $289 million.

Looking ahead, Nagel remains “bullish” about prospects for future growth, including solid growth over the next decade.

“Third-party forecasts as well as key leading indicators suggest that the growth rate for the North American lighting market, which includes renovation and retrofit activity, will be in the mid-to-upper single digit range for fiscal 2016 with expectations that overall demand in our end markets will continue to experience solid growth over the next several years,” said Nagel.

Acuity’s order rates through September reflect the favorable trend, and the company expects to continue to outperform the growth rates of the markets it serves, according to Nagel.

The Atlanta-based lighting fixtures company completed its C$318 million acquisition of Distech Controls, Inc. in September.

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