Acuity Brands has record third quarter
Acuity Brands, provider of lighting fixtures under several brands including Peerless and Holophane, reported a record third quarter, with net income up 34.7 percent to $38.7 million from $28.7 million in last year’s third quarter.
Net sales rose 7.4 percent to $647.8 million from $603.3 million last year.
Vernon Nagel, Acuity’s chairman, president and CEO, attributed the gains to higher selling prices and new products in the lighting category. Growth in non-residential markets, such as commercial and industrial sectors, also boosted sales, he said.
"Overall, we remain optimistic about our performance for the remainder of 2007 in spite of continued cost pressures and the potential impact of declining demand in the residential housing market,” Nagel said.
Acuity Brands, with net sales of $2.4 billion last year, sells lighting fixtures under brands including Lithonia, Carandini, American Electric, Hydrel and others.