Acuity Brands Inc. (NYSE: AYI), Atlanta, GA, reported third-quarter sales of $944 million, a 5.9 percent increase compared with the year-ago period. Profit was $73 million, an 11.2 percent decrease compared with the third quarter of 2017.
The nearly 6 percent sales increase was primarily due to greater shipments of the company’s Atrius-based luminaries as well as increased shipments of products for infrastructure and utility projects, partially offset by lower net sales for larger commercial projects, according to Chairman, President and CEO Vernon J. Nagel. Unfavorable changes in product mixes and mix of products sold, as well as higher selling, distribution, and administrative expenses negatively affected profitability during the quarter, he added.
“… We took a number of actions this quarter to improve our profitability, including relaunching our Contractor Select portfolio of basic, lesser featured products at competitive price points to more effectively and profitably compete in that certain portion of the market. Additionally, we initiated actions to consolidate certain facilities,” Nagel said.
For the first nine months of fiscal 2018, Acuity Brands’ sales increased 2.8 percent to $2.62 billion compared to the year-ago period. Profit was $241.1 million compared with $231.2 million a year ago.