Overview

• US industrial technology firm's fiscal Q2 net sales rose 5% but missed analyst expectations

• Adjusted EPS for fiscal Q2 increased 11% and beat analyst expectations

• Adjusted operating profit for fiscal Q2 beat analyst expectations

Outlook

• Company did not provide specific guidance for the current quarter or full year in its press release

Result Drivers

• AIS SEGMENT GROWTH - AIS segment net sales rose 45% in Q2, aided by an additional month of QSC performance

• ABL PRODUCTIVITY ACTIONS - Productivity improvements in ABL led to $6 mln in special charges, mainly from labor cost reductions

• ABL SALES DECLINE - ABL segment net sales fell 3% in Q2; co did not provide detailed reasons for the decline

Company press release: ID:nGNXbWJbgn

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q2 Net sales	Miss	$1.06 bln	$1.08 bln (6 Analysts)
Q2 Adjusted EPS	Beat	$4.14	$4 (7 Analysts)
Q2 EPS		$3.09
Q2 Net Income		$96.80 mln
Q2 Adjusted Operating Profit	Beat	$176 mln	$167.96 mln (6 Analysts)
Q2 Operating Profit		$133 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the construction supplies & fixtures peer group is "buy"

• Wall Street's median 12-month price target for Acuity Inc is $381.06, about 32.8% above its April 1 closing price of $286.98

• The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 18 three months ago

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