Acuity Brands Inc. reported Tuesday fiscal second-quarter profit and sales that rose above expectations, as price increases and productivity improvements helped offset the “significant increase” in material and freight costs. The lighting and lighting controls company’s stock was still inactive in premarket trading. Net income for the quarter to Feb. 28 increased to $75.3 million, or $2.13 a share, from $62.9 million, or $1.74 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose 21.2% to $2.57, above the FactSet consensus of $2.38. Sales grew 17.1% to $909.1 million, beating the FactSet consensus of $884.6 million. Cost of sales rose 20.4% to $529.8 million, as gross profit margin fell to 41.7% from 43.4%. The company spent $109.1 million to repurchase shares during the first six months of the fiscal year. The stock has dropped 12.6% year to date, while the S&P 500 has slipped 3.9%.
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