Our operations in Spain reported for the quarter an adjusted operating loss, excluding any special charges, of $1.3 million, or $0.03 per diluted share, on a 50 percent, or $2.6 million, year-over-year decline in net sales, reflecting the difficult economic conditions in Spain. While we are taking significant steps to properly size our Spanish operations given the challenging prospects of the local economy, we expect to report a modest operating loss for Spain in our third quarter.
For the second quarter, Acuity posted revenue of $457.7 million, beating the consensus estimate of $455.4 million. Adjusted EPS for the quarter came in at $0.57, a nickel lower than the consensus estimate.
The company did not provide specific guidance, but did say that it expected to outperform the market in general, which is forecast to grow in the low- to mid-single digit range for the rest of the year. Acuity also expects to see continued volatility in demand and commodity costs for the remainder of 2012.
Acuity’s shares are down about -6.7% in the first few minutes of trading this morning, at $59.42 in a 52-week range of $33.13-$64.82.
Paul Ausick
Contact [email protected] for any questions or corrections.
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