Acuity Brands earnings rise above expectations amid strength in lighting sales

acuity-brands-earnings-rise-above-expectations-amid-strength-in-lighting-sales

Acuity Brands Inc. AYI, -1.11% reported Friday fiscal first-quarter profit and sales that rose above expectations, as lighting and lighting controls sales showed strength despite supply chain challenges. The stock was still inactive in premarket trading. Net income grew to $87.6 million, or $2.46 a share, from $59.6 million, or $1.57 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came in at $2.85, above the FactSet consensus of $2.41. Sales increased 16.9% to $926.1 million, beating the FactSet consensus of $880.7 million, as lighting and lighting control sales rose 17.3% to $883.6 million. Cost of goods sold rose 17.6% to outpace sales growth, with gross profit as a percentage of sales falling to 41.7% from 42.0%. The stock has gained 5.8% over the past three months while the S&P 500 SPX, -0.10% has tacked on 6.7%.

Source: Marketwatch

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