Acuity Brands Q3 Profit Rises; Net Sales Up 13% - Quick Facts

(RTTNews) - Acuity Brands, Inc. (AYI) reported third quarter net income of $64.5 million or $1.48 per share, compared to $43.8 million or $1.01 per share, prior year. Adjusted net income was $59.5 million or $1.37 per share, for the quarter.

On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of $1.34 for the quarter. Analysts' estimates typically exclude special items. Net sales increased to $683.7 million from $603.9 million last year. Analysts expected revenue of $686.47 million for the quarter. The company said its 13 percent year-over-year growth in net sales was due primarily to a 14 percent increase in volume, partially offset by an estimated one percent unfavorable impact from changes in foreign currency exchange rates.

Vernon Nagel, CEO of Acuity Brands, said: "Gross profit margin of 43.2 percent increased 290 basis points over prior year's third quarter, while adjusted operating profit margin also increased 290 basis points year-over-year to 14.8 percent."