Acuity Brands, Inc. (NYSE: AYI)
Acuity brands shares are shining on the New York Stock Exchange after fiscal 2019 first quarter profit and revenue of the company surpassed the estimates of Wall Street analysts. The shares rose as much as 2.8% before the opening bell on Wednesday.
In the first minutes of regular trading, the stock jumped changing hands at $123.02 after a gain of 2.08%. $AYI has ran up nearly 4.9% since the beginning of the year and lost 35 percent in the last twelve months.
AYI Earnings & Outlook
Acuity Brands posted net income of $79.6 million, or $1.98 per share, compared with net income of $71.5 million, or $1.70 per share, in the comparable period last year. Earnings, adjusted for special items, totaled to $2.32 per share. Sales increased by 10.4% to $932.6 million during the three months to November 30, 2018.
Analysts had estimated adjusted earnings of $2.11 per share on revenue of $922.6 million, according to figures compiled by FactSet. The Atlanta-based lighting and building management company expects the North America lighting market growth to be in the low single-digit percentage range for the full year.
Acuity Brands CEO Comments
“Our first quarter performance was solid despite continuing inflationary cost pressures. We have taken several actions to address these cost issues, including price increases and productivity improvements. Further, our top line growth this quarter continued our long trend of outpacing the overall growth rates of the markets we serve, and diluted earnings per share rose nearly 17 percent while adjusted diluted earnings per share increased approximately 20 percent,” commented Vernon J. Nagel, President and Chief Executive Officer of Acuity Brands.
“We remain cautiously optimistic for fiscal 2019 and do not believe that the demand outlook has meaningfully changed since our prior outlook provided in early October 2018. Our wide and varied base of customers generally remains positive about current year growth prospects.”
Acuity Brands, Inc Profile
Acuity Brands, Inc. engages in the provision of lighting and building management solutions and services. It caters commercial, institutional, industrial, infrastructure, and residential applications for various markets.
It offers luminaires, lighting controls, controllers for various building systems, power supplies, prismatic skylights, and drivers, as well as integrated systems for various indoor and outdoor applications. The company was founded in 2001 and is headquartered in Atlanta, GA. – CNN Money