Acuity Brands Inc. (NYSE: AYI), today, reported its third-quarter financial results. AYI’s third-quarter earnings beat estimates, sending the company’s shares sharply higher in trading today.
For the third quarter of fiscal 2012, AYI reported net sales of $487.5 million, representing an increase of 6.4% over the same period last year. Net income for the quarter rose from $27.1 million to $33.6 million. The company’s diluted earnings per share for the quarter were $0.79, compared to $0.62 per share reported for the same period last year.
Acuity Brands, which is a leading provider of lighting solutions for both indoor and outdoor applications, saw a sharp increase in unit volume reflecting a modest recovery in the North American lighting, partially offset by weakness in Spain.
Operating profit for the third quarter of fiscal 2012 stood at $57.3 million, representing an operating margin of 11.8%. For the same period last year, AYI reported operating profit of $50.2 million. The improvement was mainly due to benefits from higher sales, price increases implemented during calendar year 2011 and productivity improvements.
Vernon J. Nagel, Chairman, President and CEO of Acuity Brands, said that AYI is pleased with its fiscal 2012 third quarter results as the company continues to execute its strategies to extend its leadership position in North America, including its record pace for the introduction of more energy-efficient lighting solutions.
Looking ahead, Nagel said he remains very positive about AYI’s future prospects and its ability to outperform the markets it serves. Nagel said that AYI continues to position itself to optimize short-term performance while investing in and deploying resources to further long-term profitable growth opportunities.
AYI shares are currently trading 15.81% higher at $58.96 on above average volume of 1.28 million. Year-to-date, the stock gained 9.72%, outperforming the S&P 500.
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