Acuity Brands Q3 Profit Tops Estimates; Net Sales Down 5.7%

(RTTNews) - Acuity Brands, Inc. (AYI) said, in its third quarter, the company continued to grow adjusted earnings per share and generated strong cash flow from operations, despite a decline in net sales. The company improved its adjusted operating profit margin 100 basis points year-over-year.

Third quarter net income was $105.0 million compared to $105.7 million, last year. Earnings per share was $3.28, an increase of 6.8 percent, compared to the prior year. Adjusted earnings per share was $3.75, an increase of 6.5 percent, from $3.52, in the prior year. On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $3.71, for the quarter. Analysts' estimates typically exclude special items.

Net sales were $1.0 billion, a decrease of 5.7 percent, compared to the prior year. Analysts on average had estimated $1.05 billion in revenue.

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