Acuity Brands (NYSE:AYI) stock was on the rise Tuesday following the release of its earnings report for its fiscal third quarter of 2018.
During its fiscal third quarter of the year, Acuity Brands reported earnings per share of $2.37. This is a roughly 10% increase from its earnings per share of $2.15 from the same period of the year prior. It was also good news for AYI stock by beating out Wall Street’s earnings per share estimate of $2.17 for the quarter.
Acuity Brands also reported net income of $73 million for its fiscal third quarter of 2018. This is down from the company’s net income of $82.20 million that was reported in its fiscal third quarter of the previous year.
Operating income reported by Acuity Brands for its fiscal third quarter of the year came in at $105.90 million. The lighting manufacturing company reported operating income of $131.50 million during the same time last year.
Acuity Brands’ earnings report for its fiscal third quarter of 2018 also includes revenue of $944.00 million. This is an increase over the company’s revenue of $891.60 million that was reported in its fiscal third quarter of 2017. It was also a boon to AYI stock by coming in above analysts’ revenue estimate of $898.91 million for the period.
“Third-party forecasts and leading indicators suggest that demand in the North American lighting market, the Company’s primary market, will improve modestly in the second half of calendar 2018 following several quarters of weak demand,” Vernon Nagel, Chairman, President and CEO of Acuity Brands, said in a statement. “We expect to continue to outperform the growth rates of the markets that the Company serves.”
AYI stock was up 13% as of noon Tuesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
