Acuity Brands Earnings: AYI Stock Shoots 7% Higher on Better-Than-Expected Q3

AYI blew past EPS estimates for the quarter

Acuity Brands (NYSE:AYI) earnings for the lighting and building company’s fiscal third quarter of 2020 have AYI stock shining brighter on Tuesday. That’s due to its adjusted earnings per share of $1.94 beating out Wall Street’s estimate of $1.22. Its revenue of $776.2 million also arrives above analysts’ estimates of $741.62 million.

Acuity Brands Earnings: AYI Stock Shoots 7% Higher on Better-Than-Expected Q3
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Here are some additional highlights from the most recent Acuity Brands earnings report.

  • Adjusted per-share earnings are down 23.3% from $2.53 during the same time last year.
  • Revenue for the quarter is sitting 18.1% lower than the $947.6 million reported in fiscal Q3 2019.
  • Operating income of $83 million is a 32% decline year-over-year from $120.3 million.
  • The Acuity Brands earnings report also has it bringing in a net income of $60.4 million.
  • That’s a 31.7% drop compared to its net income of $88.4 million in the same period of the year prior.

Neil Ashe, president and CEO of Acuity Brands, said this about the earnings: “The combined strength of our go-to-market channels, product portfolio, and supply chain allowed us to effectively serve the needs of customers across many categories. Despite our lower revenues, we were able to expand gross margins and to generate cash through a combination of actions that we took both before and during the pandemic.”

Acuity Brands isn’t providing guidance for fiscal 2020. The company cites uncertainties in the market due to the novel coronavirus as a reason behind this. It also points out that it expects tariffs to increase costs in the fiscal fourth quarter of the year.

AYI stock was up 6.9% as of Tuesday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2020/06/acuity-brands-earnings-pump-up-ayi-stock/.

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