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Acuity Brands Inc Down 0.19% To $155.92 After Earnings Beat

Thursday, June 30, 2022 11:28 AM | InvestorsObserver Analysts
Acuity Brands Inc Down 0.19% To $155.92 After Earnings Beat

Acuity Brands, Inc. (AYI) reported better than expected earnings this morning for Q3 2022.

Wall Street earnings per share (EPS) projections for Acuity Brands Inc were at $2.96. The company beat those estimates with an EPS of $3.52. The earnings per share of $3.52 (which represents a -19% EPS surprise) led to the company's profits rising 27% compared to last year when the firm reported an EPS of $2.77. The increase in Acuity Brands Inc's annual growth rate represents how the business is performing well amid recent economic conditions.

Revenues were upbeat at $1.1 billion. That is an increase of 17.93% in revenues from the year-ago report and is 7.67% higher than consensus estimates set at $985.4 million.

The stock is down 0.19% to $155.92 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.

InvestorsObserver gives the stock a Neutral Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 49. Meanwhile, the average Wall Street analyst rated the stock a Buy.

Acuity Brands Inc is the parent company of Acuity Brands Lighting and other subsidiaries, which provide lighting products for commercial, institutional, industrial, and residential applications. These products include luminaires, lighting controls, lighting components, and integrated lighting systems that use a combination of light sources. Customers include electrical distributors, electric utilities, retail home improvement centers, and lighting showrooms. A majority of the firms' revenue is generated in the United States.

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