AYI - Acuity Brands rallies after earnings topper
- Acuity Brands ( NYSE: AYI ) is up 6% in premarket trading , Thursday, after reporting solid beat in its third quarter's earnings results.
- Revenue of $1.06B (+17.8% Y/Y) beats by $71.85M.
- Segment-wise revenue: Independent Sales Network, $725.9M (+15.6% Y/Y); Direct Sales Network, $96.1M (flat); and Corporate Accounts, $59.1M (+34.3% Y/Y); and Retail channel, $44.7M (+23.8% Y/Y).
- Gross profit was $445.1M (+15.1% Y/Y) with gross profit margin of 42%, down from 43% in prior year quarter.
- Adjusted operating profit for the period was $159.8M (+17.7% Y/Y).
- GAAP EPS was $3.07; Non-GAAP EPS of $3.52 beats by $0.61 .
- The company ended the quarter with cash and cash equivalents of $318.2M following the buyback of $405M in the first nine months of FY 2022.
- In addition, the lighting and building management company announced the completion of new $600M revolving credit facility, where the new five-year facility incorporates $200M of additional borrowing capacity and improved pricing as compared to the prior revolving credit facility.
- "We are executing consistently as a result of significant and ongoing improvements in our business, and we continue to generate value for shareholders through share repurchases," stated Neil Ashe, Chairman, President and Chief Executive Officer of Acuity Brands.
- Earlier (June 23): Acuity Brands ends in the red after William Blair downgrades stock to market perform
For further details see:
Acuity Brands rallies after earnings topper