Acuity Brands (AYI) Tops Q3 EPS by 72c, Revenues Beat

Acuity Brands (NYSE: AYI) reported Q3 EPS of $1.94, $0.72 better than the analyst estimate of $1.22. Revenue for the quarter came in at $776 million versus the consensus estimate of $741.62 million.

Neil Ashe, President and Chief Executive Officer of Acuity Brands, commented, “Our company performed well in this challenging market environment associated with the global COVID-19 pandemic. 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.”

Outlook

Mr. Ashe commented, “We are demonstrating the durability of our business and our continued ability to generate cash. However, there is still great uncertainty around demand and the timing of any economic recovery. Also, we expect pricing pressure and continued costs related to tariffs in the fourth quarter of fiscal 2020. As we look forward, we plan to continue to balance the management of our costs with the investment in our transformation and we have a robust new product portfolio that is positioned to benefit from a recovery in demand.”

For earnings history and earnings-related data on Acuity Brands (AYI) click here.

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