Industrial technology company Acuity Brands, Inc. (AYI) reported Thursday that net income for the third quarter increased to $85.7 million or $2.37 per share from $60.4 million or $1.62 per share in the prior-year quarter.
Excluding items, adjusted net income for the quarter was $100.4 million or $2.77 per share, compared to $77.2 million or $1.94 per share in the year-ago quarter.
Net sales for the quarter grew 15.9 percent to $899.7 million from last year's $776.2 million.
On average, nine analysts polled by Thomson Reuters expected the company to report earnings of 2.27 per share on revenues of $839.75 million for the quarter. Analysts' estimates typically exclude special items.
The company also announced that the acquisition of ams OSRAM's North American Digital Systems business, announced on June 4, is expected to close by end of day on July 1, 2021. The acquisition will enhance acuity's LED driver and controls technology portfolio and accelerate its innovation, expand its access to market through a more fulsome OEM product offering, and give it more control over its supply chain.
Additionally, the Company committed to a goal of 100 million metric tons of carbon reduction by 2030 through the sales of LED luminaires, controls, and building management systems, replacing older technologies in existing buildings and new construction.
For comments and feedback contact: editorial@rttnews.com
Business News