Lighting and building management company Acuity Brands, Inc. (AYI) on Wednesday reported net income of $98.1 million or $2.72 per share in the fourth quarter, higher than $73.7 million or $1.87 per share in the same quarter a year ago. Improved sales influenced higher earnings that beat the Street estimates.
Excluding items, earnings were $117.7 million or $3.27 per share.
Net sales for the quarter increased 11.4% to $992.7 million from $891.2 million last year, helped by revenue growth in Independent Sales Network, Direct Sales Network, and Corporate accounts channel.
On average, 8 analysts polled by Thomson Reuters expected the company to report earnings of $2.85 per share on revenue of $963.96 million in the quarter. Analysts' estimates typically exclude special items.
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