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Acuity Brands Q1 Profit Beats Estimates; Net Sales Up 17%

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Acuity Brands, Inc. (AYI) said it delivered sales growth of 17%, expanded operating profit margin by 160 basis points and increased earnings per share by 57% in the first quarter of fiscal 2022 despite global supply chain challenges and unpredictable market conditions.

First quarter adjusted earnings per share was $2.85, up 40.4 percent from $2.03, prior year. On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $2.41, for the quarter. Analysts' estimates typically exclude special items. Adjusted net income was $101.3 million, up 31.7 percent, over prior year.

Net income was $87.6 million, up 47.0 percent over the prior year. Earnings per share was $2.46 compared to $1.57, last year.

Net sales were $926.1 million, an increase of 16.9 percent, from a year ago. Analysts on average had estimated $880.7 million in revenue. Acuity Brands Lighting and Lighting Controls generated net sales of $883.6 million, an increase of 17.3 percent.

Neil Ashe, CEO of Acuity Brands, said: "Our performance demonstrates that by prioritizing customers we are driving sales growth and turning that into operating income while continuing to invest in the long-term growth and transformation of the company."

On Thursday, the Board of Directors of Acuity Brands declared a quarterly dividend of 13 cents per share. The dividend is payable on February 1, 2022, to shareholders of record on January 20, 2022.

Shares of Acuity Brands were up 1% in pre-market trade on Friday.

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