Acuity Inc. (AYI), an industrial technology company, reported Thursday higher first-quarter net profit on strong net sales growth. Adjusted earnings beat market estimates, while top line came in line with the Street.
In the first quarter, net income grew to $120.5 million from last year's $106.7 million. Earnings per share was $3.82, an increase of 14 percent from prior year's $3.35.
Adjusted earnings per share were $4.69, compared to $3.97 a year ago.
The company delivered net sales of $1.14 billion in the first quarter, an increase of 20.2 percent from $951.6 million in the prior year.
The Wall Street analysts on average expected the company to report earnings of $4.59 per share on revenues of $1.14 billion. Analysts' estimates typically exclude special items.
Neil Ashe, Chairman, President and Chief Executive Officer, said, "We delivered strong performance in our first quarter of fiscal 2026. We grew net sales, we expanded our adjusted operating profit and adjusted operating profit margin, and we increased our adjusted diluted earnings per share. We generated strong cash flow and allocated capital effectively."
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