Acuity Brands, Inc. (NYSE:AYI) reported net income of $ 73.00 million or per share of $ 1.80 for the third quarter.
The company delivered net sales of $ 944.00 million for the same period representing year-over-year growth of 6 percent that exceeded street analysts expectation by $ 45 million.
However, on an adjusted basis, Acuity Brands, Inc. reported Non-GAAP adjusted income of $ 2.37 a share for the same period that exceeded market expectations.
Analysts polled by Thomson Reuters expected Acuity Brands, Inc. to report income of $ 2.17 per share on revenue of $ 898.91 million for the third quarter. Analysts estimate normally exclude one time gain or loss.
Vernon J. Nagel, Chairman, President, and CEO, commented, Our third quarter performance was solid, particularly against the backdrop of a challenging lighting market. Our net sales grew almost 6 percent in the third quarter, which was primarily due to greater shipments of our Atrius-based luminaires as well as increased shipments of products for infrastructure and utility projects, partially offset by lower net sales for larger commercial projects.
Mr. Nagel concluded, We continue to believe the lighting and lighting-related industry as well as building management systems will experience solid growth over the next decade, particularly as owners and users of lighting equipment and buildings see the potential to transform these investments into strategic assets. We believe we are uniquely positioned to fully participate in this exciting industry.