Acuity Brands Q1 Earnings Climbs, Beat View

(RTTNews) - Acuity Brands, Inc. (AYI), an industrial technology company, on Tuesday reported higher earnings for the first quarter. Earnings beat the Street view. However, revenue declined 6.3 percent.

Quarterly earnings increased to $100.6 million or $3.21 per share from $74.9 million or $2.29 per share, in the absence of one-time special charges that were present in the prior year.

Excluding items, earnings were $116.8 million or $3.72 per share compared to earnings of $107.5 million or $3.29 per share.

On average, seven analysts polled by Thomson Reuters had expected earnings of $3.23 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue dropped to $934.7 million from $997.9 million in the previous year, on account of lower sales in the Acuity Brands Lighting and Lighting Controls segment. The revenue fell 7.5 percent in this segment compared to the previous year.

In pre-market activity, Acuity Brands shares are trading at $204.59, up 0.03% on the New York Stock Exchange.