Acuity Brands Q3 GAAP Profit Up 38%, But Results Miss View - Quick Facts

(RTTNews) - Lighting fixtures maker Acuity Brands, Inc. (AYI) reported a 38 percent growth in third-quarter GAAP net income to $43.8 million, or $1.01 a share, from $31.7 million, or $0.73 a share, in the prior-year period.

During the recent quarter, adjusted net income totaled $43.3 million, or $1.00 a share, excluding the benefit of a pre-tax $0.8 million, or $0.01 a share, recovery associated with the prior-year fraud perpetrated at a freight payment and audit service firm formerly retained by the company. On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of $1.12 for the quarter. Analysts' estimates typically exclude special items.

Operating profit for the three-month period was $72.6 million, up by $22.6 million, or 45 percent year-over-year.

Atlanta, Georgia-based firm clocked net sales of $603.9 million in the quarter, a 11.5 percent increase, compared with $541.5 million in the prior-year period; whereas 12 analysts projected $609.09 million in sales.