Acuity Brands Q3 Profit Down, But Tops View - Quick Facts

(RTTNews) - Acuity Brands Inc. (AYI) reported that its third-quarter net income declined to $60.4 million or $1.52 per share from $88.4 million or $2.22 per share in the prior year.

Adjusted earnings per share were $1.94 compared to $2.53 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.22 per share for the quarter. Analysts' estimates typically exclude special items.

Operating profit for the third quarter of fiscal 2020 was $83 million, compared to $120 million for the prior-year period. The decrease in operating profit was due to lower gross profit and increased special charges, partially offset by lower SD&A expenses.

Quarterly net sales were $776 million down 18.1% from the prior-year quarter due primarily to a 20% decrease in volume largely as a result of the negative impact on demand due to the COVID-19 pandemic, partially offset by the benefit from acquisitions of approximately 2%. Analysts expected revenues of $741.62 million for the quarter.

The change in product prices and mix of products sold was flat year over year as a favorable shift in sales channel mix was offset by overall lower pricing.