Acuity beats Q3 EPS estimates, revenue up 22%

Overview

• Lightings products maker Acuity fiscal Q3 net sales rise 22%, beating analyst expectations, per LSEG data

• Adjusted EPS for fiscal Q3 up 23%, exceeding estimates, per LSEG data

• Net income missed expectations due to special charges in ABL segment

Outlook

• Company has not provided specific guidance for future quarters or full year

Result Drivers

• INTELLIGENT SPACES GROWTH - AIS segment saw a 249% increase in net sales, largely due to QSC acquisition

• SPECIAL CHARGES - ABL segment incurred $29.7 mln in charges for brand eliminations and severance, impacting net income

• ADJUSTED PROFIT INCREASE - Adjusted operating profit rose 33%, driven by productivity actions and segment growth

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the construction supplies & fixtures peer group is "buy"

• Wall Street's median 12-month price target for Acuity Inc is $315.00, about 8.7% above its last closing price of $287.49

• The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 16 three months ago

Press Release: ID:nGNX3RHL4q