Acuity Brands (NYSE:AYI) on Wednesday rose 4% to a record high after the lighting and building-management company reported a quarterly profit that was better than forecast.
Net income for the three-month period through February 29 was $89.2 million, or $2.84 a share, compared with $83.2 million, or $2.57 a share, a year earlier.
Adjusted earnings of $3.38 a share beat the average estimate among Wall Street analysts of $3.23 a share.
Revenue fell 4% from a year earlier to $905.9 million, compared with the consensus estimate of $908 million.
“Our fiscal 2024 second quarter was another quarter of solid execution,” Neil Ashe, chairman, president and chief executive of Acuity (AYI), said in a statement. “We increased our adjusted operating profit, adjusted operating profit margin and adjusted diluted earnings per share. We generated strong free cash flow, and we allocated capital effectively to drive value.”