Acuity Brands stock jumped 15% on Tuesday morning: here’s why
- Acuity Brands reports market-beating results for the fiscal fourth quarter.
- The Board of Directors declared 13 cents per share of a quarterly dividend.
- Shares of the American company climbed by 15% on Tuesday morning.
Follow Invezz on Telegram, Twitter, and Google News for instant updates >
Shares of Acuity Brands Inc (NYSE: AYI) jumped 15% on Wednesday morning as the lighting and building management firm reported market-beating results for its fiscal fourth quarter.
Q4 financial performance
Acuity Brands said its net income in Q4 printed at $98.1 million that translates to $2.72 per share. In the comparable period of last year, its net income was capped at $73.7 million or $1.87 per share. On an adjusted basis, Acuity Brands earned $3.27 per share in the recent quarter.
The NYSE-listed company generated $992.7 million in net sales that represents an annualised growth of 11.4%. According to FactSet, experts had forecast $2.85 of adjusted EPS on $961.6 million in sales.
Quarterly dividend and full-year results
Last week, Acuity Brands’ Board of Directors declared 13 cents per share of a quarterly dividend. For the full year, the Georgia-based company noted a 4.0% increase in net sales and a 5.2% increase in gross profit, as per the earnings press release.
Other notable figures
Other notable figures in the earnings report include an 11.1% increase in the cost of sales. Gross margin improved slightly from 42.1% to 42.2% in Q4. According to Acuity Brands, higher labour, freight, and materials costs were offset by increased sales volume, greater productivity, and higher prices.
CEO Neil Ashe’s remarks
Commenting on the financial update, CEO Neil Ashe said:
We improved our operations and delivered solid performance in a challenging environment. We are entering fiscal 2022 from a position of strength with a diverse and capable team, who are driven by our values to deliver results for our customers, our investors, and our environment.
Copy expert traders easily with eToro. Invest in stocks like Tesla & Apple. Instantly trade ETFs like FTSE 100 & S&P 500. Sign-up in minutes.
77% of retail CFD accounts lose money.