UPDATE: Acuity Brands Beats Q1 Expectations

Acuity Brands Inc.

reported better-than-expected earnings for the fiscal first quarter. The Atlanta, Georgia-based company posted quarterly net income of $51.1 million, or $1.17 per share, compared to $44.5 million, or $1.03 per share, in the year-ago period. Adjusted diluted EPS gained 38% to $1.32 from $0.96. Its revenue climbed 13% to $647.4 million in the period. However, analysts were expecting earnings of $1.13 per share on revenue of $639.38 million. Operating profit climbed 12% to $86.7 million. Gross profit margin widened 90 basis points to 42.2%. Net cash provided by operating activities increased to $46.7 million from $43.4 million. At the end of the first quarter, cash and cash equivalents totaled $583.0 million, a rise of $30.5 million since the beginning of the fiscal year. Vernon J. Nagel, Chairman, President, and Chief Executive Officer of Acuity Brands, said, "We believe our record first quarter results reflect our ability to provide customers truly differentiated value from our industry-leading portfolio of innovative lighting and control solutions along with superior service." Acuity Brands shares rose 0.92% to $143.30 in pre-market trading.