LONDON, UK / ACCESSWIRE / July 12, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Acuity Brands, Inc. (NYSE: AYI), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=AYI, following the Company's release of its third quarter fiscal 2017 earnings results on June 29, 2017. The maker of lighting products reported stronger-than-expected sales and earnings numbers. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Earnings Reviewed

Acuity Brands announced that fiscal 2017 third quarter net sales increased 5% to $891.6 million from $851.5 million reported in Q3 FY16. The growth in sales was driven by a 6% increase in volume, partially offset by an approximately 1% net unfavorable change in product prices and a mix of products sold ("price/mix") as well as a modest unfavorable impact from changes in foreign currency exchange rates. Acuity Brands' sales exceeded analysts' consensus of $879 million.

During Q3 FY17, Acuity Brands' gross profit margin of 42.5% declined 190 basis points compared with record gross profit margin of 44.4% in Q3 FY16, primarily due to higher than normal supply chain costs, including increased quality expense and greater inbound freight charges, as well as unfavorable price/mix.

Acuity Brands' selling, distribution, and administrative ("SD&A") expenses for Q3 FY17 were $246.9 million, or 27.75% of net sales, compared with $247.2 million, or 29.0% of net sales, for Q3 FY16. The Company's reported quarter adjusted SD&A expenses were $230.6 million, or 25.9% of net sales, compared with prior year's $232.7 million, or 27.3% of net sales, a decline of 140 basis points. The slight decrease in adjusted SD&A expense was primarily due to lower incentive compensation expense, partially offset by higher freight and commission costs to support the increase in net sales.

For Q3 FY17, Acuity Brands' operating profit was $131.5 million, an increase of 9% on a y-o-y basis. The Company's adjusted operating profit for the reported quarter grew 2% to $148.3 million, or 16.6% of net sales, compared with adjusted operating profit of $146.1 million, or 17.2% of net sales, in the year-ago comparable period. Acuity Brand' adjusted results exclude the impact of amortization expense for acquired intangible assets, share-based payment expense, acquisition-related items, and special charges for streamlining activities.

Acuity Brands' net income for Q3 FY17 was $82.2 million, reflecting an increase of 11% on a y-o-y basis, while diluted earnings per share surged 12% to $1.90 compared with $1.69 for the year-ago same period. The Company's adjusted diluted earnings for the reported quarter gained over 4% to $2.15 per share compared with adjusted diluted earnings of $2.06 per share for Q3 FY16. Acuity Brands' earnings outperformed Wall Street's expectations of $2.02 per share.

Cash Matters

Acuity Brands' cash and cash equivalents at the end of Q3 FY17 totaled $189.7 million, a decrease of $223.5 million since the beginning of the fiscal year. During fiscal 2017, the Company completed the buyback of 2 million shares of Acuity Brands' common stock under its previously authorized stock repurchase program at a total cost of $357.9 million.

On June 27, 2017, Acuity Brands' Board of Directors declared a quarterly dividend of $0.13 per share. The dividend is payable on August 01, 2017, to shareholders of record on July 18, 2017. The Board has also earlier authorized the repurchase of up to 2 million shares, or approximately 5% of the Company's outstanding common stock. Under the current authorization, the Company may acquire shares through open market transactions, subject to market conditions and other factors.

Stock Performance

On Tuesday, July 11, 2017, the stock closed the trading session at $199.41, slightly up 0.49% from its previous closing price of $198.43. A total volume of 446.02 thousand shares has exchanged hands. Acuity Brands' stock price surged 12.55% in the last one month and 13.04% in the past three months. The stock is trading at a PE ratio of 27.84 and has a dividend yield of 0.26%. The stock currently has a market cap of $8.47 billion.

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