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Acuity Brands Surges as Price Hikes, Volume Jump Drive Sales By Investing.com

by Mike Robinson

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© Reuters.

By Dhirendra Tripathi

Investing.com – Acuity Brands stock (NYSE:) soared by almost 10% Wednesday as the company’s fourth-quarter revenue and earnings topped estimates in a challenging environment.

The manufacturer of lighting systems and building management systems was able to boost its gross margins by 10 basis point despite higher labor and material costs. Neil Ashe, Chief Executive of the company explained that this was possible due to continuous product and productivity improvement and increased volumes as well benefits from recent price hikes.

One-hundredth percent is the basis point.

Sales in the lighting business and the control of lighting rose by 11%. This accounts for 95%. Sales in the company’s Intelligent Spaces Group rose 23%.

Net sales for the fourth quarter rose by more than 11%, to $992.7million. The adjusted profit per share increased 39% to $3.27

For half its authorization to repurchase 7.6 millions shares, the company paid $434.9 million.

 

 

 

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