Shares of Acuity Brands (NYSE: AYI) were on an upswing in pre-market trading on Tuesday, as the industrial technology company reported fiscal Q4 revenues of $1.11 billion, up 11.8% year-over-year, surpassing Street estimates by $30 million.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
The company’s adjusted diluted earnings came in at $3.95 per share in Q4, up 20.8% year-over-year and above analysts’ estimates of $3.62 per share.
Neil Ashe, Chairman, President, and CEO of Acuity Brands, commented, “We had strong demand across our end markets, and we demonstrated our ability to capture price and drive volume through product vitality and service in both our lighting and spaces businesses throughout this fiscal year.”
Is Acuity Brands Stock a Buy, Sell, or Hold?
Only two analysts have covered AYI stock in the past three months, with one Buy and one Hold rating, giving it a Moderate Buy consensus rating.
The average price target for AYI is $190, with an upside potential of 19% at current levels.
