Acuity Brands (NYSE:AYI) announced mixed Fiscal second-quarter results with adjusted earnings of $3.38 per share, up by 11% year-over-year beating consensus estimates of $3.17 per share. The industrial technology company generated net sales of $906 million, a decline of 4% year-over-year but fell short of Street estimates of $907.8 million.
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When it comes to its business segments, the Acuity Lighting and Lighting Controls (ABL) business saw net sales of $843.5 million, a drop of 5.3% year-over-year while its Intelligent Spaces Group (ISG) generated net sales of $68.1 million, a growth of 17% year-over-year.
Is Acuity Brands a Buy?
Analysts remain cautiously optimistic about AYI with a Moderate Buy consensus rating based on two Buys and three Holds. Over the past year, AYI stock has surged by more than 40%, and the average AYI price target of $259.80 implies a downside potential of 0.8% at current levels.
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