RTTNews | Oct 6, 2021 10:05AM EDT

10:05 Wednesday, October 6, 2021 (RTTNews.com) - Shares of Lighting and building management solutions provider Acuity Brands, Inc. (AYI) are up more than 12% Wednesday morning after reporting better-than-expected fourth quarter results.

Net income in the fourth quarter increased to $98.1 million or $2.72 per share, from $73.7 million or $1.87 per share in the same quarter a year ago on improved sales.

Excluding items, earnings were $117.7 million or $3.27 per share, that beat the average estimate of analysts polled by Thomson Reuters at $2.85 per share.

Net sales for the quarter rose 11.4% to $992.7 million from $891.2 million last year, helped by revenue growth in Independent Sales Network, Direct Sales Network, and Corporate accounts channel. The consensus estimate was for $963.96 million.

AYI touched a new high of $204 this morning, before slipping to trade at $198.87 currently.

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