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Home>Acuity Brands' stock plunges as sales miss offsets profit beat

Acuity Brands' stock plunges as sales miss offsets profit beat

Acuity Brands' stock plunges as sales miss offsets profit beat

10/04/2017

Shares of Acuity Brands Inc. (AYI) plunged 8.8% in premarket trade Thursday, after the lighting and building management company beat fiscal fourth-quarter profit expectations but missed on sales. Net income for the quarter to Aug. 31 rose to $90.5 million, or $2.15 a share, from $82.9 million, or $1.89 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $2.55, above the FactSet consensus of $2.41. Revenue rose to $957.6 million from $925.5 million, but was below the FactSet consensus of $974.6 million. The company said the 3.5% growth in revenue resulted from a 4.5% increase in volume, which was partially offset by a 1% change in product prices and sales mix. Looking ahead, Chief Executive Vernon Nagel said he expects to see some "volatility in demand" among certain sales channels and geographies, due to the recent hurricanes that hit Florida, Texas and Puerto Rico. The stock had tumbled 16.5% over the past three months through Tuesday, while the S&P 500 had gained 4.4%.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

 

(END) Dow Jones Newswires

10-04-17 0843ET

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