viewAcuity Brands, Inc.

Acuity shares fall after Q4 misses estimates


Acuity Brands Inc.'s (NYSE:AYI) stock fell over four per cent after fourth-quarter earnings failed to meet analyst estimates, which masked revenue and margin growth.  

The Atlanta, Georgia-based company provides lighting fixtures, control devices, parts, systems and services for commercial, institutional, industrial, infrastructure and residential applications for various markets throughout North America.

Net income edged down to $33.3 million or 78 cents per share, in the fourth quarter, on sales of $514.3 million.

This compared with a year-earlier profit of $34.2 million or 79 cents per share, on revenue of $496.2 million. 

Current results included a pre-tax charge and costs totalling $6.5 million tied to the closing of the Cochran, Georgia production facility. 

Excluding special items, the company's adjusted earnings came to roughly 88 cents per share.

Revenues grew due to higher volume and a favourable change in product prices and the mix of products sold. 

Sales of LED-based products grew by more than two-and-a-half times over the prior-year and represented 12 per cent of fiscal 2012 fourth quarter net sales.

Analysts polled by Bloomberg expected a per-share profit of 92 cents, on $523 million in sales during the quarter ended August 31.

Gross margin widened to 40.9 per cent from 40.3 per cent.

Shares traded 4.63 per cent lower falling to $60.18 each on the New York Stock Exchange on Tuesday afternoon.

Quick facts: Acuity Brands, Inc.

Price: 92.91 USD

Market: NYSE
Market Cap: $3.68 billion

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