Acuity Brands, Inc. (NYSE:AYI) shares fell significantly Tuesday as the company posted its latest quarterly earnings results.
The company unveiled adjusted earnings of $1.77 per share over the course of its fiscal second quarter, which was lower than the $1.82 per share than Wall Street was expecting. Revenue came in at $804.7 million, which was also below what analysts were hoping for.
Acuity Brands said that its disappointing results were the result of lower demand than the company projected in its North American market. Sales in Europe and Mexico were also underwhelming.
“Like last quarter, we carried a higher manufacturing cost structure into the quarter in anticipation of servicing a greater level of demand than occurred,” said Acuity Brands President and CEO Vernon Nagel, in a statement.
He added that the company believes that it could be returning to growth in the North American market during the coming fiscal year.
The electronics manufacturing company has been around since 2001, when it was founded in Atlanta, Georgia. Acuity Brands is known for selling specialty chemicals.
The company sells lighting products to electrical distributors, municipalities and lighting showrooms.
AYI shares fell 14.1% Tuesday.
