Acuity Brands, Inc. (NYSE:AYI) stock was hit hard today following the release of its earnings report for its fiscal second quarter of 2018.
During its fiscal second quarter of the year, Acuity Brands, Inc. reported earnings per share of $1.89. This is an increase over its earnings per share of $1.77 from the same time last year. However, it wasn’t good news for the stock by coming in below Wall Street’s earnings per share estimate of $2.11 for the period.
Acuity Brands, Inc. also reported net income of $96.90 million for its fiscal second quarter of 2018. This is better than its net income of $67.30 million that was reported in its fiscal second quarter of 2017. The company notes that it saw a one-time benefit of $31.20 million during the quarter from recent tax reform laws in the U.S.
Operating income reported in Acuity Brands, Inc.’s fiscal second quarter of the year was $88.00 million. This is a drop from its operating income of $108.00 million that was reported in the same period of the year prior.
Acuity Brands, Inc.’s revenue for its fiscal second quarter of 2018 was $832.10 million. The lighting manufacturing company reported revenue of $804.70 million for its fiscal second quarter of 2017. Analysts were looking for revenue of $799.28 million for the quarter.
“Third-party forecasts and leading indicators suggest that demand in the North American lighting market, the Company’s primary market, will improve later in calendar 2018,” Vernon Nagel, Chairman, President, and CEO of Acuity Brands, Inc., said in a staement. “However, we continue to be cautious and believe overall market conditions could continue to be challenging for the near future based on soft order activity in certain sales channels.”
AYI stock was down 5% as of noon Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.