Acuity Brands stock (NYSE:AYI) was plummeting on Wednesday even though the company revealed its latest quarterly earnings results, and its profit was ahead of what analysts were calling for in the Wall Street consensus estimate.
The Atlanta-based lighting manufacturing company said that for its fourth quarter of fiscal 2018, it brought in net income of $108.2 million, or $2.70 per share. The figure was stronger than what the company amassed in the fourth quarter of its fiscal 2017, when it garnered net income of $90.5 million, or $2.15 per share.
Acuity Brands added that its earnings came in at $2.68 per share for the period on an adjusted basis when excluding non-recurring items, marking a 5% increase compared to the year-ago quarter. Analysts were calling for adjusted earnings of $2.56 per share, according to data compiled by FactSet in a survey.
The lighting company added that its revenue for the period came in at $1.06 billion, a 10.8% surge compared to the year-ago quarter. The figure was also stronger than what the Wall Street consensus estimate called for at $1.01 billion.
However, Acuity Brands was hurt by having an adjusted operating margin that declined by 3.9 percentage points due to higher costs for electronic components, freight, wages and some commodity-related items such as steel.
AYI stock fell nearly 13.4% after hours despite the company’s fourth-quarter earnings beat.