[Editor’s note: A previous version of this article mistakenly referred to the company as “Accuity” rather than “Acuity Brands.” It has since been corrected.]
Acuity Brands earnings for the company’s fiscal fourth quarter of 2019 has AYI stock down on Tuesday.
Acuity Brands (NYSE:AYI) starts off its earnings report for its fiscal third quarter of the year with revenue of $947.60 million. This is better than the company’s revenue of $944.00 million reported in the same period of the year prior. However, it was a blow to AYI stock by missing Wall Street’s revenue estimate of $971.45 million for the quarter.
Acuity Brands notes that there were a couple of reasons behind its weak revenue growth for its most recent earnings report. This includes unfavorable foreign exchange rate changes, as well as adopting Accounting Standards Codification 606, Revenue from Contracts with Customers.
Acuity Brands earnings for its fiscal third quarter of 2019 also has it reporting earnings per share of $2.53. This is an increase over the company’s earnings per share of $2.37 from the same time last year. It also comes in above analysts’ earnings per share estimate of $2.47 for the quarter, but couldn’t stop AYI stock from falling today.
The Acuity Brands earnings report also includes a poor outlook for its upcoming fiscal fourth quarter of 2019. This includes Vernon Nagel, Chairman, President, and CEO of the company, saying that “fiscal fourth quarter net sales could be down modestly compared with prior year’s net sales.”
AYI stock was down 6% as of noon Tuesday. However, the stock is up 22% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.