Acuity Brands (NYSE:AYI) earnings for the lighting company’s fiscal fourth quarter of 2019 has AYI stock taking a beating on Wednesday. That’s thanks to it missing Wall Street’s adjusted earnings per share estimate of $2.81 with its per-share earnings of $2.75. Revenue of $938.10 million also didn’t do it any favors by coming in below analysts’ estimate of $1.03 billion.
Lets’ take a closer look at the Acuity Brands earnings report below.
- Adjusted EPS for the quarter was up 2.60% from the $2.68 reported in its fiscal fourth quarter of 2018.
- Revenue was down 11.5% YoY from $1.06 billion.
- Operating profit of $130.30 million is down 9.32% from the $143.70 million reported during the same time last year.
- Acuity Brands also reported net income of $96.1 0 million, which is an 11.18% YoY drop from $108.20 million.
Vernon Nagel, Chairman and CEO of Acuity Brands, said in a statement.
“We remain cautious about overall market conditions within the lighting industry for fiscal 2020 primarily due to continued economic uncertainties caused by global trade issues, including tariffs. We expect market demand for lighting products to remain sluggish until there is more clarity regarding these global trade issues.”
Acuity Brands also warns that it isn’t expecting things to get better during its fiscal first quarter of 2020. This includes expectations that its net sales for the quarter will be down in the mid-to-high single-digit percentage range when compared to the same time in 2018. It is also expecting an annual tax rate of about 23% for fiscal 2020.
AYI stock was down 10% as of Wednesday afternoon, but is up 13% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.