Acuity Brands (NYSE:AYI) earnings for the company’s fiscal first quarter of 2020 have AYI stock taking a beating on Thursday. This is thanks to its adjusted earnings per share of $2.13. That’s well below Wall Street’s estimate of $2.21 per share. Revenue of $834.70 million didn’t help AYI stock by coming in below analysts’ estimates of $874.72 million.
Now for a closer look at the most recent Acuity Brands earnings report.
- Adjusted per-share earnings are down 8.19% from $2.32 in during the same time last year.
- Revenue comes in 10.50% lower than the $932.60 million reported in the fiscal first quarter of 2019.
- Operating income of $83.60 million is a 28.28% drop YoY from $116.40 million.
- The Acuity Brands earnings report also includes a net income of $57.00 million.
- This is a 28.39% decrease from the company’s net income of $79.60 million in the same period of the year prior.
Vernon J. Nagel, Chairman and Chief Executive Officer of Acuity Brands, says this about the AYI stock earnings.
“While we expected our first quarter net sales to be down compared with the prior year, the decline was greater than previously forecasted due to weaker than expected market demand, which we estimate declined in the low-to-mid single digit range, with the decline in large projects even greater.”
The Acuity Brands earnings report notes that the company continues to remain cautious about its fiscal 2020 outlook. It attributes this to economic uncertainties in connection to global trade issues.
AYI stock was down 12.66% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.