Acuity Brands (AYI) Tops Q4 EPS by 11c; Continues to See Difficult Environment
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Acuity Brands, Inc. (NYSE: AYI) reports Q4 $0.68, above the consensus of $0.57. Revenues fell 19% to $422.6 million, versus the consensus of $404.6 million.
Comparable shipment volumes declined approximately 17 percent versus the year-ago period.
The CEO said, "Net sales for the fourth quarter of 2009 were impacted by the significant decline in new construction activity due to lower economic activity and tight lending standards for real estate. We were able to partially mitigate the impact of lower sales by maintaining our pricing discipline and realizing benefits from our continuous improvement initiatives and on-going streamlining efforts, while continuing to invest in innovative and energy-efficient products. I am particularly pleased with our strong operating profit margin for the fourth quarter."
On its 2010 outlook, the company said "... we continue to foresee a difficult and challenging economic environment, particularly for non-residential construction activity, a primary market for us... Key indicators continue to signal declines for North American non-residential construction activity and our expectation is that the overall markets we serve will decline in the mid-teens in our coming fiscal year."
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