Acuity Brands (AYI) Tops Q3 EPS by 20c

Acuity Brands (NYSE: AYI) reported Q3 EPS of $2.37, $0.20 better than the analyst estimate of $2.17. Revenue for the quarter came in at $944 million versus the consensus estimate of $898.91 million.

Outlook

Mr. Nagel commented, “Third-party forecasts and leading indicators suggest that demand in the North American lighting market, the Company’s primary market, will improve modestly in the second half of calendar 2018 following several quarters of weak demand. We expect to continue to outperform the growth rates of the markets that the Company serves by executing our strategies focused on growth opportunities for new construction and renovation projects, expansion into underpenetrated geographies and channels, and growth from the continued introduction of new lighting and building management solutions as part of the Company’s integrated, tiered solutions strategy. We believe the pricing environment will continue to be challenging in portions of the market, particularly for more basic, lesser-featured products sold through certain sales channels as well as shifts in product mix, both of which are expected to continue to negatively impact net sales and margins. We expect to continue to introduce products and solutions to more effectively compete in these portions of the market and to accelerate programs to reduce product costs in order to maintain the Company’s competitiveness and drive improved profitability.”

Mr. Nagel concluded, “We continue to believe the lighting and lighting-related industry as well as building management systems will experience solid growth over the next decade, particularly as owners and users of lighting equipment and buildings see the potential to transform these investments into strategic assets. We believe we are uniquely positioned to fully participate in this exciting industry.”

For earnings history and earnings-related data on Acuity Brands (AYI) click here.

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