Acuity Brands (AYI) Misses Q2 EPS by 1c, Revenues Beat; COVID-19 Impact on FY20 Outlook 'Uncertain'

Acuity Brands (NYSE: AYI) reported Q2 EPS of $1.84, $0.08 worse than the analyst estimate of $1.91. Revenue for the quarter came in at $824 million versus the consensus estimate of $808.26 million.

Neil Ashe, President and Chief Executive Officer of Acuity Brands, commented, “Results for the second quarter were a combination of continuing trends with some signs of improvement. We are embarking on the next generation of Acuity Brands while at the same time we are dealing with the shocks caused by the COVID-19 pandemic. We are focused on the health and well-being of our associates while aggressively managing the risks and opportunities that the COVID-19 shocks present to the Company. We enter this period with a strong balance sheet and a strong team.”

Outlook

Mr. Ashe commented, “On January 31, I became CEO of Acuity Brands, and I am pleased with the strong foundation that is in place. We have an industry leading lighting and controls business and an emerging technology opportunity. We have a strong company in a period of great change. We are aggressively adapting the business to current market dynamics and to respond to the impacts of the COVID-19 pandemic. Due to demand and other uncertainties, the near-term economic impact of COVID-19 cannot be reliably quantified at this time, and the impacts on our full year fiscal 2020 results and beyond are therefore uncertain.”

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

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