ATLANTA—Acuity Brands, Inc. shares dropped more than 14 percent today after the company reported second quarter results that fell short of Wall Street expectations.
Acuity today announced fiscal 2017 second quarter net sales of $804.7 million, missing the consensus estimate of $825.01 million.
Earnings missed too, with adjusted diluted earnings per share (“EPS”) for the second quarter of fiscal 2017 decreasing to $1.77, below a consensus estimate of $1.82.
Operating profit for the second quarter of fiscal 2017 was $108.0 million, an increase of $1.3 million, or 1.2 percent, over the year-ago period. Net income for the second quarter of fiscal 2017 was $67.3 million, an increase of $1.8 million, or 2.7 percent, compared with the prior-year period.
“Like last quarter, we carried a higher manufacturing cost structure into the quarter in anticipation of servicing a greater level of demand than occurred,” said Acuity Brands President and CEO Vernon Nagel, in a statement. “Based on various leading indicators and our focused investments in key strategic areas, we remain bullish regarding the Company’s prospects for continued future profitable growth.”
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