Acuity Brands Inc. (NYSE: AYI) reported on Tuesday fiscal first-quarter profit of $71.5 million.
On a per-share basis, the Atlanta-based company said it had profit of $1.70. Earnings, adjusted for one-time gains and costs, were $1.94 per share. The results missed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2.10 per share.
Acuity Brands is the North American market leader and one of the world’s leading providers of indoor and outdoor lighting and energy management solutions. The company designs, produces, and distributes various lighting solutions and services for commercial, institutional, industrial, infrastructure, and residential applications in North America and internationally.
The lighting maker posted revenue of $842.8 million in the period, also falling short of Street forecasts. Eight analysts surveyed by Zacks expected $884 million.
Management remains focused on generating higher operating margins as volume grows. Volume leverage and productivity are the drivers of the margin expansion. The company also makes investments in product development that are increasingly digital in nature, which will support growth including tooling for new products, expansion, and electronic capacity.
Acuity Brands shares have risen 5.5 percent since the beginning of the year. The stock has dropped 22 percent in the last 12 months.