Acuity Brands (AYI) Tops Q3 EPS by 12c, Beats on Revenues

Acuity Brands (NYSE: AYI) reported Q3 EPS of $2.15, $0.12 better than the analyst estimate of $2.03. Revenue for the quarter came in at $891.6 million versus the consensus estimate of $879.19 million.

Outlook

Mr. Nagel commented, “While forecasts suggest that softness in demand in the North American lighting market that began in the third calendar quarter of 2016 will continue through the remainder of the calendar year, we still see encouraging signs that support third-party forecasts for improvement in growth rates in calendar year 2018. Current quoting activity remains favorable, and both short and long-term fundamental drivers of the markets that the Company serves remain positive. We are aggressively addressing our recent supply chain issues and accelerating programs to reduce product costs to maintain our competitiveness and drive improved profitability. 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. Based on various leading indicators, our focused investments in key strategic areas, and aggressive management of supply chain costs, we remain bullish regarding the Company’s prospects for continued future profitable growth.”

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