Acuity Brands results miss Street

Tue Oct 2, 2012 9:41am EDT

(Reuters) - Lighting fixture maker Acuity Brands Inc's (AYI.N) fourth-quarter results missed market estimates, hurt by soft demand in North America, sending its shares down 7 percent.

"The North American lighting market appears to have experienced a slowdown in the rate of growth over the past few months, reflecting both a tepid economic recovery in the U.S. and macro-level uncertainties," Chief Executive Vernon Nagel said in a statement.

Net income fell to $33.3 million, or 78 cents per share, from $34.2 million, or 79 cents per share, a year earlier.

The results included a pre-tax charge and expenses totaling $6.5 million related to the closing of the company's Cochran, Georgia production facility.

Excluding special items, Acuity earned 88 cents per share.

Sales rose 4 percent to $514.3 million.

Analysts on average had expected earnings of 92 cents per share on revenue of $522.1 million, according to Thomson Reuters I/B/E/S.

Shares of the Atlanta, Georgia-based company touched a low of $58.57 in early trading on the New York Stock Exchange.

(Reporting by Tej Sapru in Bangalore; Editing by Maju Samuel)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.