Acuity Brands results miss Street
(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)