Oct 2 Lighting fixture maker Acuity Brands Inc's
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
Shares of the Atlanta, Georgia-based company touched a low
of $58.57 in early trading on the New York Stock Exchange.