UPDATE 1-Acuity 4th-quarter profit falls, to cut jobs
(New throughout)
NEW YORK, Oct 6 (Reuters) - Lighting maker Acuity Brands Inc (AYI.N) reported lower-than-expected quarterly profit on Tuesday, reflecting weaker housing and retail construction markets and high raw material costs, and said it would cut jobs and consolidate some manufacturing operations.
Net earnings fell 19 percent to $41.9 million, or $1.02 per share, in the fiscal fourth quarter ended Aug. 31, compared with $51.5 million, or $1.16 per share, a year earlier. The year-ago net income included 19 cents in earnings from discontinued operations.
Analysts, on average, expected profit of $1.08 per share, according to Reuters Estimates.
Revenue fell 3 percent to $523 million, compared with Wall Street forecasts for sales of $541 million.
Many of its markets continued to grow, though at a slower rate, Acuity said, but growth was offset by "extremely weak demand" in the housing market and in new store construction. Acuity will cut costs by consolidating plants and cutting 800 jobs, both in production and among salaried staff.
The Atlanta-based company did not immediately provide a sales and profit forecast.
It said orders were moderately soft and would remain so for the foreseeable future, and a spike in commodity prices will pressure its margins. Competition will keep it from passing on all of those higher costs, it said.
Acuity said it sees opportunities in markets like New York City and in demand for energy-efficient products.
(Reporting by Nick Zieminski, editing by Gerald E. McCormick, Dave Zimmerman)
