Why Shares of Acuity Brands Tumbled Today
Shares of Acuity Brands (NYSE: AYI) slumped on Wednesday following a lackluster quarterly report from the lighting and building management solutions provider. Acuity's fourth-quarter results missed analyst expectations across the board, and the company's outlook was heavy on caution due to economic uncertainties. The stock was down about 12% at 11:45 p.m. EDT.
Acuity reported fourth-quarter revenue of $938.1 million, down 11.6% year over year and about $92 million below the average analyst estimate. Sales volume dropped 16%, while the company benefited from a favorable change in pricing and product mix.
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Source Fool.com
