U.S. Markets close in 42 mins

Acuity Brands Falls On Mixed Q3 Earnings

Tanzeel Akhtar

Acuity Brands (NYSE: AYI) reported third-quarter earnings of $2.53 per share, which beat the analyst consensus estimate of $2.50. This is a 6.75% increase over earnings of $2.37 per share from the same period last year.

The company reported third-quarter sales of $947.6 million, which missed the analyst consensus estimate of $971.57 million. This is a 0.38% increase over sales of $944 million the same period last year.

“We are pleased to report solid third quarter financial performance in what continues to be a challenging market environment, particularly with ongoing angst generated by trade policy issues,” said Vernon Nagel, CEO of Acuity Brands. “We believe our third quarter net sales growth was also muted by the impact of customers, primarily in the independent sales network channel, pulling forward orders into the first half of the year in advance of announced price increases."

View more earnings on AYI

Acuity Brands shares were trading down 9.94% at $127 in Tuesday's pre-market session. The stock has a 52-week high of $173 and a 52-week low of $103.48 per share.

Related Links:

Ceragon Reports Q2 Revenue Impacted By Delayed Orders From India

Greenbrier Reports Q3 Earnings Miss

See more from Benzinga

© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.