AYI - Acuity Brands down 4% despite top-line and bottom-line beat

Acuity Brands ([[AYI]] -4.7%) reports Q1 results:Sale drop of 5.1% to $792M vs. prior year,  however beats consensus by $1.69M.Gross profit decreased $23M to $332M; gross profit margin decreased 60 bps to 42.0% and adjusted gross profit margin decreased 80 bps to 42% compared with the prior-year period.Operating profit was $86M compared with $84M last year. Operating profit margin increased 80 bps to 10.8% and adjusted operating profit margin decreased 110 bps to 13.2% compared with the prior-year period.Net income of $60M (+4.6% Y/Y); Diluted earnings per share of $1.57 (+9.0% Y/Y) and adjusted diluted EPS of $2.03 (-4.7% Y/Y).Company paid $225M in cash to repurchase ~2.6M common stock under its previously authorized stock repurchase program."While the recovery in the economic environment remains uncertain due to the impacts of the pandemic, we are cautiously optimistic about returning to stability in our end markets in calendar year 2021, and are excited about the opportunity that lies before us to

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Acuity Brands down 4% despite top-line and bottom-line beat