AYI - Acuity Brands plummets 7% despite top-line and bottom-line beat

Acuity Brands (AYI -6.8%) shares trades lower despite FQ2 revenue estimates beat consensus by $22.68M and Non-GAAP EPS by $0.20. The Co. generated net sales of $909.1M, an increase of 17.1% Y/Y where, Independent Sales Network too increased 11.7% Y/Y to $614.3M. Gross margin declined 170 bps to 41.7%, which was due to the significant increase in material and freight costs through price increases and product and productivity improvements. Adj. operating margin declined 50 bps to 13.5%, the decrease was driven by the Y/Y decrease in gross margin partially offset by the leveraging of operating expenses. "Our focus on service and product vitality has allowed us to meet current customer demand while also investing in the long-term growth and transformation of our Co." stated Neil Ashe, Chairman, President and CEO. FQ2 Earnings Call Presentation. Previously: Acuity Brands Non-GAAP EPS of $2.57 beats by $0.20, revenue of $909.1M beats by $22.68M (April 5)

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Acuity Brands plummets 7% despite top-line and bottom-line beat