AYI - Acuity Brands stock slumps on slower than expected sales

2023-04-04 09:10:14 ET

Acuity Brands ( NYSE: AYI ) shares slid sharply in premarket trading on Tuesday after missing top-line expectations for its fiscal second quarter.

The Atlanta-based company notched $3.06 in adjusted EPS for the quarter, coming in comfortably above expectations. However, a 3.8% jump in sales from the prior year quarter fell short of consensus expectations, coming in at $943.6M against a $958.5M expectation.

CEO Neil Ashe remained optimistic about sales growth nonetheless.

"We grew sales in both our lighting and spaces businesses, expanded adjusted operating profit, and grew adjusted diluted earnings per share” he commented. “We generated strong cash flow from operations and created permanent value for shareholders through repurchases."

While shares of the Atlanta-based industrial technology company rose upon the initial release, the stock soon reversed course. Acuity Brands ( AYI ) stock fell more than 5% shortly before Tuesday’s opening bell.

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