AYI - Why Acuity Brands Plunged Today
2023-04-04 16:39:38 ET
Shares of Acuity Brands (NYSE: AYI) fell hard on Tuesday, closing the session down by 11%.
The lighting systems and intelligent spaces company fell following the delivery of its fiscal 2023 second-quarter results. While the quarter looked decent on the surface, the top-line figure wasn't high enough to please analysts. In addition, there appeared to be some fear in the market that the construction industry may slow down in the quarters ahead.
In its fiscal second quarter, which ended Feb. 28, Acuity grew revenue by 3.8% to $943.6 million, missing the consensus expectation by $14.9 million, while adjusted ( non-GAAP ) earnings per share came in at $3.06, up 19.1%, which actually beat expectations by a significant $0.33.
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Why Acuity Brands Plunged Today