Acuity Brands Q2 Profit Declines, Miss Estimates - Quick Facts

(RTTNews) - Industrial technology company Acuity Brands, Inc. (AYI) reported Thursday that net income for the first quarter declined to $57.2 million or $1.44 per share from $66.3 million or $1.67 per share in the prior-year quarter.

Adjusted net income for the quarter was $73.1 million or $1.84 per share, compared to $79.0 million or $1.99 per share in the year-ago quarter.

Net sales for the quarter declined 3.5 percent to $824.2 million from last year's $854.4 million.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.91 per share on revenues of $808.11 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead, President and CEO Neil Ashe said, "Due to demand and other uncertainties, the near-term economic impact of COVID-19 cannot be reliably quantified at this time, and the impacts on our full year fiscal 2020 results and beyond are therefore uncertain."