Zacks Investment Research | Jan 09, 2018 05:06AM ET
Acuity Brands, Inc.’s (NYSE:AYI) reported first-quarter fiscal 2017 adjusted earnings of $1.94 per share, missing the Zacks Consensus Estimate of $2.10 by 7.6%. Earnings were down 3% on a year over year basis. Continued tepid market conditions and the decline in revenue in certain sales channels led to the drab results.
Sales
Net sales during the quarter were $842.8 million, falling short of the Zacks Consensus Estimate of $884 million by 4.7%. The reported figure also decreased 1% year over year.
The downside was mainly attributable to a 1% decrease in sales volume and a 1% net unfavorable change in product prices and mix of products sold (price/mix). These were partially offset by a 1% favorable impact from changes in foreign exchange rates.
LED-based product sales represented approximately two-thirds of the first-quarter net sales.
Operating Highlights
Adjusted gross profit margin was 41.6% in the quarter under review, reflecting a decrease of 80 basis points (bps) year over year owing to the lower-than-expected sales volume. Adjusted operating margin was 15.9%, down 90 bps year over year.
Adjusted Selling, Distribution and Administrative or SG&A expenses were $216.3 million or 25.7% of quarterly net sales, compared with $218 million or 25.6% a year ago.
Acuity Brands Inc Price and Consensus
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