Breaking News

CFRA is sticking with hold rating on Acuity Brands after earnings

CFRA analyst said Tuesday they're sticking with their grasp score on Acuity Brands Inc. inventory AYI, +12.75% after the corporate reported income for its fiscal third quarter. "We see continued pressure on gross margins, which we expect to decline 250 basis points to 41.0% in FY 18," analyst Elizabeth Vermillion wrote in a note. "We anticipate 1.0% to 1.5% revenue growth in FY 18." The lights company closed the common consultation up 12.eight%, after income blew past estimates. The company said it had net income of $73.Zero million, or $1.80 a percentage, in the quarter to May 31, down from income of $82.2 million, or $1.90 a percentage, in the year-earlier duration. Adjusted per-share income came to $2.37, neatly ahead of the FactSet consensus of $2.17. Sales rose to $944.Zero million from $891.6 million, also ahead of the FactSet consensus of $899 million. Sales had been driven via shipments of the corporate's Atrius-based luminaires, in addition to upper shipments of products for infrastructure and utility tasks. Those items had been partially offset via decrease net gross sales for larger industrial tasks, Chief Executive Vernon Nagel said in a remark. The company is expecting demand in the North American lights marketplace to improve in the second one half, even if pricing is predicted to stay challenging in some portions of the marketplace. Shares have fallen 25% in 2018, whilst the S&P 500 SPX, -Zero.49% has won 1.5%.