By Acuity Brands, the industrial-technology company, experienced a decrease in profit during the fiscal fourth quarter. This was mainly due to a decline in sales in its primary operating segment and the impact of pre-tax charges on earnings.
Profit and Earnings
In the quarter ended Aug. 31, Acuity Brands recorded a profit of $82.9 million, equivalent to $2.63 per share. This is lower than the $115.4 million, or $3.48 per share, reported in the same period last year.
Adjusted earnings, excluding one-time items, amounted to $3.97 per share. Analysts surveyed by FactSet had projected earnings of $3.73 per share.
Sales Performance
Sales for the quarter decreased to $1.01 billion from $1.11 billion in the year-ago quarter. This fell slightly below analyst forecasts of $1.02 billion.
- Revenue from the lighting and light-control business declined by 10.5% to $944.2 million.
- The smaller intelligent spaces unit reported a sales increase of 17.1% to $71.9 million.
Pre-Tax Charges
The company’s bottom line was affected by pre-tax charges amounting to $35.5 million. This included severance costs of $22.5 million and non-cash charges for impairments of certain trade names. Additionally, there was a $13 million charge related to the collectability of a supplier warranty obligation for components sold between 2017 and 2019.
Comments