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United Kingdom

Acuity Brands Reports Q2 Earnings Per Share $2.33


Wednesday, 4 Apr 2018 

April 4 (Reuters) - Acuity Brands Inc ::ACUITY BRANDS REPORTS FISCAL 2018 SECOND QUARTER RESULTS AND ANNOUNCES INCREASED SHARE REPURCHASE PROGRAM.Q2 ADJUSTED EARNINGS PER SHARE $1.89.Q2 EARNINGS PER SHARE $2.33.Q2 SALES $832.1 MILLION VERSUS I/B/E/S VIEW $799.3 MILLION.Q2 EARNINGS PER SHARE VIEW $2.11 -- THOMSON REUTERS I/B/E/S.BOARD OF DIRECTORS OF ACUITY BRANDS HAS AUTHORIZED REPURCHASE OF UP TO 6 MILLION SHARES.ACUITY BRANDS INC SAYS "WE WERE DISAPPOINTED IN OUR Q2 PROFITABILITY MEASURES".CURRENT WEAKNESS IN LIGHTING INDUSTRY HAS CREATED A CHALLENGING ENVIRONMENT FOR CO.EXPECT HEADWINDS IN HOME CENTER/SHOWROOM SALES CHANNEL TO CONTINUE IN NEAR TERM.EXPECT HEADWINDS IN HOME CENTER/SHOWROOM SALES CHANNEL TO CONTINUE IN NEAR TERM.PARTY FORECASTS, INDICATORS SUGGEST DEMAND IN NORTH AMERICAN LIGHTING MARKET WILL IMPROVE LATER IN CALENDAR 2018."CONTINUE TO BE CAUTIOUS AND BELIEVE OVERALL MARKET CONDITIONS COULD CONTINUE TO BE CHALLENGING FOR NEAR FUTURE".Q2 PROFITABILITY MEASURES IMPACTED BY UNFAVORABLE CHANGES IN PRODUCT PRICES AND MIX OF PRODUCTS SOLD.Q2 PROFITABILITY ALSO IMPACTED BY HIGHER SELLING, DISTRIBUTION, AND ADMINISTRATIVE EXPENSES.SOFT ORDER ACTIVITY IN CERTAIN SALES CHANNELS SUGGESTS GROWTH IN LIGHTING FIXTURE MARKET MAY REMAIN SLUGGISH FOR BALANCE OF 2018.EXCLUDED FROM Q2 ADJUSTED EARNINGS PER SHARE WAS $0.75 BENEFIT FROM $31.2 MILLION OF NET DISCRETE ITEMS ASSOCIATED WITH TCJA. 

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