ATLANTA (AP) — Lighting manufacturer Acuity Brands, Inc. said Monday that its first-quarter net income rose 4.7 percent from the same period last year, but its profit and revenue fell short of expectations.
Acuity, said its net income was $24.4 million, or 56 cents per share, for the period that ended Nov. 30. That’s compared with $23.3 million, or 53 cents a share, in the first quarter.
The company’s shares fell $3.73, or 6.24 percent, to close at $56.04 Monday.
Acuity said its revenue for the quarter rose 9 percent to $425 million, short of Wall Street analysts’ average forecasts.
The company said higher commodity costs ate into its profits, even as its sales rose. It said a price increase of 5 percent to 7 percent that will kick in by late February will start offsetting those increases.