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Aug 31, 2020
Acuity Brands Q4 2020 Earnings Report
Acuity Brands' Q4 2020 performance was impacted by the COVID-19 pandemic, but the company achieved strong financial results and managed to maintain gross profit margins.
Key Takeaways
Acuity Brands reported Q4 net sales of $891 million, a decrease of 5.0% compared to the prior-year period. Diluted earnings per share (EPS) of $1.87 decreased by 22.7% and adjusted diluted EPS of $2.35 decreased by 14.5% compared with the prior-year period. The company managed to maintain gross profit margins despite a strategic investment in price.
Net sales decreased by 5.0% compared to the prior-year period, totaling $891 million.
Gross profit margin remained flat at 42.1% compared to the prior-year period.
Diluted earnings per share (EPS) decreased by 22.7% to $1.87.
Adjusted diluted EPS decreased by 14.5% to $2.35.
Acuity Brands
Acuity Brands
Forward Guidance
Acuity Brands expects weakness in nonresidential building activity due to the uncertainty around the economic recovery caused by the COVID-19 pandemic. However, they anticipate leveraging their product portfolio and digital transformation to expand market share in fiscal year 2021.
Positive Outlook
- Leverage expanded product portfolio in lighting
- Leverage expanded product portfolio in lighting controls
- Leverage expanded product portfolio in intelligent buildings
- Investment in digital transformation
- Opportunity to expand market share
Challenges Ahead
- Uncertainty around the economic recovery
- Weakness in nonresidential building activity
- Impact of COVID-19 pandemic remains
- Challenging market conditions
- Economic recovery is uncertain