Acuity Brands 4Q Profit Falls 31 Percent

ATLANTA (AP) — Lighting-equipment maker Acuity Brands Inc. on Wednesday said its fiscal fourth-quarter earnings fell 31 percent, driven by sharp declines in new construction activity due to lower economic activity and tight lending standards for real estate.

"We continue to foresee a difficult and challenging economic environment, particularly for nonresidential construction activity, a primary market for us," said Vernon Nagel, CEO.

Nagel, however, said the Atlanta company remains "very positive" about long-term growth prospects and plans to invest about $35 million in capital spending in 2010.

Quarterly earnings declined to $29.1 million, or 68 cents per share, compared with $41.9 million, or $1.02 per share, last year.

Results beat analyst expectations, which averaged around 57 cents per share, according to a poll by Thomson Reuters.

Revenue fell 19 percent, to $422.6 million, down from $522.8 million a year earlier. The company said a stronger dollar reduced sales by about one percentage point. Analysts forecast an average revenue of $404.6 million.

For the full year ended Aug. 31, earnings fell 43 percent to $84.9 million, or $2.04 per share, compared with $148.3 million, or $3.56 per share, the year before. Revenue fell 18 percent to $1.66 billion.

Shares of the Acuity rose $3.50, or 10.8 percent, to $35.99 in morning trading.