Acuity Brands, Inc. (NYSE:AYI) is in the red after the company reported soft fiscal fourth-quarter results. During the period, Acuity Brands earned $2.21 per share, missing the Street’s consensus estimate by $0.06 per share. Sales came in at $925.5 million, up by 21.9% year-over-year, but $22.76 million below the consensus estimate. CEO Vernon Nagel said:
“We estimate these short-term labor issues resulted in cancelled orders and lost contribution margin on more than $25 million of net sales and caused us to incur additional overtime and other costs in excess of $2 million in the quarter. The actions implemented during the fourth quarter are expected to have significant benefits to our business as we go forward.”
Acuity Brands’ management estimates that growth rate for lighting and energy management solutions in the North American market, which comprises over 97% of the company’s sales, will be in the mid-to-upper single digit range in fiscal 2017. A total of 25 funds tracked by us owned shares of Acuity Brands, Inc. (NYSE:AYI) at the end of the second quarter, up by three funds from the previous quarter.
AZZ Inc (NYSE:AZZ) reported EPS of $0.55 on revenue of $195 million for its fiscal second quarter, missing the consensus estimates by $0.14 and $27.05 million, respectively. Revenue declined by 9% year-over-year, as soft demand from the oil sector continued to weigh on overall results. Shares of the stock are currently in the red as investors didn’t like the results and the fact that the company will suspend earnings and sales guidance for a short period. However, AZZ’s management did add that their outlook for fiscal 2017 was for results to ‘fall slightly’ below the past guidance of $3.15 to $3.45 in EPS and $930 million to $970 million in sales. Of the 749 funds we track, nine funds owned $19.07 million worth of AZZ Inc (NYSE:AZZ)’s stock at the end of June, versus 10 funds and $24.44 million, respectively, a quarter earlier.
The line between Netflix, Inc. (NASDAQ:NFLX) and a traditional movie/TV producer has gotten even blurrier after Netflix signed an agreement with iPic Entertainment, a luxury movie chain with 15 multiplexes, to show its original movies in the theaters of the chain on the same day they are initially released on Netflix. The theaters in question are in NYC and LA, although Netflix has the option of showing its original movies at 13 of iPic’s other locations. Philippe Laffont‘s Coatue Management held almost 5.0 million shares of Netflix, Inc. (NASDAQ:NFLX) at the end of the second quarter.