Lighting distributor Acuity Brands Inc. (NYSE: AYI), Atlanta, GA, reported sales for the first quarter ended Nov. 30, 2012, of $481.1 million, an increase of 1.4 percent compared to the same period a year ago. Profit fell 12.7 percent to $26.1 million.
“Our first quarter results reflect what we believe was a lull in demand in the nonresidential construction market as well as temporary inefficiencies and costs associated with the closure of our Cochran, Georgia production facility," said President and CEO Vernon J. Nagel.
"Although shipment volume increased modestly in the first quarter as compared with the year-ago period, it appeared certain customers took a 'wait and see' approach surrounding the uncertainties of the outcomes of the U.S. elections and the resolution of the pending 'fiscal cliff' resulting in weak demand," Nagel said.
