SPY334.57+0.24 0.07%
DIA274.62+0.72 0.26%
IXIC11,010.98-97.09 -0.87%

Acuity Brands Says Remains Cautions About Overall Market Conditions within Lighting Industry For Remainder Of 2020, Primarily Due To Uncertainty Caused By Trade Issues

Mr. Nagel commented, “We remain cautious about overall market conditions within the lighting industry for the remainder of our fiscal 2020 primarily due to continued economic uncertainties caused by global

Benzinga · -

Mr. Nagel commented, “We remain cautious about overall market conditions within the lighting industry for the remainder of our fiscal 2020 primarily due to continued economic uncertainties caused by global trade issues, including tariffs.  We also expect to continue to have topline headwinds associated with the pruning of products that do not meet our profitability objectives, primarily in the retail channel.  While we expect market demand for lighting products to remain sluggish until there is more clarity regarding these global trade issues, we are seeing encouraging indicators such as improvement in the Dodge Momentum Index, which could be a positive indicator for market demand for lighting in the latter half of this calendar year.”

Mr. Nagel concluded, “Our focus in fiscal 2020 is to outperform the growth rates of the core markets we serve through execution of our previously announced growth strategies, increase margins by selling a richer mix of products and solutions as we execute our tiered solutions strategy, and leverage our fixed cost infrastructure to achieve targeted incremental margins to improve our overall profitability.  Lastly, we are extremely excited that Neil Ashe will join the Company as our next President and CEO.  We have a tremendous company with great associates and market-leading solutions with a very strong financial profile that will provide Neil and the team the ability to create strategies that I believe will meaningfully enhance value for our key stakeholders.”