— Lighting solutions provider Acuity Brands, Inc. (NYSE: AYI) reported adjusted earnings of $2.13 per share for the first quarter of 2020, vs. $2.21 per share expected.
— Net income dropped to $57 million or $1.44 per share from $79.6 million or $1.98 per share in the first quarter of 2019
— At $834.7 million, net sales were down 10.7% from last year, vs. $874.72 million expected
— Recorded a pre-tax special charge of $6.9 million, compared to a pre-tax special charge of $1 million last year
— Borrowed the full $400 million available under the existing delayed drawdown term loan during the quarter
— Continues to expect topline headwinds associated with the pruning of products that do not meet profitability objectives
— Appoints Neil Ashe will the next President and CEO of Acuity Brands
— Spent $302 million on acquisitions during the quarter; paid dividends of over $5 million to stockholders
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