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Acuity Brands shares fall 5% after earnings miss

Acuity Brands
Luke Sharrett | Bloomberg | Getty Images

Acuity Brands shares dropped nearly 5 percent Wednesday after the company posted earnings and revenue that missed Wall Street expectations.

The company posted earnings of $2.21 a share on revenue of $925.5 million, missing expectations of $2.39 a share on revenue of $947 million, according to analysts polled by Thomson Reuters.

Despite these missed projections, the lighting and fixtures company still reported overall growth in fiscal 2016. Acuity's net sales increased $584.6 million, or 22 percent, to $3,291.3 million. Also, the adjusted operating profit for fiscal 2016 increased $134.1 million, or 32 percent, to $555.2 million.

"We were very pleased with our achievement of record fourth quarter and full-year results" Acuity Brands CEO Vernon Nagell said in a press release, adding he remains "bullish."

He also spoke on the possibility of future profitable growth.

Acuity Brands stock closed at $252.99 a share on Tuesday. On Wednesday following the report's release, the stock fell as low as $228 a share—the lowest in over three months.