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Fly News Breaks for July 5, 2018
AYI
Jul 5, 2018 | 09:32 EDT
William Blair analyst Ryan Merkel says he's "not ready to call a bottom" for Acuity Brands' sales and gross margins following the company's Q3 results. While the quarter beat low expectations and volume growth of 10% was a positive, the price/mix also got worse to negative 5% to achieve the result, Merkel tells investors in a research note. On gross margin, the analyst believes price pressures will continue "well into" 2019. He thinks the lighting industry is facing "structural commoditization" and keeps a Market Perform rating on Acuity Brands.
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