Acquity Brands lower on earnings miss

• Acuity Brands (NYSE:NYSE:AYI) reports revenue rose 16% due to 10% increase in volume and approx. 9% contribution from acquired revenues from acquisitions in FQ1.
• Sales of LED-based products represented two-third of total net sales.
• Gross margin rate slipped 100 bps to 42.4%.
• Adjusted SD&A expense rate improved 80 bps to 25.6%.
• Adjusted operating margin rate declined 30 bps 16.8%.
• AYI -10.68% premarket.