What caused AYI's Q3 2024 earnings to fall short of forecasts?

Acuity Brands Inc. (AYI) experienced a shortfall in its Q3 2024 earnings relative to forecasts due to several key factors:

1. Revenue Shortfall: Acuity Brands fell short of analysts' revenue expectations by 2.9% in the previous quarter, with reported revenues of $918 million compared to the expected $943 million.
2. Lighting Market Outlook: The company's earnings were influenced by the mixed outlook in the lighting market. Despite a healthy backlog and improved order pipeline in the infrastructure business, the overall market conditions posed challenges.
3. Price Target Adjustments: Price target adjustments by analysts reflect the evolving market perceptions. For instance, while Oppenheimer increased its price target to $380, Robert W. Baird trimmed its target price to $280, indicating a more cautious stance on the stock's future performance.

In summary, Acuity Brands' Q3 2024 earnings fell short due to a combination of lower-than-expected revenue and challenging market conditions.