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Acuity Brands Inc. Shares
AYI, + 1.08%
surged more than 14% in pre-market commerce Tuesday, after the lighting company surpassed past estimates for its third fiscal quarter. The company reported net earnings of $ 73.0 million, or $ 1.80 per share, in the quarter to May 31, down $ 82.2 million, or $ 1.90. per share, at the same period of the previous year. Adjusted earnings per share was $ 2.37, far exceeding the FactSet consensus of $ 2.17. Sales increased from $ 891.6 million to $ 944.0 million, ahead of FactSet's $ 899 million consensus. Sales were driven by shipments of the company's Atrius-based luminaries, as well as by increased shipments of products for infrastructure and utility projects. These items were partially offset by lower net sales for large commercial projects, said General Manager Vernon Nagel in a statement. The company expects improved demand from the North American lighting market in the second half of the year, although prices are expected to remain difficult in some parts of the market. Shares fell about 33% in 2018, while the S & P 500
SPX, + 0.31%
gained about 2%.
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