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Acuity Brands Inc. shares surged more than 14% in premarket trade Tuesday, after he lighting company blew past estimates for its fiscal third quarter. The company said it had net income of $73.0 million, or $1.80 a share, in the quarter to May 31, down from income of $82.2 million, or $1.90 a share, in the year-earlier period. Adjusted per-share earnings came to $2.37, well ahead of the FactSet consensus of $2.17. Sales rose to $944.0 million from $891.6 million, also ahead of the FactSet consensus of $899 million. Sales were driven by shipments of the company's Atrius-based luminaires, as well as higher shipments of products for infrastructure and utility projects. Those items were partially offset by lower net sales for larger commercial projects, Chief Executive Vernon Nagel said in a statement. The company is expecting demand in the North American lighting market to improve in the second half, although pricing is expected to remain challenging in some parts of the market. Shares have fallen about 33% in 2018, while the S&P 500 has gained about 2%.
Acuity Brands shares jump 6.3% premarket
Acuity Brands expects pricing environment to remain challenging in second half
Acuity Brands sees modest improvement in demand in second half
Acuity Brands Q3 sales $944.0 mln vs. $891.6 mln; FactSet consensus $899 mln
Acuity Brands Q3 adj. EPS $2.37; FactSet consensus $2.17
Acuity Brands Q3 EPs $1.80 vs $1.90
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Wednesday ended up being a positive day for the broad U.S. markets. The major indices started the day out incredibly negative and over the course of the day worked their way up to a strong close. The S&P 500 saw a swing of roughly 75 points on the day, while the Dow had a swing of nearly 800 points. Again, the biggest gain in the session came towards the end of the session. The S&P 500 sectors were entirely positive.
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Acuity Brands, Inc. provides lighting and building management solutions. It specializes in the design, production, and distribution of lighting and building management services for commercial, institutional, industrial, infrastructure, and residential applications for various markets throughout North America and selected international markets. It offers luminaires, lighting controls, controllers for various building systems, power supplies, prismatic skylights, and drivers, as well as integrated systems for various indoor and outdoor applications. The company was founded in 2001 and is headquartered in Atlanta, GA. (See Full Profile)
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