NEW YORK (Thomson Financial) - Acuity Brands Inc. Tuesday said first-quarter
earnings from continuing operations were $30.9 million, or 72 cents a share,
which includes a 21 cents a share charge related to plans to simplify the
company's organizational structure.
The mean estimate of analysts polled by Thomson Financial was for earnings
from continuing operations of 82 cents a share.
Sales for the Atlanta-based lighting fixture company rose 6.6% to $508.9
million, above the $500.6 million analyst estimate.
In the year-ago period, the company posted earnings from continuing
operations of $29.5 million, or 68 cents a share, on sales of $477.6 million.
The company's plans to streamline its business result from its spin-off of
Zep Inc., its specialty chemicals unit. Acuity said it expects to recognize $14
million in annual savings from the streamlining efforts, with the full benefits
to be recognized in the first quarter of 2009.
Shares of Acuity closed Monday at $41.88.
Ryan Vlastelica
rv/pc
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