BOSTON (Thomson Financial) - Acuity Brands Inc. Wednesday said third-quarter
income from continuing operations rose to $41.7 million, or $1.01 a share, from
$34.4 million, or 78 cents a share, in the year-ago period.
The mean estimate of analysts polled by Thomson Reuters was for
third-quarter profit of 98 cents a share.
Revenue for the Atlanta-based lighting fixtures company rose 2% to $512.4
million from $502.4 million a year earlier. Analysts, on average, had estimated
revenue of $526.5 million.
Acuity Brands expects unit sales growth to be "challenging" for the
remainder of fiscal year 2008 and into 2009. In addition, the company said it
expects to experience pressure on gross margins in the fourth quarter as a
result of "significant" increases in commodity costs as well as higher freight
costs.
"Looking ahead, various leading indicators such as employment, housing
demand, consumer sentiment, bank lending standards, and commodity prices are
signaling a slowdown in future non-residential construction activity, our
primary market," the company said.
Shares of Acuity Brands closed Tuesday at $47.70.
Casey Logan
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