IAG fails on bids to acquire Norwegian Air

Acuity Brands shares surge 14% premarket after earnings blow past estimates

Acuity Brands Inc. shares

AYI, +1.08%

surged greater than 14% in premarket commerce Tuesday, after he lighting firm blew past estimates for its fiscal third quarter. The firm mentioned it had internet revenue of $73.zero million, or $1.80 a share, within the quarter to May 31, down from revenue of $82.2 million, or $1.90 a share, within the year-earlier interval. Adjusted per-share earnings got here to $2.37, effectively forward of the FactSet consensus of $2.17. Sales rose to $944.zero million from $891.6 million, additionally forward of the FactSet consensus of $899 million. Sales had been pushed by shipments of the corporate’s Atrius-based luminaires, in addition to greater shipments of merchandise for infrastructure and utility initiatives. Those gadgets had been partially offset by decrease internet gross sales for bigger industrial initiatives, Chief Executive Vernon Nagel mentioned in a press release. The firm is anticipating demand within the North American lighting market to enhance within the second half, though pricing is anticipated to stay difficult in some elements of the market. Shares have fallen about 33% in 2018, whereas the S&P 500

SPX, +0.31%

has gained about 2%.

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