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Stock Alert: Acuity Brands Rising On Upbeat Result

Acuity Brands Inc. (AYI) shares are increasing more than 6 percent on Tuesday morning trade as the company reported earnings well above the expectations for the third quarter.

The company reported quarterly profit of $60.4 million or $1.52 per share, down from $88.4 million or $2.22 per share in the prior month. On an adjusted basis, earnings were $77.2 million or $1.94 per share. On average, 9 analysts polled by Thomson Reuters were looking for earnings of $1.22 per share.

Net sales for the quarter were down 18.1 percent to $776.2 million from $947.6 million a year ago.

The shares of the industrial technology company have been on a decline for the last several weeks, however, started to gain in expectation of the earnings announcement.

The shares are currently at $94.69, up 6.16 percent from the previous close of $89.33. The shares have traded in a range of $67.46-$143.55 on average volume of 355,376.

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