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Shares of
Acuity Brands, Inc. were volatile during Friday's trading session after the company
reported its first quarter results earlier in the morning.
Acuity Brands reported that it earned $1.65 per share on revenue of $736.6 million. Wall Street analysts were looking for the company to earn $1.58 per share on revenue of $740 million.
Acuity Brands noted that its operating profit for the quarter rose by $25.7 million to $112.4 million from the same quarter a year ago. Net income for the quarter rose 34 percent from a year ago to $68.4 million.
"We were extremely pleased with our achievement of record first quarter results and profitability, even as we continued to invest in our strong sales growth and areas with significant future growth potential, including the expansion of our solid state luminaire and lighting controls portfolio as well as our building management, software, and Internet of Things solutions," Vernon J. Nagel, Chairman, President, and Chief Executive Officer of Acuity Brands, commented
Shares of Acuity Brands opened for trading at $223.00 and immediately sold off to a session-low of $204.56. However, the stock rebounded to a session-high of $225.30.
Shares of Acuity Brands were trading at $222.00, down 0.82 percent on the day early Friday afternoon.
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