Shares of Acuity Brands (AYI, Financial) rose more than 13% after reporting third-quarter earnings per share of $2.37 on revenue of $944 million. The company beats earnings estimates by 21 cents and revenue expectations by $43.94 million.
The operating profit was $105.9 million, a decrease of $25.6 million, or 19.5%, from the year-ago period. The gross profit increased $10.5 million, or 2.8%, to $389.4 million, driven by higher sales volumes, productivity improvements and lower quality costs.
In a statement, Chairman, President and CEOĂ‚ Vernon J. Nagel commented on the company's performance.Ă‚
“We expect to continue to outperform the growth rates of the markets that the Company serves by executing our strategies focused on growth opportunities for new construction and renovation projects, expansion into underpenetrated geographies and channels, and growth from the continued introduction of new lighting and building management solutions as part of the Company’s integrated, tiered solutions strategy.”
Shares of Juniper Pharmaceuticals Inc. (JNP, Financial) jumped more than 30% in premarket trading after Catalent Inc. (CTLT, Financial) agreed to buy the company for $11.50 per share, or $139.6 million. The transaction is expected to close this quarter.
Pandora Media Inc. (P, Financial) shares initially spiked on Tuesday morning before reversing downward. Morgan Stanley analyst Benjamin Swinburne raised his price target on the stock to $8 from $6 and kept the “equal-weight” rating.
He noted that the stock could rise if the company grows its active listener base, expands non-music offerings and improves its ad tech.
Shares of Ford Motor Co. (F, Financial) advanced in premarket trading after the company reported a June sales increase. Shortly after the opening bell, however, shares fell.
Total U.S. sales rose 1.2% from a year ago to 230,635 vehicles, with truck sales rising 3.2% to 100,683 vehicles and F-Series sales up 1.7% to 79,204 units. SUV sales climbed 8.9% to 84,617 vehicles, with the EcoSport reaching 6,756 units. Car sales tumbled 14% to 45,335 vehicles.
In the Ford-brand cars segment, Fusion sales dropped 14% to 15,678 vehicles and Focus sales fell 30% to 10,910 vehicles. A few months ago, the company said it will stop making sedans for the North American market.
“As leaders in truck and SUV sales, the Ford brand had an incredible first half with almost 1 million sold," Mark LaNeve, Ford vice president of U.S. Marketing, Sales and Service, said. "F-Series has posted gains for 14 consecutive months, while Ford SUVs posted a new record June sales month and Transit sales gain 25%. Our all-new Lincoln Navigator continues as the hottest new product in the country, with triple-digit gains in the first half.”
Disclosure: The author holds no positions in any stocks mentioned.
