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UPDATE 1-Acuity 1st-quarter earnings top estimates

Tue Jan 6, 2009 9:07am EST

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NEW YORK, Jan 6 (Reuters) - Lighting maker Acuity Brands Inc (AYI.N) reported a 38 percent decline in quarterly net profit on Tuesday, reflecting a downturn in U.S. non-residential construction and higher material costs, but results topped Wall Street expectations.

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Net earnings were $19.4 million, or 48 cents per share, in the fiscal first quarter, compared with $31 million, or 72 cents per share, a year earlier.

Excluding special charges, Acuity earned 82 cents per share, 6 cents ahead of average analyst forecasts, according to Reuters Estimates.

Revenue fell 11 percent to $452 million, compared with Wall Street forecasts for sales of $467 million.

The Atlanta-based company said its second quarter would be challenging because of a turbulent economic environment, and said it was impossible to accurately forecast how long tight credit and falling consumer confidence would affect its markets. (Reporting by Nick Zieminski; Editing by Steve Orlofsky)

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