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Shares of Acuity Brands Inc. rallied 2.9% in premarket trade Wednesday, after the lighting and building management company reported fiscal first-quarter earnings and sales that rose above expectations. Net income for the quarter to Nov. 30 increased to $79.6 million, or $1.98 a share, from $71.5 million, or $1.70 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $2.32, above the FactSet consensus of $2.11. Sales grew 10.7% to $932.6 million, beating the FactSet consensus of $922.6 million. "Our first quarter performance was solid despite continuing inflationary cost pressures," said Chief Executive Vernon Nagel. "We have taken several actions to address these cost issues, including price increases and productivity improvements." The company said the demand outlook for fiscal 2019 has not meaningfully changed since early October, and affirmed the North America lighting market growth outlook in the low single-digit percentage range. The stock has slipped 4.4% over the past three months through Tuesday, while the Dow Jones Industrial Average has lost 10.0%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.