Acuity Brands Inc Q3 adjusted earnings Beat Estimates
Acuity Brands Inc (AYI) revealed a profit for its third quarter that rose from the same period last year.
The company’s bottom line totaled $88.4 million, or $2.22 per share. This compares with $73.0 million, or $1.80 per share, in last year’s third quarter.
Excluding items, Acuity Brands Inc reported adjusted earnings of $100.6 million or $2.53 per share for the period.
Analysts had expected the company to earn $2.45 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 0.4% to $947.6 million from $944.0 million last year.
Acuity Brands Inc earnings at a glance:
-Earnings (Q3): $100.6 Mln. vs. $95.9 Mln. last year.
-EPS (Q3): $2.53 vs. $2.37 last year.
-Analysts Estimate: $2.45
-Revenue (Q3): $947.6 Mln vs. $944.0 Mln last year.
WDC stock falls after Benchmark downgrades to sell
Western Digital Corp. shares WDC, +4.42% are off 3.1% in premarket trading Tuesday after Benchmark analyst Mark Miller downgraded the stock to sell from hold. "While we believe Western Digital should be able to lever the supply short-fall into higher prices over the short-term, we also believe any price increases likely won’t be enough to offset an expected 50% decline in NAND output during F1Q20 and they likely won’t be sufficient enough to offset the 1H19 price declines during FY20," he wrote. "So while we see reasons for optimism, we think the recent pricing assumptions appear to be more than fully factored into the stock." Western Digital shares gained in the wake of Micron Technology Inc.’s MU, +3.94% better-than-feared earnings report in late June as well as last week, after WDC announced a power outage at one of its facilities that was expected to help relieve the industry’s inventory buildup. Miller set a $40 price target on the shares, which have climbed 33% over the past month, as the S&P 500 SPX, +0.77% has climbed 7.7%.
U.S. Construction Spending Unexpectedly Pulls Back In May
With revised data showing an increase in U.S. construction spending in the previous month, the Commerce Department released a report on Monday showing construction spending pulled back in the month of May.
The report said construction spending slid by 0.8 percent to an annual rate of $1.294 trillion in May after climbing by a revised 0.4 percent to a rate of $1.304 trillion in April.
Economists had expected construction spending to remain roughly flat after the data originally reported for the previous month showed spending was virtually unchanged.
Spending on private construction dropped by 0.7 percent to a rate of $953.2 billion, as spending on residential construction fell by 0.6 percent to a rate of $498.9 billion and spending on non-residential construction slumped by 0.9 percent to a rate of $454.3 billion.
The Commerce Department said spending on public construction also declined by 0.9 percent to a rate of $340.6 billion, with spending on highway construction plunging by 3.2 percent to a rate of $111.6 billion.
Compared to the same month a year ago, construction spending in May was down by 2.3 percent, with a 6.3 percent nosedive in spending on private construction more than offsetting a 10.8 percent jump in spending on public construction.
Fourteen dead in Russian submersible fire
A fire aboard a Russian navy research submersible has killed 14 crew members, Russian media reports say.
The crew members were poisoned by fumes when the vessel caught fire while taking biometric measurements on Monday, the defence ministry said.
The vessel was based at Severomorsk, in the Murmansk region, which is the main base of the Northern Fleet.
An investigation into the incident has begun under the commander-in-chief of the navy, the ministry added.
Oil Prices Ease Despite OPEC Cuts
Oil prices were moving lower on Tuesday despite producer club OPEC agreeing to extend supply cuts until next March.
Investors fretted about the outlook for crude demand after weak global manufacturing activity reinforced worries about slowing world growth.
Trade tensions persist as the United States intensified its fight with the European Union over aircraft subsidies, proposing tariffs on $4 billion of additional EU goods.
Benchmark Brent crude declined 0.3 percent to $64.88 a barrel, while U.S. crude futures for August delivery were down 0.2 percent at $58.97 a barrel.
The Organization of the Petroleum Exporting Countries (OPEC) agreed on Monday to extend production cuts despite deepening geopolitical fractures between members of the group.
OPEC is slated to meet with Russia and other producers later today to discuss supply cuts amid surging U.S. output.
Russian President Vladimir Putin said last week the pact between OPEC and other oil producers to curb oil output has played a positive role in stabilizing oil markets and it is in the interests of both crude producers and consumers.
Karlie Kloss opens up about why she ditched Victoria’s Secret, Trump family ties
Karlie Kloss says she clipped her own Victoria’s Secret wings in the name of feminism.
She explains in an interview with British Vogue on newsstands Friday that she ended her lingerie modeling gig while studying feminist theory at New York University.
“The reason I decided to stop working with Victoria’s Secret was I didn’t feel it was an image that was truly reflective of who I am and the kind of message I want to send to young women around the world about what it means to be beautiful,” she told the outlet. “I think that was a pivotal moment in me stepping into my power as a feminist, being able to make my own choices and my own narrative, whether through the companies I choose to work with, or through the image I put out to the world.”
Last month Kloss and her husband Joshua Kushner, who wed in October, celebrated their union with a star-studded, long weekend in Wyoming.
10.18.2018 ❤️ pic.twitter.com/xKAGlnJ2D0
With British Vogue, the “Project Runway” host discussed her husband’s famous family–Kushner’s older brother is Jared Kushner, adviser to President Trump and husband to Ivanka Trump since 2009.
“It’s been hard,” said Kloss. She and her spouse are Democrats. “But I choose to focus on the values that I share with my husband, and those are the same liberal values that I was raised with and that have guided me throughout my life.”