Acuity Brands reports big profit beat, as increased sales and price increases offset higher costs

Acuity Brands Inc. reported Wednesday fiscal fourth-quarter profit that was well above expectations, as increased sales volume, price increases and productivity improvements helped offset higher material, labor and freight costs. The lighting company’s stock was still inactive in premarket trading. Net income rose to $98.1 million, or $2.72 a share, from $73.7 million, or $1.87 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose 39.1% to $3.27, beating the FactSet consensus of $2.85. Sales grew 11.4% to $992.7 million, above the FactSet consensus of $961.6 million. Cost of…