Acuity Inc. (AYI) shares surged 7.69% in pre-market trading Thursday, following the release of the company's fiscal third-quarter financial results.

The industrial technology firm reported adjusted earnings per share of $5.31, surpassing the analyst consensus estimate of $5.19. Net sales for the quarter reached $1.20 billion, also exceeding expectations of $1.18 billion. The strong performance was driven by significant growth in the Acuity Intelligent Spaces (AIS) segment, which saw sales rise 15% year-over-year, offsetting a slight decline in the Acuity Brands Lighting segment.

Management cited "solid execution" and highlighted the generation of strong cash flow, with operating cash flow totaling $520.2 million year-to-date. The company also repurchased $230 million worth of its shares during the period. Wall Street's median 12-month price target for Acuity stands at $331.39, reflecting analyst confidence in the company's trajectory.