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Lighting-fixture maker Genlyte Group Inc (GLYT.O: Quote, Profile , Research) reported a 5.7 percent rise in third-quarter profit, as sales growth in nonresidential markets and price increases helped offset a weak residential construction segment, sending shares up as much as 9 percent.

The company, which sells lighting and lighting accessory products, earned $40.1 million, or $1.38 a share, in the quarter, compared with $38 million, or $1.32 a share, a year ago. Net sales rose 2.1 percent to $418.8 million.

Analysts on average were expecting earnings of $1.33 a share, before items, on revenue of $427.6 million, according to Reuters Estimates.

Genlyte shares have plunged 32 percent from a year high of $87.9 in early June, as the downturn in the U.S. housing market stoked investor fears about the company's prospects in the residential construction segment.

About 88 percent of the company's sales in the latest third quarter came from the nonresidential market, which includes offices, hotels and restaurants, CIBC World Markets analyst Christopher Glynn said by phone.
http://today.reuters.com/news/articleinvesting.aspx?type=marketsNews&storyID=2007-10-29T191058Z_01_BNG43558_RTRIDST_0_GENLYTEGROUPINC-RESULTS-UPDATE-2.XML