UPDATE: Acuity Brands Posts Downbeat Q3 Results, Shares Slip

Shares of Acuity Brands

dropped more than 4.5% in pre-market trading after the company reported weaker-than-expected third-quarter results. Acuity's quarterly profit surged to $43.8 million, or $1.01 per share, versus a year-ago profit of $31.7 million, or $0.73 per share. Its adjusted earnings came in at $1 per share, versus $0.97 per share. Its sales rose 11.5% to $603.9 million. However, analysts were expecting earnings of $1.13 per share on revenue of $609 million. Vernon J. Nagel, Chairman, President, and Chief Executive Officer of Acuity Brands, said, "We were pleased with our fiscal 2014 third quarter results as we continued to execute our strategies to extend our leadership position in North America.” Its operating profit climbed 45% to $72.6 million. Mr. Nagel continued, "We remain very bullish about our prospects for future profitable growth.” Acuity shares declined 4.52% to $132.00 in pre-market trading.