UPDATE: Acuity Brands Posts Upbeat FQ3 Results

Acuity Brands

reported a 5.7% drop in its fiscal third-quarter earnings. Acuity's quarterly profit fell to $31.7 million, or $0.73 per share, from $33.6 million, or $0.79 per share, in the year-ago period. Excluding one –time items, its earnings rose to $0.97 from $0.82 per share. Its sales surged 11% to $541.5 million. However, analysts were estimating earnings of $0.85 per share on revenue of $518.76 million. Acuity's gross margin narrowed to 40.8% from 41.4%. Acuity shares closed at $75.93 yesterday.