NEW YORK (AP) -- Shares of lighting-equipment maker Acuity Brands fell Wednesday, as the company's fiscal third-quarter earnings beat expectations but the company forecast a weak environment for the remainder of the year.

Shares fell $5.32, or 11 percent, to $42.38 during morning trading. The stock has traded between $33.87 and $55.69 during the past 52 weeks.

The company said quarterly profit rose 6 percent to $41.1 million, or $1 per share, topping analysts' average estimate of 98 cents per share, according to a Thomson Financial poll.

However, Acuity Brands said it expects weakness in the residential home market and new-store construction to continue to hurt sales. It also expects pressure on its gross margins in the fourth quarter due to the rising costs of commodities such as steel, aluminum, plastics and copper as well as higher freight costs due to higher-priced diesel fuel.

Robert W. Baird & Co. analyst Peter Lisnic kept his "Outperform" rating and $58 price target on the stock.

In a note to investors on Wednesday Lisnic said the company is "improving profitability despite ongoing headwinds from commodity costs."