Acuity Brands(AYI) - 2024 Q4 - Annual Results

Financial Performance Overview - Q4 2024 net sales increased by 2% to $1.03B compared to the prior year[1] - Full-year 2024 net sales declined 3% to $3.8B, with diluted EPS up 25% to $13.44 and adjusted diluted EPS up 11% to $15.56[1][5] - Net sales for the three months ended August 31, 2024, increased by 2.2% to $1,032.3 million compared to $1,010.4 million in the same period in 2023[29] - Net sales increased by 2.2% to $1,032.3 million in Q3 2024 compared to $1,010.4 million in Q3 2023[41] - Net sales decreased by 2.8% to $3,841.0 million in 2024 compared to $3,952.2 million in 2023[46] Earnings and Profitability - Q4 2024 diluted EPS rose 43% to $3.77, while adjusted diluted EPS increased 8% to $4.30[3] - Q4 2024 operating profit increased to $157.0M, representing 15.2% of net sales, up 430 basis points year-over-year[2] - Full-year 2024 operating profit rose to $553.3M, representing 14.4% of net sales, up 240 basis points year-over-year[4] - Gross profit for the three months ended August 31, 2024, rose to $488.7 million from $442.7 million in 2023, reflecting improved profitability[29] - Net income for the three months ended August 31, 2024, increased to $118.9 million from $82.9 million in 2023, showing significant growth[29] - Gross profit (GAAP) rose by 10.4% to $488.7 million, with gross margin improving by 350 basis points to 47.3%[41] - Adjusted operating profit (Non-GAAP) grew by 10.0% to $178.5 million, with operating margin increasing by 120 basis points to 17.3%[41] - Net income (GAAP) surged by 43.4% to $118.9 million, with net margin expanding by 330 basis points to 11.5%[41] - Adjusted EBITDA (Non-GAAP) increased by 9.3% to $191.3 million, with EBITDA margin improving by 120 basis points to 18.5%[41] - Gross profit (GAAP) increased by 4.0% to $1,781.7 million in 2024 from $1,713.2 million in 2023[46] - Adjusted gross profit (Non-GAAP) rose by 3.2% to $1,781.7 million in 2024 from $1,726.2 million in 2023[46] - Operating profit (GAAP) increased by 16.9% to $553.3 million in 2024 from $473.4 million in 2023[46] - Adjusted operating profit (Non-GAAP) grew by 7.1% to $639.6 million in 2024 from $597.4 million in 2023[46] - Net income (GAAP) increased by 22.1% to $422.6 million in 2024 from $346.0 million in 2023[46] - Adjusted net income (Non-GAAP) rose by 8.2% to $489.1 million in 2024 from $452.0 million in 2023[46] - Diluted earnings per share (GAAP) increased by 24.9% to $13.44 in 2024 from $10.76 in 2023[46] - Adjusted diluted earnings per share (Non-GAAP) grew by 10.7% to $15.56 in 2024 from $14.05 in 2023[46] - EBITDA (Non-GAAP) increased by 13.7% to $635.2 million in 2024 from $558.8 million in 2023[46] Segment Performance - ABL segment Q4 2024 net sales grew 1.1% to $955.0M, with operating profit up to $161.5M, representing 16.9% of net sales[6] - ISG segment Q4 2024 net sales surged 16.7% to $83.9M, with operating profit reaching $16.7M, representing 19.9% of net sales[8] - ISG full-year 2024 net sales grew 15.5% to $291.9M, with operating profit reaching $43.6M, representing 14.9% of net sales[9] - ABL segment net sales for the three months ended August 31, 2024, increased by 1.1% to $955.0 million compared to $944.2 million in 2023[36] - ISG segment net sales for the three months ended August 31, 2024, grew by 16.7% to $83.9 million from $71.9 million in 2023[36] - ABL segment net sales grew by 1.1% to $955.0 million, with operating profit (GAAP) rising by 37.1% to $161.5 million[42] - ISG segment net sales surged by 16.7% to $83.9 million, with operating profit (GAAP) jumping by 77.7% to $16.7 million[43] - Adjusted operating profit margin (Non-GAAP) for ABL increased by 120 basis points to 18.0%[42] - Adjusted operating profit margin (Non-GAAP) for ISG expanded by 590 basis points to 25.6%[43] Cash Flow and Shareholder Returns - Full-year 2024 cash flow from operations increased 7% to $619M[10] - The company repurchased approximately 454,000 shares for $89M during fiscal 2024[10] - Net cash provided by operating activities for the year ended August 31, 2024, increased to $619.2 million from $578.1 million in 2023[32] - Dividends declared per share for the three months ended August 31, 2024, increased to $0.15 from $0.13 in 2023[30] Balance Sheet and Liquidity - Total assets as of August 31, 2024, grew to $3,814.6 million from $3,408.5 million in 2023, indicating strong asset growth[26] - Cash and cash equivalents as of August 31, 2024, surged to $845.8 million from $397.9 million in 2023, reflecting strong liquidity[26]