Acuity Brands Reports Fiscal 2024 Third-Quarter Results

Core Insights - Acuity Brands, Inc. reported net sales of $968.1 million for the third quarter of fiscal 2024, reflecting a 3.2% decline compared to the previous year [1][24] - The company achieved an operating profit of $145.3 million, a 1.4% increase year-over-year, with an adjusted operating profit of $167.1 million, up 2.6% [2][28] - Diluted earnings per share (EPS) rose to $3.62, marking a 10.4% increase from the prior year, while adjusted diluted EPS reached $4.15, up 10.7% [3][30] - Year-to-date cash flow from operations totaled $445.1 million, a decrease of $26.4 million compared to the previous year [6] Financial Performance - The company’s net sales decreased by $32.2 million, or 3.2%, compared to the prior year [1][24] - Operating profit as a percentage of net sales was 15.0%, an increase of 70 basis points from the previous year [2] - Adjusted operating profit margin improved to 17.3%, up 100 basis points year-over-year [2][28] - The gross profit for the third quarter was $452.2 million, compared to $447.3 million in the prior year [19] Segment Performance - Acuity Brands Lighting and Lighting Controls (ABL) segment generated net sales of $898.5 million, a decrease of 4.5% year-over-year [4][24] - ABL's operating profit was $151.5 million, reflecting a 1.0% increase, with an operating profit margin of 16.9% [4][28] - The Intelligent Spaces Group (ISG) reported net sales of $75.7 million, a 15.0% increase compared to the prior year, with an operating profit margin of 16.5% [5][29] Cash Flow and Capital Allocation - The company generated $445.1 million in cash flow from operations for the first nine months of fiscal 2024, down from $471.5 million in the prior year [6][22] - Acuity Brands repurchased approximately 454,000 shares of common stock for about $89 million year-to-date [6][22] Company Overview - Acuity Brands, Inc. is a market-leading industrial technology company focused on innovative products and services in lighting and building management solutions [8][9] - The company operates through two main segments: ABL and ISG, aiming to enhance customer-focused efficiencies and increase market share [8]