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 operating profit margin improved to 15.0%, an increase of 70 basis points from the prior year, while the adjusted operating profit margin rose to 17.3%, up 100 basis points [2][28] - Acuity Brands Lighting and Lighting Controls (ABL) segment generated net sales of $898.5 million, down 4.5% year-over-year, with an operating profit of $151.5 million, a 1.0% increase [4][32] - The Intelligent Spaces Group (ISG) reported net sales of $75.7 million, a 15.0% increase, with an operating profit of $12.5 million, up 45.3% [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][21] - Acuity Brands repurchased approximately 454,000 shares of common stock for about $89 million year-to-date [6][21] Segment Analysis - ABL's net sales decreased by $42.2 million, while ISG's net sales increased by $9.9 million compared to the prior year [4][5] - ABL's adjusted operating profit was $162.1 million, reflecting a 1.5% increase, while ISG's adjusted operating profit rose to $17.3 million, a 35.2% increase [4][5][28]