Acuity Brands Reports Fiscal 2024 First-Quarter Results

Core Insights - Acuity Brands, Inc. reported net sales of $934.7 million for the first quarter of fiscal 2024, a decline of 6.3% compared to the previous year [1][24]. - The company achieved an operating profit of $132.9 million, reflecting a 22% increase year-over-year, with an adjusted operating profit of $153.9 million, up 9.9% [2][26]. - Diluted earnings per share (EPS) rose to $3.21, a 40.2% increase from the prior year, while adjusted diluted EPS was $3.72, up 13.1% [3][28]. - Cash flow from operations was reported at $190 million, a slight increase of 1.8% compared to the previous year [6][32]. Financial Performance - The company’s net sales decreased by $63.2 million compared to the prior year, with a total of $934.7 million in the first quarter [1][24]. - Operating profit as a percentage of net sales improved to 14.2%, an increase of 330 basis points year-over-year [2][26]. - The adjusted operating profit margin was 16.5%, up 250 basis points from the previous year [2][26]. Segment Performance - Acuity Brands Lighting and Lighting Controls (ABL) segment generated net sales of $876.4 million, down 7.5% from the prior year, but operating profit increased by 21.8% to $143.8 million [4][29]. - Intelligent Spaces Group (ISG) reported net sales of $64.2 million, a 13% increase year-over-year, although operating profit decreased to $5.3 million, down 31.2% [5][31]. Cash Flow and Capital Allocation - The company generated $190 million in cash flow from operations, an increase of $3.4 million compared to the prior year [6][32]. - Acuity Brands repurchased approximately 0.3 million shares of common stock for about $50 million during the first quarter [6][32]. 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 expand market share [8].