Acuity Brands (AYI) Cheers Investors With 15% Dividend Hike

Core Viewpoint - Acuity Brands, Inc. (AYI) has increased its quarterly cash dividend by 15.4%, reflecting improved cash flow and effective capital allocation strategies [1][2]. Financial Performance - AYI's board approved a quarterly dividend payout of 15 cents per share, up from 13 cents per share, resulting in an annual payout of 60 cents per share [1]. - The company reported adjusted earnings of $3.72 per share for the first quarter of fiscal 2024, exceeding the Zacks Consensus Estimate by 20.4% and growing 13.1% year over year [2]. - Cash flow from operations increased by 1.6% to $190 million, driven by improved net income [3]. - For fiscal 2024, AYI expects net sales to be between $3.7 billion and $4 billion, compared to $3.95 billion in fiscal 2023 [3]. Market Performance - AYI's shares have surged 50.2% over the past three months, outperforming the Zacks Building Products - Lighting industry's growth of 44.3% [3]. - The fiscal 2024 earnings estimates for AYI have been revised upward to $14.79 per share from $14.44 per share in the past week [4]. - AYI has delivered an average trailing four-quarter earnings surprise of 13.9% [4].