ATLANTA - Acuity Brands, Inc. (NYSE: NYSE:AYI), a leading industrial technology company, announced its financial results for the third quarter of fiscal 2024, which ended on May 31, 2024.
The company reported an adjusted EPS of $4.15, which was slightly above the analyst estimate of $4.13. However, the company's revenue for the quarter was $968.1 million, falling short of the consensus estimate of $1.01 billion.
Despite a 3.2% decline in net sales compared to the same quarter last year, Acuity Brands saw an increase in operating profit, which grew to $145.3 million, marking a 1.4% rise from the prior year's figure. The adjusted operating profit also experienced growth, reaching $167.1 million, a 2.6% increase over the previous year. The company's adjusted operating profit margin improved by 100 basis points to 17.3%.
Neil Ashe, Chairman, President, and CEO of Acuity Brands, commented on the results, "In our fiscal 2024 third quarter we delivered solid results as we continued to execute on our strategy. We increased our adjusted operating profit, adjusted operating profit margin, and adjusted diluted earnings per share. We generated strong free cash flow, and we allocated capital effectively to drive value."
The company's diluted earnings per share (EPS) rose by 10.4% to $3.62, while the adjusted diluted EPS saw a 10.7% increase from $3.75 in the prior year. This growth in EPS reflects the company's operational efficiency and effective cost management strategies.
Acuity Brands' Lighting and Lighting Controls (ABL) segment experienced a 4.5% decrease in net sales, while the Intelligent Spaces Group (ISG) segment saw a 15.0% increase compared to the prior year. The ABL segment's operating profit margin increased by 100 basis points to 16.9%, and the ISG segment's operating profit margin improved by 340 basis points to 16.5%.
The company's cash flow from operations for the first nine months of fiscal 2024 was $445.1 million, a slight decrease from the prior year. Acuity Brands also continued its share repurchase program, buying back approximately 454,000 shares of common stock for a total of approximately $89 million.
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