Acuity Brands, Inc. (NYSE: AYI) saw its stock surge 11.5% following the release of its fiscal 2024 first-quarter results. The stock is now trading at $228.0 per share. The company's press release highlighted several key financial indicators, including a 6% decline in net sales to $934.7 million, a 22% increase in operating profit to $132.9 million, and a 40% rise in diluted earnings per share to $3.21. Adjusted figures also showed positive growth, with adjusted operating profit up 10% to $153.9 million and adjusted diluted earnings per share up 13.1% to $3.72.
Neil Ashe, Chairman, President, and CEO of Acuity Brands, expressed confidence in the company's performance, stating, "We increased our adjusted operating profit, adjusted operating profit margin and adjusted diluted earnings per share. We generated significant free cash flow, and we allocated capital effectively to drive value."
The company's segment performance revealed that Acuity Brands Lighting and Lighting Controls (ABL) experienced a 7.5% decrease in net sales but managed to increase operating profit by 21.8% to $143.8 million. Meanwhile, the Intelligent Spaces Group (ISG) reported a 13% increase in net sales, but operating profit declined by $2.4 million to $5.3 million.
Acuity Brands also announced that it generated $190 million in cash flow from operations during the first quarter of fiscal 2024 and repurchased approximately 0.3 million shares of common stock for a total of approximately $50 million.
Looking ahead, the company will be hosting a conference call led by Neil Ashe to discuss the results and outlook. Ashe emphasized the company's focus on using technology to solve problems in spaces, light, and other areas, as well as its commitment to achieving growth through innovation and customer-focused efficiencies.
Acuity Brands, Inc. is based in Atlanta, Georgia, and operates across North America, Europe, and Asia with approximately 12,000 employees.
The company's full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (MM) | $3,680 | $3,673 | $3,326 | $3,461 | $4,006 | $3,952 |
| Revenue Growth | n/a | -0.2% | -9.43% | 4.05% | 15.75% | -1.35% |
| Net Margins | 9% | 9% | 7% | 9% | 10% | 9% |
| Net Income (MM) | $350 | $330 | $248 | $306 | $384 | $346 |
| Net Interest Expense (MM) | -$34 | -$33 | -$23 | -$23 | -$25 | $19 |
| Depreciation & Amort. (MM) | $80 | $88 | $101 | $100 | $95 | $93 |
| Earnings Per Share | $8.52 | $8.29 | $6.27 | $36.3 | $11.08 | $10.76 |
| EPS Growth | n/a | -2.7% | -24.37% | 478.95% | -69.48% | -2.89% |
| Diluted Shares (MM) | 40 | 40 | 38 | 36 | 33 | 32 |
| Free Cash Flow (MM) | $308 | $442 | $450 | $365 | $260 | $511 |
| Capital Expenditures (MM) | $44 | $53 | $55 | $44 | $56 | $67 |
| Current Ratio | 1.92 | 2.11 | 2.31 | 2.3 | 2.09 | 2.34 |
| Total Debt (MM) | $357 | $366 | $425 | $494 | $513 | $496 |
