Acuity Brands Q2 – Net Sales Down 4%, Operating Profit Up 6%

By Bobby Samwell • Wednesday, April 03 15:20 • Permanent Link

Acuity Brands, Inc. has reported its fiscal 2024 second-quarter results, showing a 4% decline in net sales compared to the prior year. The company delivered net sales of $906 million, down from the previous year. Despite this decline, the operating profit grew to $118 million, which is a 6% increase over the prior year. Adjusted operating profit also increased by 6% to $140 million.

The company reported diluted earnings per share (EPS) of $2.84, marking an 11% increase from the prior year. Adjusted diluted EPS also saw an 11% increase, reaching $3.38. In terms of cash flow, Acuity Brands generated $293 million in year-to-date cash flow from operations.

Looking at segment performance, Acuity Brands Lighting and Lighting Controls (ABL) saw a decrease in net sales of 5.3% compared to the prior year. However, ABL's operating profit increased by 1.9% to $126 million, and the adjusted operating profit also saw an increase of 2.3% to $136.4 million.

On the other hand, the Intelligent Spaces Group (ISG) experienced a 17% increase in net sales, reaching $68.1 million. ISG's operating profit also increased by 31% to $9.1 million, and the adjusted operating profit rose by 24% to $14.3 million.

In terms of cash flow and capital allocation, net cash from operating activities for the first half of fiscal 2024 decreased by $13.8 million compared to the prior year. Additionally, the company repurchased approximately 370,000 shares of common stock for a total of approximately $68 million.

Acuity Brands, Inc. is a market-leading industrial technology company with two business segments, Acuity Brands Lighting and Lighting Controls (ABL) and the Intelligent Spaces Group (ISG). The company is based in Atlanta, Georgia, and has operations across North America, Europe, and Asia.

The company will host a conference call to discuss these results, which will be led by Neil Ashe, the chairman, president, and chief executive officer of Acuity Brands, Inc. Today the company's shares have moved 0.3% to a price of $262.74. For more information, read the company's full 8-K submission here.

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