Acuity Brands, Inc. - AYI STOCK NEWS

Acuity Brands (NYSE: AYI) has announced a definitive agreement to acquire QSC, for $1.215 billion, or $1.1 billion net of tax benefits. The acquisition targets QSC's cloud-manageable audio, video, and control platform business, which generated sales of approximately $535 million for the twelve months ending August 31, 2024. The net purchase price represents about 14 times QSC's estimated EBITDA. The transaction will be funded through $600 million in term loan financing and cash reserves, with closing expected in Q2 fiscal 2025. The deal is anticipated to be accretive to Acuity's fiscal 2025 full-year adjusted diluted earnings per share.

Acuity Brands, Inc. (NYSE: AYI) reported strong fiscal 2024 fourth-quarter and full-year results. In Q4, net sales increased 2.2% to $1.03 billion, with diluted EPS rising 43.3% to $3.77 and adjusted diluted EPS up 8.3% to $4.30. For the full fiscal year 2024, net sales decreased 2.8% to $3.84 billion, while diluted EPS increased 24.9% to $13.44 and adjusted diluted EPS rose 10.7% to $15.56.

The company's Lighting and Lighting Controls segment (ABL) saw a 1.1% increase in Q4 net sales, while the Intelligent Spaces Group (ISG) experienced a 16.7% growth. Cash flow from operations for fiscal 2024 increased 7% to $619 million. The company also repurchased approximately 454,000 shares for about $89 million during the fiscal year.

Acuity Brands, Inc. (NYSE: AYI) has announced a quarterly dividend declaration. The Board of Directors has approved a dividend of 15 cents per share, which will be paid on November 1, 2024. Shareholders who are on record as of October 18, 2024, will be eligible to receive this dividend payment.

This announcement demonstrates the company's commitment to returning value to its shareholders through regular dividend distributions. The declaration of a quarterly dividend can be seen as a positive sign of the company's financial stability and confidence in its future performance.

Acuity Brands (NYSE: AYI) has announced its plans to release fiscal 2024 fourth-quarter and full-year results on October 1, 2024 at 6:00 a.m. EST. This will be followed by a conference call at 8:00 a.m. EST, led by Neil Ashe, Chairman, President, and CEO of Acuity Brands. The company will make the webcast, earnings release, and supplemental presentation available on its Investor Relations website. An online replay of the call will be accessible for a time, and a recorded version will be archived on the website two hours after the conference call concludes.

Acuity Brands (NYSE: AYI) has appointed Sach Sankpal as President of Acuity Brands Lighting and Lighting Controls (ABL). Sankpal, previously SVP and Chief Growth and Transformation Officer, brings over 30 years of experience in accelerating transformation and driving innovation in global industrial technology organizations. This move aims to create a single lighting organization to connect processes more effectively end-to-end, accelerate growth, and drive productivity.

Trevor Palmer, the current ABL President, will be leaving the company after leading the business through several years of transformation. Neil Ashe, Chairman, President, and CEO of Acuity Brands, expressed confidence in the future and thanked Palmer for his contributions.

Acuity Brands reported its fiscal 2024 third-quarter results, revealing a 3% decline in net sales to $968 million. Despite this, the company achieved a 1% increase in operating profit to $145 million, with adjusted operating profit rising by 3% to $167 million. Reported diluted EPS grew by 10% to $3.62, while adjusted diluted EPS increased by 11% to $4.15. The company generated $445 million in year-to-date cash flow from operations. Segment-wise, Acuity Brands Lighting and Lighting Controls experienced a 4.5% sales decline, while Intelligent Spaces Group saw a 15% sales increase. Operating profit margins expanded for both segments. The company repurchased $89 million worth of shares.

Acuity Brands' Board of Directors has announced a quarterly dividend of 15 cents per share.

This dividend will be payable on August 1, 2024, to shareholders who are on record as of July 18, 2024.

Acuity Brands (NYSE: AYI) will release its fiscal 2024 third quarter results on June 27, 2024, at 6:00 a.m. EST. The announcement will be followed by a conference call at 8:00 a.m. EST, led by Neil Ashe, the company's Chairman, President, and CEO. The earnings release, webcast, and supplemental presentation will be accessible through the Investor Relations section of Acuity Brands' website. Replays of the call will be available online for a time after the event.