Acuity Brands Reports Fiscal 2025 First-Quarter Results
Acuity Brands (NYSE: AYI) reported strong fiscal 2025 first-quarter results with net sales of $951.6 million, up 1.8% year-over-year. The company achieved an operating profit of $133.3 million and adjusted operating profit of $158.7 million, up 3.1% from the previous year.
Key highlights include diluted EPS of $3.35, a 4.4% increase, and adjusted diluted EPS of $3.97, up 6.7%. The Lighting segment generated sales of $886.0 million, while Intelligent Spaces saw a 14.5% growth to $73.5 million.
Post-quarter, Acuity completed the acquisition of QSC, for a gross purchase price of $1.215 billion, expanding their Intelligent Spaces capabilities into cloud-manageable audio, video, and control. The company also continued its share repurchase program, buying back approximately 17,000 shares for $5 million during the quarter.
Acuity Brands (NYSE: AYI) ha riportato risultati solidi per il primo trimestre fiscale 2025 con vendite nette di 951,6 milioni di dollari, in aumento dell'1,8% rispetto all'anno precedente. L'azienda ha realizzato un utile operativo di 133,3 milioni di dollari e un utile operativo rettificato di 158,7 milioni di dollari, in crescita del 3,1% rispetto all'anno precedente.
I punti salienti includono un EPS diluito di 3,35 dollari, un aumento del 4,4%, e un EPS diluito rettificato di 3,97 dollari, in aumento del 6,7%. Il segmento Illumination ha generato vendite di 886,0 milioni di dollari, mentre Intelligent Spaces ha visto una crescita del 14,5% fino a 73,5 milioni di dollari.
Dopo il trimestre, Acuity ha completato l'acquisizione di QSC, per un prezzo di acquisto lordo di 1,215 miliardi di dollari, espandendo le loro capacità di Intelligent Spaces in audio, video e controllo gestibili tramite cloud. L'azienda ha anche continuato il programma di riacquisto delle azioni, riacquistando circa 17.000 azioni per 5 milioni di dollari durante il trimestre.
Acuity Brands (NYSE: AYI) reportó resultados sólidos para el primer trimestre fiscal 2025 con ventas netas de 951,6 millones de dólares, un aumento del 1,8% en comparación con el año anterior. La compañía logró una utilidad operativa de 133,3 millones de dólares y una utilidad operativa ajustada de 158,7 millones de dólares, un incremento del 3,1% respecto al año anterior.
Los aspectos destacados incluyen un EPS diluido de 3,35 dólares, un aumento del 4,4%, y un EPS diluido ajustado de 3,97 dólares, un incremento del 6,7%. El segmento de Iluminación generó ventas de 886,0 millones de dólares, mientras que Intelligent Spaces vio un crecimiento del 14,5% alcanzando 73,5 millones de dólares.
Después del trimestre, Acuity completó la adquisición de QSC, por un precio de compra bruto de 1.215 millones de dólares, ampliando sus capacidades de Intelligent Spaces en audio, video y control gestionable en la nube. La empresa también continuó su programa de recompra de acciones, comprando aproximadamente 17.000 acciones por 5 millones de dólares durante el trimestre.
아큐이티 브랜드 (NYSE: AYI)는 2025 회계연도 1분기 실적을 발표했으며 순매출 9억 5,160만 달러로 지난해 대비 1.8% 증가했습니다. 이 회사는 1억 3,330만 달러의 운영 이익과 1억 5,870만 달러의 조정 운영 이익을 달성했으며, 이는 지난해 대비 3.1% 증가한 수치입니다.
주요 하이라이트에는 희석된 EPS 3.35 달러, 4.4% 증가, 조정 희석 EPS 3.97 달러, 6.7% 증가가 포함됩니다. 조명 부문은 8억 8,600만 달러의 매출을 올렸으며, Intelligent Spaces는 14.5% 성장하여 7천 350만 달러에 달했습니다.
분기 후, 아큐이티는 QSC 인수 거래를 완료했으며, 총 구매 가격은 12억 1,500만 달러로 클라우드 기반의 오디오, 비디오 및 제어 기능을 Intelligent Spaces에 확장했습니다. 회사는 또한 분기 동안 5백만 달러에 약 17,000주의 자사주 매입 프로그램을 계속했습니다.
Acuity Brands (NYSE: AYI) a publié de solides résultats pour le premier trimestre de l'exercice 2025, avec des ventes nettes de 951,6 millions de dollars, en hausse de 1,8 % par rapport à l'année précédente. L'entreprise a réalisé un bénéfice opérationnel de 133,3 millions de dollars et un bénéfice opérationnel ajusté de 158,7 millions de dollars, soit une augmentation de 3,1 % par rapport à l'année précédente.
Les points forts incluent un BPA dilué de 3,35 dollars, en augmentation de 4,4 %, et un BPA dilué ajusté de 3,97 dollars, en hausse de 6,7 %. Le segment Éclairage a généré des ventes de 886,0 millions de dollars, tandis que Intelligent Spaces a connu une croissance de 14,5 %, atteignant 73,5 millions de dollars.
Après le trimestre, Acuity a terminé l'acquisition de QSC, pour un prix d'achat brut de 1,215 milliard de dollars, élargissant ainsi ses capacités de Intelligent Spaces dans l'audio, la vidéo et le contrôle gérables par le cloud. L'entreprise a également poursuivi son programme de rachat d'actions, en rachetant environ 17 000 actions pour 5 millions de dollars durant le trimestre.
Acuity Brands (NYSE: AYI) hat starke Ergebnisse für das erste Quartal des Geschäftsjahres 2025 gemeldet, mit Nettoverkaufszahlen von 951,6 Millionen Dollar, was einem Anstieg von 1,8 % im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte einen operativen Gewinn von 133,3 Millionen Dollar sowie einen bereinigten operativen Gewinn von 158,7 Millionen Dollar, was einem Anstieg von 3,1 % gegenüber dem Vorjahr entspricht.
Zu den wichtigsten Highlights gehören ein verwässerter Gewinn pro Aktie von 3,35 Dollar, ein Anstieg von 4,4 %, und ein bereinigter verwässerter Gewinn pro Aktie von 3,97 Dollar, ein Zuwachs von 6,7 %. Der Beleuchtungsbereich erzielte einen Umsatz von 886,0 Millionen Dollar, während Intelligent Spaces ein Wachstum von 14,5 % auf 73,5 Millionen Dollar verzeichnete.
Nach dem Quartal hat Acuity die Akquisition von QSC für einen Brutto-Kaufpreis von 1,215 Milliarden Dollar abgeschlossen, wodurch die Fähigkeiten von Intelligent Spaces im Bereich Cloud-gesteuerte Audio-, Video- und Steuerungssysteme erweitert wurden. Das Unternehmen setzte auch sein Aktienrückkaufprogramm fort und kaufte im Quartal rund 17.000 Aktien im Wert von 5 Millionen Dollar zurück.
- Net sales increased 1.8% to $951.6 million
- Adjusted operating profit grew 3.1% to $158.7 million
- Adjusted diluted EPS rose 6.7% to $3.97
- Intelligent Spaces segment revenue grew 14.5% with significant margin improvement
- Strategic acquisition of QSC completed to expand cloud capabilities
- Operating profit margin decreased 20 basis points to 14.0%
- Lighting segment operating profit decreased 0.3%
- Significant cash outlay of $1.215B for QSC acquisition
Insights
Acuity Brands delivered a solid Q1 FY2025 performance with notable financial metrics. Net sales reached
The strategic acquisition of QSC for
The lighting segment, contributing
The Q1 results and QSC acquisition position Acuity Brands strategically in the evolving industrial technology landscape. The Intelligent Spaces segment's outstanding performance, with
The traditional lighting business remains resilient despite market challenges, maintaining steady growth and profitability. The company's ability to expand margins while growing revenue suggests successful pricing strategies and operational efficiency. The combination of stable core business performance and strategic expansion into higher-growth segments creates a compelling market position.
The QSC acquisition represents a transformative move into the rapidly growing AV-over-IP and integrated building technology market. This
The strong performance of the Intelligent Spaces segment, with its
Solid Execution Delivers Sales Growth and EPS Expansion; Post-Quarter Completed QSC Acquisition
- Delivered Net Sales of
$952M , an Increase of2% Compared to the Prior Year - Grew Operating Profit to
$133M , Flat Compared to the Prior Year; Adjusted Operating Profit of$159M , up3% Over the Prior Year - Reported Diluted EPS of
$3.35 , up4% Over the Prior Year; Adjusted Diluted EPS of$3.97 , up7% Over the Prior Year - Completed the Acquisition of QSC, LLC Effective January 1, 2025
ATLANTA, Jan. 08, 2025 (GLOBE NEWSWIRE) -- Acuity Brands, Inc. (NYSE: AYI) (the “Company”), a market-leading industrial technology company, announced net sales of
“Our fiscal 2025 first quarter performance was solid,” stated Neil Ashe, Chairman, President and Chief Executive Officer of Acuity Brands, Inc. “We delivered sales growth, increased our adjusted operating profit and adjusted operating profit margin, and increased our adjusted diluted earnings per share.” Neil Ashe went on to say, “We're also pleased to welcome QSC to Acuity, having successfully closed the acquisition last week.”
Operating profit was
Diluted earnings per share was
Segment Performance
Acuity Brands Lighting
Acuity Brands Lighting generated net sales of
Operating profit was
Acuity Intelligent Spaces
Acuity Intelligent Spaces generated net sales of
Operating profit was
Cash Flow and Capital Allocation
Net cash from operating activities was
Post-Quarter Events
Effective January 1, 2025, the Company completed the acquisition of QSC, LLC. The acquisition expands Acuity's Intelligent Spaces into cloud-manageable audio, video and control. The gross purchase price was
Today's Call Details
The Company will host a conference call at 8:00 a.m. (ET) today, Wednesday, January 8, 2025. Neil Ashe, Chairman, President and Chief Executive Officer of Acuity Brands, Inc. will lead the call. The conference call and earnings release can be accessed via the Investor Relations section of the Company's website at www.investors.acuitybrands.com. A replay of the call will also be posted to the Investor Relations website within two hours of the completion of the conference call and will be available on the website for a limited time.
About Acuity Brands
Acuity Brands, Inc. (NYSE: AYI) is a market-leading industrial technology company. We use technology to solve problems in spaces, light, and more things to come. Through our two business segments, Acuity Brands Lighting and Acuity Intelligent Spaces, we design, manufacture, and bring to market products and services that make a valuable difference in people’s lives.
We achieve growth through the development of innovative new products and services, including lighting, lighting controls, building management solutions, and an audio, video and control platform. We achieve customer-focused efficiencies that allow us to increase market share and deliver superior returns. We look to aggressively deploy capital to grow the business and to enter attractive new verticals.
Acuity Brands, Inc. is based in Atlanta, Georgia, with operations across North America, Europe, and Asia. The Company is powered by approximately 13,000 dedicated and talented associates. Visit us at www.acuitybrands.com
Non-GAAP Financial Measures
This news release includes the following non-generally accepted accounting principles (“GAAP”) financial measures: “adjusted operating profit” and “adjusted operating profit margin” for total company and by segment; “adjusted net income;” “adjusted diluted EPS;” “earnings before interest, taxes, depreciation, and amortization (“EBITDA”);" "EBITDA margin;" “adjusted EBITDA;” and "adjusted EBITDA margin". These non-GAAP financial measures are provided to enhance the reader's overall understanding of the Company's current financial performance and prospects for the future. Specifically, management believes that these non-GAAP measures provide useful information to investors by excluding or adjusting items for amortization of acquired intangible assets, share-based payment expense, and acquisition-related items.
We also provide “free cash flow” (“FCF”) to enhance the reader’s understanding of the Company’s ability to generate additional cash from its business.
Management typically adjusts for these items for internal reviews of performance and uses the above non-GAAP measures for baseline comparative operational analysis, decision making, and other activities. Management believes these non-GAAP measures provide greater comparability and enhanced visibility into the Company’s results of operations as well as comparability with many of its peers, especially those companies focused more on technology and software. Non-GAAP financial measures included in this news release should be considered in addition to, and not as a substitute for or superior to, results prepared in accordance with GAAP.
The most directly comparable GAAP measures for adjusted operating profit and adjusted operating profit margin for total company and by segment are “operating profit” and “operating profit margin,” respectively, for total company and by segment, which include the impact of amortization of acquired intangible assets and share-based payment expense. Adjusted operating profit margin is adjusted operating profit divided by net sales for total company and by segment. The most directly comparable GAAP measures for adjusted net income and adjusted diluted EPS are “net income” and “diluted EPS,” respectively, which include the impact of amortization of acquired intangible assets, share-based payment expense, and acquisition-related items. Adjusted diluted EPS is adjusted net income divided by diluted weighted average shares outstanding. The most directly comparable GAAP measure for EBITDA is “net income”, which includes the impact of net interest expense, income taxes, depreciation, and amortization of acquired intangible assets. EBITDA margin is EBITDA divided by net sales for total company. The most directly comparable GAAP measure for adjusted EBITDA is “net income”, which includes the impact of net interest expense, income taxes, depreciation, amortization of acquired intangible assets, share-based payment expense, acquisition-related items, and miscellaneous (income) expense, net. Adjusted EBITDA margin is adjusted EBITDA divided by net sales for total company. A reconciliation of each measure to the most directly comparable GAAP measure is available in this news release.
The Company defines FCF as net cash provided by operating activities less purchases of property, plant and equipment. A calculation of this measure is available in this news release.
The Company’s non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures used by other companies, have limitations as an analytical tool, and should not be considered in isolation or as a substitute for GAAP financial measures. Our presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that our future results will be unaffected by other unusual or non-recurring items.
Forward-Looking Information
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (the “Act”). Forward-looking statements include, but are not limited to, statements that describe or relate to the Company’s plans, initiatives, projections, vision, goals, targets, commitments, expectations, objectives, prospects, strategies, or financial outlook, and the assumptions underlying or relating thereto. In some cases, we may use words such as “expect,” “believe,” “intend,” “anticipate,” “estimate,” “forecast,” “indicate,” “project,” “predict,” “plan,” “may,” “will,” “could,” “should,” “would,” “potential,” and words of similar meaning, as well as other words or expressions referencing future events, conditions, or circumstances, to identify forward-looking statements. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Act. Forward-looking statements are not guarantees of future performance. Our forward-looking statements are based on our current beliefs, expectations, and assumptions, which may not prove to be accurate, and are subject to known and unknown risks and uncertainties, assumptions, and other important factors, many of which are outside of our control and any of which could cause our actual results to differ materially from those expressed or implied by the forward-looking statements. These risks and uncertainties are discussed in our filings with the U.S. Securities and Exchange Commission, including our most recent annual report on Form 10-K (including, but not limited to, the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations"), quarterly reports on Form 10-Q, and current reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made. This press release is not comprehensive, and for that reason, should be read in conjunction with such filings. You are cautioned not to place undue reliance on any forward-looking statements. Except as required by law, we undertake no obligation to publicly update or release any revisions to these forward-looking statements to reflect any events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, whether as a result of new information, future events, or otherwise.
| ACUITY BRANDS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per-share data) | |||||||
| November 30, 2024 | August 31, 2024 | ||||||
| (unaudited) | |||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 935.6 | $ | 845.8 | |||
| Accounts receivable, less reserve for doubtful accounts of | 534.7 | 563.0 | |||||
| Inventories | 391.1 | 387.6 | |||||
| Prepayments and other current assets | 75.9 | 75.1 | |||||
| Total current assets | 1,937.3 | 1,871.5 | |||||
| Property, plant, and equipment, net | 299.8 | 303.9 | |||||
| Operating lease right-of-use assets | 61.1 | 65.6 | |||||
| Goodwill | 1,091.8 | 1,098.7 | |||||
| Intangible assets, net | 440.3 | 440.5 | |||||
| Deferred income taxes | 2.4 | 2.3 | |||||
| Other long-term assets | 31.6 | 32.1 | |||||
| Total assets | $ | 3,864.3 | $ | 3,814.6 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 331.5 | $ | 352.3 | |||
| Current operating lease liabilities | 18.9 | 19.2 | |||||
| Accrued compensation | 72.7 | 110.1 | |||||
| Other current liabilities | 227.5 | 206.3 | |||||
| Total current liabilities | 650.6 | 687.9 | |||||
| Long-term debt | 496.3 | 496.2 | |||||
| Long-term operating lease liabilities | 54.4 | 58.1 | |||||
| Accrued pension liabilities | 37.5 | 37.5 | |||||
| Deferred income taxes | 25.6 | 26.0 | |||||
| Other long-term liabilities | 136.5 | 130.1 | |||||
| Total liabilities | 1,400.9 | 1,435.8 | |||||
| Stockholders’ equity: | |||||||
| Preferred stock, | — | — | |||||
| Common stock, | 0.5 | 0.5 | |||||
| Paid-in capital | 1,120.5 | 1,115.9 | |||||
| Retained earnings | 4,012.0 | 3,909.8 | |||||
| Accumulated other comprehensive loss | (131.7 | ) | (114.9 | ) | |||
| Treasury stock, at cost, of 23.8 and 23.8 shares, respectively | (2,537.9 | ) | (2,532.5 | ) | |||
| Total stockholders’ equity | 2,463.4 | 2,378.8 | |||||
| Total liabilities and stockholders’ equity | $ | 3,864.3 | $ | 3,814.6 | |||
| ACUITY BRANDS, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In millions, except per-share data) | ||||||
| Three Months Ended | ||||||
| November 30, 2024 | November 30, 2023 | |||||
| Net sales | $ | 951.6 | $ | 934.7 | ||
| Cost of products sold | 502.3 | 506.3 | ||||
| Gross profit | 449.3 | 428.4 | ||||
| Selling, distribution, and administrative expenses | 316.0 | 295.5 | ||||
| Operating profit | 133.3 | 132.9 | ||||
| Other (income) expense: | ||||||
| Interest (income) expense, net | (4.0 | ) | 0.9 | |||
| Miscellaneous expense, net | 2.5 | 1.1 | ||||
| Total other (income) expense | (1.5 | ) | 2.0 | |||
| Income before income taxes | 134.8 | 130.9 | ||||
| Income tax expense | 28.1 | 30.3 | ||||
| Net income | $ | 106.7 | $ | 100.6 | ||
| Earnings per share(1): | ||||||
| Basic earnings per share | $ | 3.45 | $ | 3.25 | ||
| Basic weighted average number of shares outstanding | 30.930 | 31.005 | ||||
| Diluted earnings per share | $ | 3.35 | $ | 3.21 | ||
| Diluted weighted average number of shares outstanding | 31.799 | 31.365 | ||||
| Dividends declared per share | $ | 0.15 | $ | 0.13 | ||
(1) Earnings per share is calculated using unrounded numbers. Amounts in the table may not recalculate exactly due to rounding.
| ACUITY BRANDS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) | |||||||
| Three Months Ended | |||||||
| November 30, 2024 | November 30, 2023 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 106.7 | $ | 100.6 | |||
| Adjustments to reconcile net income to cash flows from operating activities: | |||||||
| Depreciation and amortization | 21.6 | 22.7 | |||||
| Share-based payment expense | 12.1 | 11.1 | |||||
| Changes in operating assets and liabilities, net of acquisitions and divestitures: | |||||||
| Accounts receivable | 25.2 | 37.8 | |||||
| Inventories | (5.1 | ) | 3.2 | ||||
| Prepayments and other current assets | (1.8 | ) | (5.3 | ) | |||
| Accounts payable | (14.5 | ) | 28.7 | ||||
| Other operating activities | (12.0 | ) | (8.8 | ) | |||
| Net cash provided by operating activities | 132.2 | 190.0 | |||||
| Cash flows from investing activities: | |||||||
| Purchases of property, plant, and equipment | (18.9 | ) | (14.6 | ) | |||
| Other investing activities | 0.5 | 0.1 | |||||
| Net cash used for investing activities | (18.4 | ) | (14.5 | ) | |||
| Cash flows from financing activities: | |||||||
| Repurchases of common stock | (6.7 | ) | (48.2 | ) | |||
| Proceeds from stock option exercises and other | 15.6 | 1.6 | |||||
| Payments of taxes withheld on net settlement of equity awards | (23.1 | ) | (9.0 | ) | |||
| Dividends paid | (4.5 | ) | (4.1 | ) | |||
| Net cash used for financing activities | (18.7 | ) | (59.7 | ) | |||
| Effect of exchange rate changes on cash and cash equivalents | (5.3 | ) | (0.4 | ) | |||
| Net change in cash and cash equivalents | 89.8 | 115.4 | |||||
| Cash and cash equivalents at beginning of period | 845.8 | 397.9 | |||||
| Cash and cash equivalents at end of period | $ | 935.6 | $ | 513.3 | |||
| ACUITY BRANDS, INC. DISAGGREGATED NET SALES (In millions) | ||||||||||||||
| The following tables show net sales by channel for the periods presented: | ||||||||||||||
| Three Months Ended | ||||||||||||||
| November 30, 2024 | November 30, 2023 | Increase (Decrease) | Percent Change | |||||||||||
| Acuity Brands Lighting: | ||||||||||||||
| Independent sales network | $ | 643.9 | $ | 625.2 | $ | 18.7 | 3.0 | % | ||||||
| Direct sales network | 107.2 | 97.4 | 9.8 | 10.1 | % | |||||||||
| Retail sales | 44.9 | 55.6 | (10.7 | ) | (19.2 | )% | ||||||||
| Corporate accounts | 32.7 | 41.5 | (8.8 | ) | (21.2 | )% | ||||||||
| Original equipment manufacturer and other | 57.3 | 56.7 | 0.6 | 1.1 | % | |||||||||
| Total Acuity Brands Lighting | 886.0 | 876.4 | 9.6 | 1.1 | % | |||||||||
| Acuity Intelligent Spaces | 73.5 | 64.2 | 9.3 | 14.5 | % | |||||||||
| Eliminations | (7.9 | ) | (5.9 | ) | (2.0 | ) | 33.9 | % | ||||||
| Total | $ | 951.6 | $ | 934.7 | $ | 16.9 | 1.8 | % | ||||||
| ACUITY BRANDS, INC. Reconciliation of Non-U.S. GAAP Measures | |||||||||||||||||||
| The tables below reconcile certain GAAP financial measures to the corresponding non-GAAP measures for total Company as well as our reportable operating segments (in millions except per share data): | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| November 30, 2024 | November 30, 2023 | Increase (Decrease) | Percent Change | ||||||||||||||||
| Net sales | $ | 951.6 | $ | 934.7 | $ | 16.9 | 1.8 | % | |||||||||||
| Operating profit (GAAP) | $ | 133.3 | $ | 132.9 | $ | 0.4 | 0.3 | % | |||||||||||
| Percent of net sales (GAAP) | 14.0 | % | 14.2 | % | (20 | ) | bps | ||||||||||||
| Add-back: Amortization of acquired intangible assets | 8.7 | 9.9 | |||||||||||||||||
| Add-back: Share-based payment expense | 12.1 | 11.1 | |||||||||||||||||
| Add-back: Acquisition-related items(1) | 4.6 | — | |||||||||||||||||
| Adjusted operating profit (Non-GAAP) | $ | 158.7 | $ | 153.9 | $ | 4.8 | 3.1 | % | |||||||||||
| Percent of net sales (Non-GAAP) | 16.7 | % | 16.5 | % | 20 | bps | |||||||||||||
| Net income (GAAP) | $ | 106.7 | $ | 100.6 | $ | 6.1 | 6.1 | % | |||||||||||
| Add-back: Amortization of acquired intangible assets | 8.7 | 9.9 | |||||||||||||||||
| Add-back: Share-based payment expense | 12.1 | 11.1 | |||||||||||||||||
| Add-back: Acquisition-related items(1) | 4.6 | — | |||||||||||||||||
| Total pre-tax adjustments to net income | 25.4 | 21.0 | |||||||||||||||||
| Income tax effects | (5.8 | ) | (4.8 | ) | |||||||||||||||
| Adjusted net income (Non-GAAP) | $ | 126.3 | $ | 116.8 | $ | 9.5 | 8.1 | % | |||||||||||
| Diluted earnings per share (GAAP) | $ | 3.35 | $ | 3.21 | $ | 0.14 | 4.4 | % | |||||||||||
| Adjusted diluted earnings per share (Non-GAAP) | $ | 3.97 | $ | 3.72 | $ | 0.25 | 6.7 | % | |||||||||||
| Net income (GAAP) | $ | 106.7 | $ | 100.6 | $ | 6.1 | 6.1 | % | |||||||||||
| Percent of net sales (GAAP) | 11.2 | % | 10.8 | % | 40 | bps | |||||||||||||
| Interest (income) expense, net | (4.0 | ) | 0.9 | ||||||||||||||||
| Income tax expense | 28.1 | 30.3 | |||||||||||||||||
| Depreciation | 12.9 | 12.8 | |||||||||||||||||
| Amortization of acquired intangible assets | 8.7 | 9.9 | |||||||||||||||||
| EBITDA (Non-GAAP) | 152.4 | 154.5 | (2.1 | ) | (1.4 | )% | |||||||||||||
| Percent of net sales (Non-GAAP) | 16.0 | % | 16.5 | % | (50 | ) | bps | ||||||||||||
| Share-based payment expense | 12.1 | 11.1 | |||||||||||||||||
| Acquisition-related items(1) | 4.6 | — | |||||||||||||||||
| Miscellaneous expense, net | 2.5 | 1.1 | |||||||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 171.6 | $ | 166.7 | $ | 4.9 | 2.9 | % | |||||||||||
| Percent of net sales (Non-GAAP) | 18.0 | % | 17.8 | % | 20 | bps | |||||||||||||
(1) Acquisition-related items include professional fees.
| Three Months Ended | |||||||||||||||
| Acuity Brands Lighting | November 30, 2024 | November 30, 2023 | Increase (Decrease) | Percent Change | |||||||||||
| Net sales | $ | 886.0 | $ | 876.4 | $ | 9.6 | 1.1 | % | |||||||
| Operating profit (GAAP) | $ | 143.3 | $ | 143.8 | $ | (0.5 | ) | (0.3 | )% | ||||||
| Add-back: Amortization of acquired intangible assets | 5.9 | 6.5 | |||||||||||||
| Add-back: Share-based payment expense | 4.3 | 3.5 | |||||||||||||
| Adjusted operating profit (Non-GAAP) | $ | 153.5 | $ | 153.8 | $ | (0.3 | ) | (0.2 | )% | ||||||
| Operating profit margin (GAAP) | 16.2 | % | 16.4 | % | (20 | ) | bps | ||||||||
| Adjusted operating profit margin (Non-GAAP) | 17.3 | % | 17.5 | % | (20 | ) | bps | ||||||||
| Three Months Ended | ||||||||||||||
| Acuity Intelligent Spaces | November 30, 2024 | November 30, 2023 | Increase (Decrease) | Percent Change | ||||||||||
| Net sales | $ | 73.5 | $ | 64.2 | $ | 9.3 | 14.5 | % | ||||||
| Operating profit (GAAP) | $ | 10.8 | $ | 5.3 | $ | 5.5 | 103.8 | % | ||||||
| Add-back: Amortization of acquired intangible assets | 2.8 | 3.4 | ||||||||||||
| Add-back: Share-based payment expense | 1.8 | 1.6 | ||||||||||||
| Adjusted operating profit (Non-GAAP) | $ | 15.4 | $ | 10.3 | $ | 5.1 | 49.5 | % | ||||||
| Operating profit margin (GAAP) | 14.7 | % | 8.3 | % | 640 | bps | ||||||||
| Adjusted operating profit margin (Non-GAAP) | 21.0 | % | 16.0 | % | 500 | bps | ||||||||
| Three Months Ended | ||||||||||||||
| November 30, 2024 | November 30, 2023 | Increase (Decrease) | Percent Change | |||||||||||
| Net cash provided by operating activities (GAAP) | $ | 132.2 | $ | 190.0 | $ | (57.8 | ) | (30.4 | )% | |||||
| Less: Purchases of property, plant, and equipment | (18.9 | ) | (14.6 | ) | ||||||||||
| Free cash flow (Non-GAAP) | $ | 113.3 | $ | 175.4 | $ | (62.1 | ) | (35.4 | )% | |||||
Investor Contact:
Charlotte McLaughlin
Vice President, Investor Relations
(404) 853-1456
investorrelations@acuitybrands.com
Media Contact:
April Appling
Vice President, Corporate Communications
corporatecommunications@acuitybrands.com
FAQ
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