Acuity Reports Fiscal 2025 Second-Quarter Results
Acuity reported its fiscal 2025 Q2 results with net sales of $1.0 billion, up 11.1% year-over-year. The company's operating profit decreased 6.7% to $110.2M, while adjusted operating profit grew 16.3% to $162.9M. Diluted EPS fell 13.7% to $2.45, but adjusted diluted EPS increased 10.4% to $3.73.
The company's ABL segment saw a slight 0.3% decrease in net sales to $840.6M, while the AIS segment reported a 151.8% increase to $171.5M, including $95.1M from the newly acquired QSC. The company maintained strong cash flow, with operating activities generating $191.6M in the first six months of fiscal 2025. Additionally, Acuity increased its dividend by 13% to 17 cents per share and repurchased approximately 68,000 shares for $22.6M year to date.
Acuity ha riportato i risultati del secondo trimestre dell'anno fiscale 2025 con vendite nette di 1,0 miliardi di dollari, in aumento dell'11,1% rispetto all'anno precedente. L'utile operativo dell'azienda è diminuito del 6,7% a 110,2 milioni di dollari, mentre l'utile operativo rettificato è cresciuto del 16,3% a 162,9 milioni di dollari. L'EPS diluito è sceso del 13,7% a 2,45 dollari, ma l'EPS diluito rettificato è aumentato del 10,4% a 3,73 dollari.
Il segmento ABL dell'azienda ha registrato una leggera diminuzione dello 0,3% nelle vendite nette a 840,6 milioni di dollari, mentre il segmento AIS ha riportato un incremento del 151,8% a 171,5 milioni di dollari, inclusi 95,1 milioni di dollari provenienti dalla recentemente acquisita QSC. L'azienda ha mantenuto un forte flusso di cassa, con le attività operative che hanno generato 191,6 milioni di dollari nei primi sei mesi dell'anno fiscale 2025. Inoltre, Acuity ha aumentato il suo dividendo del 13% a 17 centesimi per azione e ha riacquistato circa 68.000 azioni per 22,6 milioni di dollari dall'inizio dell'anno.
Acuity reportó sus resultados del segundo trimestre del año fiscal 2025 con ventas netas de 1.0 mil millones de dólares, un aumento del 11.1% en comparación con el año anterior. La ganancia operativa de la compañía disminuyó un 6.7% a 110.2 millones de dólares, mientras que la ganancia operativa ajustada creció un 16.3% a 162.9 millones de dólares. El EPS diluido cayó un 13.7% a 2.45 dólares, pero el EPS diluido ajustado aumentó un 10.4% a 3.73 dólares.
El segmento ABL de la compañía vio una ligera disminución del 0.3% en ventas netas a 840.6 millones de dólares, mientras que el segmento AIS reportó un aumento del 151.8% a 171.5 millones de dólares, incluyendo 95.1 millones de dólares de la recién adquirida QSC. La compañía mantuvo un fuerte flujo de efectivo, con actividades operativas generando 191.6 millones de dólares en los primeros seis meses del año fiscal 2025. Además, Acuity aumentó su dividendo en un 13% a 17 centavos por acción y recompró aproximadamente 68,000 acciones por 22.6 millones de dólares hasta la fecha.
Acuity는 2025 회계연도 2분기 실적을 발표하며 순매출이 10억 달러로 전년 대비 11.1% 증가했다고 보고했습니다. 회사의 영업이익은 6.7% 감소하여 1억 102만 달러에 이르렀고, 조정된 영업이익은 16.3% 증가하여 1억 629만 달러에 달했습니다. 희석 주당순이익은 13.7% 감소하여 2.45달러에 이르렀지만, 조정된 희석 주당순이익은 10.4% 증가하여 3.73달러로 상승했습니다.
회사의 ABL 부문은 순매출이 0.3% 감소하여 8억 406만 달러에 이르렀고, AIS 부문은 151.8% 증가하여 1억 715만 달러를 기록했으며, 여기에는 새로 인수한 QSC에서 발생한 9천 510만 달러가 포함됩니다. 회사는 강력한 현금 흐름을 유지하며, 2025 회계연도 첫 6개월 동안 운영 활동을 통해 1억 916만 달러를 생성했습니다. 또한, Acuity는 배당금을 13% 인상하여 주당 17센트로 늘렸고, 연초부터 약 68,000주를 2천 260만 달러에 재매입했습니다.
Acuity a annoncé ses résultats pour le deuxième trimestre de l'exercice 2025, avec des ventes nettes de 1,0 milliard de dollars, en hausse de 11,1 % par rapport à l'année précédente. Le bénéfice d'exploitation de l'entreprise a diminué de 6,7 % pour atteindre 110,2 millions de dollars, tandis que le bénéfice d'exploitation ajusté a augmenté de 16,3 % pour atteindre 162,9 millions de dollars. Le BPA dilué a chuté de 13,7 % à 2,45 dollars, mais le BPA dilué ajusté a augmenté de 10,4 % pour atteindre 3,73 dollars.
Le segment ABL de l'entreprise a connu une légère baisse de 0,3 % des ventes nettes, s'élevant à 840,6 millions de dollars, tandis que le segment AIS a enregistré une augmentation de 151,8 % à 171,5 millions de dollars, dont 95,1 millions de dollars provenant de la QSC nouvellement acquise. L'entreprise a maintenu un flux de trésorerie solide, avec des activités opérationnelles générant 191,6 millions de dollars au cours des six premiers mois de l'exercice 2025. De plus, Acuity a augmenté son dividende de 13 % à 17 cents par action et a racheté environ 68 000 actions pour 22,6 millions de dollars depuis le début de l'année.
Acuity hat seine Ergebnisse für das zweite Quartal des Geschäftsjahres 2025 bekannt gegeben, mit Nettoverkaufszahlen von 1,0 Milliarden Dollar, was einem Anstieg von 11,1% im Vergleich zum Vorjahr entspricht. Der Betriebsgewinn des Unternehmens sank um 6,7% auf 110,2 Millionen Dollar, während der bereinigte Betriebsgewinn um 16,3% auf 162,9 Millionen Dollar stieg. Der verwässerte Gewinn pro Aktie (EPS) fiel um 13,7% auf 2,45 Dollar, während der bereinigte verwässerte EPS um 10,4% auf 3,73 Dollar anstieg.
Der ABL-Sektor des Unternehmens verzeichnete einen leichten Rückgang von 0,3% bei den Nettoverkäufen auf 840,6 Millionen Dollar, während der AIS-Sektor einen Anstieg von 151,8% auf 171,5 Millionen Dollar meldete, darunter 95,1 Millionen Dollar von der neu erworbenen QSC. Das Unternehmen hielt einen starken Cashflow aufrecht, wobei die operativen Aktivitäten in den ersten sechs Monaten des Geschäftsjahres 2025 191,6 Millionen Dollar generierten. Darüber hinaus erhöhte Acuity die Dividende um 13% auf 17 Cent pro Aktie und kaufte bis heute etwa 68.000 Aktien für 22,6 Millionen Dollar zurück.
- Net sales increased 11.1% to $1.0B
- Adjusted operating profit grew 16.3% to $162.9M
- Adjusted diluted EPS rose 10.4% to $3.73
- Strong cash flow with $191.6M from operating activities
- 13% dividend increase to 17 cents per share
- AIS segment revenue grew 151.8% following QSC acquisition
- Operating profit decreased 6.7% to $110.2M
- Diluted EPS declined 13.7% to $2.45
- ABL segment sales decreased 0.3%
- AIS operating profit margin decreased 760 basis points to 5.8%
Insights
Acuity's Q2 FY2025 results reveal a company navigating acquisition-driven growth with underlying margin improvements. The 11.1% revenue growth to
The divergence between GAAP and adjusted metrics tells the acquisition integration story. While reported operating profit declined
Core business performance shows a mature lighting segment with improving profitability. The ABL division saw essentially flat sales (
Acuity's capital allocation strategy signals management confidence, with a
The company's strategic pivot toward intelligent spaces technology through the QSC acquisition represents a forward-looking approach to evolve beyond traditional lighting, though the
Acuity's Q2 results reveal a significant strategic pivot through the QSC acquisition, accelerating its transformation from a traditional lighting manufacturer to an industrial technology company focused on intelligent spaces. This acquisition fundamentally reshapes Acuity's business mix, with the AIS segment now representing approximately
The performance divergence between segments is telling - while traditional lighting (ABL) showed marginal contraction (
The acquisition timing is strategic in a market increasingly focused on smart building technologies, energy efficiency, and space optimization. QSC's integration allows Acuity to deliver more comprehensive solutions combining lighting, controls, automation, and audio-visual technologies.
However, the AIS segment's profitability profile shows potential integration challenges. Operating margin contracted significantly to
The substantial gap between GAAP and adjusted metrics in the AIS segment (
Steady Performance Delivers Sales Growth and EPS Expansion
- Delivered Net Sales of
$1B , an Increase of11% Compared to the Prior Year - Delivered Operating Profit of
$110M , Down 7 % Compared to the Prior Year; Grew Adjusted Operating Profit to$163M , Up16% Compared to the Prior Year - Delivered Diluted EPS of
$2.45 , Down14% Compared to the Prior Year; Grew Adjusted Diluted EPS to$3.73 , Up10% Compared to the Prior Year - Closed QSC Acquisition During the Quarter
ATLANTA, April 03, 2025 (GLOBE NEWSWIRE) -- Acuity Inc. (NYSE: AYI), ("Acuity"), a market-leading industrial technology company, delivered net sales of
"We delivered steady performance in the second quarter of fiscal 2025," stated Neil Ashe, Chairman, President and Chief Executive Officer of Acuity Inc. "We grew net sales, expanded our adjusted operating profit and adjusted operating profit margin, and we increased our adjusted diluted earnings per share."
We closed the acquisition of QSC during the second quarter of fiscal 2025, and two months of its performance are included in our results. The financials also include certain purchase accounting adjustments resulting from the acquisition.
Operating profit was
Diluted earnings per share was
Segment Performance
Acuity Brands Lighting ("ABL")
ABL generated net sales of
Operating profit was
Acuity Intelligent Spaces ("AIS")
AIS generated net sales of
Operating profit was
Cash Flow and Capital Allocation
Net cash from operating activities was
Call Details
We will host a conference call at 8:00 a.m. ET today, Thursday, April 3, 2025. Neil Ashe, Chairman, President and Chief Executive Officer of Acuity Inc. will lead the call. The conference call and earnings release can be accessed via our Investor Relations section of our website at www.investors.acuityinc.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
Acuity 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 (ABL) and Acuity Intelligent Spaces (AIS), 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 focus on customer outcomes and drive growth and productivity 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 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.acuityinc.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; for total company only we additionally include: "adjusted gross profit", "adjusted gross profit margin", “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 our 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, acquired profit in inventory, and acquisition-related items.
We also provide “free cash flow” (“FCF”) to enhance the reader’s understanding of our 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 our 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 gross profit and adjusted gross profit margin for total company are “gross profit” and “gross profit margin,” respectively, which include the impact of acquired profit in inventory. Adjusted gross profit margin is adjusted gross profit divided by net sales for total company. 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, which include the impact of amortization of acquired intangible assets, share-based payment expense, acquired profit in inventory and acquisition-related costs. 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, acquired profit in inventory and acquisition-related costs. 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, acquired profit in inventory, 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.
We define 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.
Our 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 our 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 INC. | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (In millions, except per-share data) | ||||||||
| February 28, 2025 | August 31, 2024 | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 397.9 | $ | 845.8 | ||||
| Accounts receivable, less reserve for doubtful accounts of | 577.6 | 563.0 | ||||||
| Inventories | 471.9 | 387.6 | ||||||
| Prepayments and other current assets | 111.4 | 75.1 | ||||||
| Total current assets | 1,558.8 | 1,871.5 | ||||||
| Property, plant, and equipment, net | 322.5 | 303.9 | ||||||
| Operating lease right-of-use assets | 81.9 | 65.6 | ||||||
| Goodwill | 1,450.3 | 1,098.7 | ||||||
| Intangible assets, net | 1,125.1 | 440.5 | ||||||
| Deferred income taxes | 2.3 | 2.3 | ||||||
| Other long-term assets | 40.8 | 32.1 | ||||||
| Total assets | $ | 4,581.7 | $ | 3,814.6 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 352.6 | $ | 352.3 | ||||
| Current debt | 100.0 | — | ||||||
| Current operating lease liabilities | 24.3 | 19.2 | ||||||
| Accrued compensation | 90.5 | 110.1 | ||||||
| Other current liabilities | 233.7 | 206.3 | ||||||
| Total current liabilities | 801.1 | 687.9 | ||||||
| Long-term debt | 996.5 | 496.2 | ||||||
| Long-term operating lease liabilities | 71.3 | 58.1 | ||||||
| Accrued pension liabilities | 37.6 | 37.5 | ||||||
| Deferred income taxes | 8.6 | 26.0 | ||||||
| Other long-term liabilities | 146.2 | 130.1 | ||||||
| Total liabilities | 2,061.3 | 1,435.8 | ||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 0.5 | 0.5 | ||||||
| Paid-in capital | 1,132.8 | 1,115.9 | ||||||
| Retained earnings | 4,084.0 | 3,909.8 | ||||||
| Accumulated other comprehensive loss | (142.9 | ) | (114.9 | ) | ||||
| Treasury stock, at cost, of 23.9 and 23.8 shares, respectively | (2,554.0 | ) | (2,532.5 | ) | ||||
| Total stockholders’ equity | 2,520.4 | 2,378.8 | ||||||
| Total liabilities and stockholders’ equity | $ | 4,581.7 | $ | 3,814.6 | ||||
| ACUITY INC. | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | ||||||||||||||||
| (In millions, except per-share data) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| February 28, 2025 | February 29, 2024 | February 28, 2025 | February 29, 2024 | |||||||||||||
| Net sales | $ | 1,006.3 | $ | 905.9 | $ | 1,957.9 | $ | 1,840.6 | ||||||||
| Cost of products sold | 538.3 | 493.5 | 1,040.6 | 999.8 | ||||||||||||
| Gross profit | 468.0 | 412.4 | 917.3 | 840.8 | ||||||||||||
| Selling, distribution, and administrative expenses | 357.8 | 294.3 | 673.8 | 589.8 | ||||||||||||
| Operating profit | 110.2 | 118.1 | 243.5 | 251.0 | ||||||||||||
| Other expense: | ||||||||||||||||
| Interest expense (income), net | 6.9 | (0.1 | ) | 2.9 | 0.8 | |||||||||||
| Miscellaneous expense, net | 1.0 | 0.6 | 3.5 | 1.7 | ||||||||||||
| Total other expense | 7.9 | 0.5 | 6.4 | 2.5 | ||||||||||||
| Income before income taxes | 102.3 | 117.6 | 237.1 | 248.5 | ||||||||||||
| Income tax expense | 24.8 | 28.4 | 52.9 | 58.7 | ||||||||||||
| Net income | $ | 77.5 | $ | 89.2 | $ | 184.2 | $ | 189.8 | ||||||||
| Earnings per share(1): | ||||||||||||||||
| Basic earnings per share | $ | 2.50 | $ | 2.89 | $ | 5.95 | $ | 6.13 | ||||||||
| Basic weighted average number of shares outstanding | 30.999 | 30.864 | 30.957 | 30.940 | ||||||||||||
| Diluted earnings per share | $ | 2.45 | $ | 2.84 | $ | 5.80 | $ | 6.05 | ||||||||
| Diluted weighted average number of shares outstanding | 31.700 | 31.399 | 31.742 | 31.388 | ||||||||||||
| Dividends declared per share | $ | 0.17 | $ | 0.15 | $ | 0.32 | $ | 0.28 | ||||||||
| (1) Earnings per share is calculated using unrounded numbers. Amounts in the table may not recalculate exactly due to rounding. | ||||||||||||||||
| ACUITY INC. | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | ||||||||
| (In millions) | ||||||||
| Six Months Ended | ||||||||
| February 28, 2025 | February 29, 2024 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 184.2 | $ | 189.8 | ||||
| Adjustments to reconcile net income to cash flows from operating activities: | ||||||||
| Depreciation and amortization | 52.1 | 45.6 | ||||||
| Share-based payment expense | 23.5 | 23.1 | ||||||
| Changes in operating assets and liabilities, net of acquisitions and divestitures: | ||||||||
| Accounts receivable | 36.0 | 60.1 | ||||||
| Inventories | 7.6 | (4.7 | ) | |||||
| Prepayments and other current assets | (26.4 | ) | (23.0 | ) | ||||
| Accounts payable | (11.0 | ) | 39.2 | |||||
| Other operating activities | (74.4 | ) | (37.5 | ) | ||||
| Net cash provided by operating activities | 191.6 | 292.6 | ||||||
| Cash flows from investing activities: | ||||||||
| Purchases of property, plant, and equipment | (28.6 | ) | (29.0 | ) | ||||
| Acquisition of business, net of cash acquired | (1,165.0 | ) | — | |||||
| Other investing activities | 3.2 | (3.7 | ) | |||||
| Net cash used for investing activities | (1,190.4 | ) | (32.7 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Borrowings on credit facility | 600.0 | — | ||||||
| Repurchases of common stock | (22.6 | ) | (67.8 | ) | ||||
| Proceeds from stock option exercises and other | 17.0 | 7.0 | ||||||
| Payments of taxes withheld on net settlement of equity awards | (23.6 | ) | (9.4 | ) | ||||
| Dividends paid | (10.0 | ) | (8.8 | ) | ||||
| Other financing activities | (1.1 | ) | — | |||||
| Net cash used for financing activities | 559.7 | (79.0 | ) | |||||
| Effect of exchange rate changes on cash and cash equivalents | (8.8 | ) | 0.1 | |||||
| Net change in cash and cash equivalents | (447.9 | ) | 181.0 | |||||
| Cash and cash equivalents at beginning of period | 845.8 | 397.9 | ||||||
| Cash and cash equivalents at end of period | $ | 397.9 | $ | 578.9 | ||||
| ACUITY INC. | |||||||||||||||
| DISAGGREGATED NET SALES | |||||||||||||||
| (In millions) | |||||||||||||||
| The following tables show net sales by channel for the periods presented: | |||||||||||||||
| Three Months Ended | |||||||||||||||
| February 28, 2025 | February 29, 2024 | Increase (Decrease) | Percent Change | ||||||||||||
| Acuity Brands Lighting: | |||||||||||||||
| Independent sales network | $ | 615.2 | $ | 612.3 | $ | 2.9 | 0.5 | % | |||||||
| Direct sales network | 97.4 | 93.0 | 4.4 | 4.7 | % | ||||||||||
| Retail sales | 41.0 | 46.4 | (5.4 | ) | (11.6 | )% | |||||||||
| Corporate accounts | 35.6 | 38.1 | (2.5 | ) | (6.6 | )% | |||||||||
| Original equipment manufacturer and other | 51.4 | 53.7 | (2.3 | ) | (4.3 | )% | |||||||||
| Total Acuity Brands Lighting | 840.6 | 843.5 | (2.9 | ) | (0.3 | )% | |||||||||
| Acuity Intelligent Spaces | 171.5 | 68.1 | 103.4 | 151.8 | % | ||||||||||
| Eliminations | (5.8 | ) | (5.7 | ) | (0.1 | ) | 1.8 | % | |||||||
| Total | $ | 1,006.3 | $ | 905.9 | $ | 100.4 | 11.1 | % | |||||||
| Six Months Ended | |||||||||||||||
| February 28, 2025 | February 29, 2024 | Increase (Decrease) | Percent Change | ||||||||||||
| Acuity Brands Lighting: | |||||||||||||||
| Independent sales network | $ | 1,259.1 | $ | 1,237.5 | $ | 21.6 | 1.7 | % | |||||||
| Direct sales network | 204.6 | 190.4 | 14.2 | 7.5 | % | ||||||||||
| Retail sales | 85.9 | 102.0 | (16.1 | ) | (15.8 | )% | |||||||||
| Corporate accounts | 68.3 | 79.6 | (11.3 | ) | (14.2 | )% | |||||||||
| Original equipment manufacturer and other | 108.7 | 110.4 | (1.7 | ) | (1.5 | )% | |||||||||
| Total Acuity Brands Lighting | 1,726.6 | 1,719.9 | 6.7 | 0.4 | % | ||||||||||
| Acuity Intelligent Spaces | 245.0 | 132.3 | 112.7 | 85.2 | % | ||||||||||
| Eliminations | (13.7 | ) | (11.6 | ) | (2.1 | ) | 18.1 | % | |||||||
| Total | $ | 1,957.9 | $ | 1,840.6 | $ | 117.3 | 6.4 | % | |||||||
| ACUITY 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 | |||||||||||||||||||||
| February 28, 2025 | February 29, 2024 | Increase (Decrease) | Percent Change | ||||||||||||||||||
| Net sales | $ | 1,006.3 | $ | 905.9 | $ | 100.4 | 11.1 | % | |||||||||||||
| Gross profit (GAAP) | $ | 468.0 | $ | 412.4 | $ | 55.6 | 13.5 | % | |||||||||||||
| Percent of net sales | 46.5 | % | 45.5 | % | 100 | bps | |||||||||||||||
| Add-back: Acquired profit in inventory | 10.4 | — | |||||||||||||||||||
| Adjusted gross profit (Non-GAAP) | $ | 478.4 | $ | 412.4 | $ | 66.0 | 16.0 | % | |||||||||||||
| Percent of net sales | 47.5 | % | 45.5 | % | 200 | bps | |||||||||||||||
| Operating profit (GAAP) | $ | 110.2 | $ | 118.1 | $ | (7.9 | ) | (6.7 | )% | ||||||||||||
| Percent of net sales (GAAP) | 11.0 | % | 13.0 | % | (200 | ) | bps | ||||||||||||||
| Add-back: Amortization of acquired intangible assets | 16.8 | 10.0 | |||||||||||||||||||
| Add-back: Share-based payment expense | 11.4 | 12.0 | |||||||||||||||||||
| Add-back: Acquisition-related costs (1) | 14.1 | — | |||||||||||||||||||
| Add-back: Acquired profit in inventory | 10.4 | — | |||||||||||||||||||
| Adjusted operating profit (Non-GAAP) | $ | 162.9 | $ | 140.1 | $ | 22.8 | 16.3 | % | |||||||||||||
| Percent of net sales (Non-GAAP) | 16.2 | % | 15.5 | % | 70 | bps | |||||||||||||||
| Net income (GAAP) | $ | 77.5 | $ | 89.2 | $ | (11.7 | ) | (13.1 | )% | ||||||||||||
| Add-back: Amortization of acquired intangible assets | 16.8 | 10.0 | |||||||||||||||||||
| Add-back: Share-based payment expense | 11.4 | 12.0 | |||||||||||||||||||
| Add-back: Acquisition-related costs (1) | 14.1 | — | |||||||||||||||||||
| Add-back: Acquired profit in inventory | 10.4 | — | |||||||||||||||||||
| Total pre-tax adjustments to net income | 52.7 | 22.0 | |||||||||||||||||||
| Income tax effects | (12.1 | ) | (5.1 | ) | |||||||||||||||||
| Adjusted net income (Non-GAAP) | $ | 118.1 | $ | 106.1 | $ | 12.0 | 11.3 | % | |||||||||||||
| Diluted earnings per share (GAAP) | $ | 2.45 | $ | 2.84 | $ | (0.39 | ) | (13.7 | )% | ||||||||||||
| Adjusted diluted earnings per share (Non-GAAP) | $ | 3.73 | $ | 3.38 | $ | 0.35 | 10.4 | % | |||||||||||||
| Net income (GAAP) | $ | 77.5 | $ | 89.2 | $ | (11.7 | ) | (13.1 | )% | ||||||||||||
| Percent of net sales (GAAP) | 7.7 | % | 9.8 | % | (210 | ) | bps | ||||||||||||||
| Interest expense (income), net | 6.9 | (0.1 | ) | ||||||||||||||||||
| Income tax expense | 24.8 | 28.4 | |||||||||||||||||||
| Depreciation | 13.7 | 12.9 | |||||||||||||||||||
| Amortization of acquired intangible assets | 16.8 | 10.0 | |||||||||||||||||||
| EBITDA (Non-GAAP) | 139.7 | 140.4 | (0.7 | ) | (0.5 | )% | |||||||||||||||
| Percent of net sales (Non-GAAP) | 13.9 | % | 15.5 | % | (160 | ) | bps | ||||||||||||||
| Share-based payment expense | 11.4 | 12.0 | |||||||||||||||||||
| Acquisition-related costs (1) | 14.1 | — | |||||||||||||||||||
| Acquired profit in inventory | 10.4 | — | |||||||||||||||||||
| Miscellaneous expense, net | 1.0 | 0.6 | |||||||||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 176.6 | $ | 153.0 | $ | 23.6 | 15.4 | % | |||||||||||||
| Percent of net sales (Non-GAAP) | 17.5 | % | 16.9 | % | 60 | bps | |||||||||||||||
| (1) Acquisition-related items include professional fees. | |||||||||||||||||||||
| Three Months Ended | |||||||||||||||
| Acuity Brands Lighting | February 28, 2025 | February 29, 2024 | Increase (Decrease) | Percent Change | |||||||||||
| Net sales | $ | 840.6 | $ | 843.5 | $ | (2.9 | ) | (0.3 | )% | ||||||
| Operating profit (GAAP) | $ | 130.3 | $ | 126.0 | $ | 4.3 | 3.4 | % | |||||||
| Add-back: Amortization of acquired intangible assets | 6.8 | 6.6 | |||||||||||||
| Add-back: Share-based payment expense | 4.2 | 3.8 | |||||||||||||
| Adjusted operating profit (Non-GAAP) | $ | 141.3 | $ | 136.4 | $ | 4.9 | 3.6 | % | |||||||
| Operating profit margin (GAAP) | 15.5 | % | 14.9 | % | 60 | bps | |||||||||
| Adjusted operating profit margin (Non-GAAP) | 16.8 | % | 16.2 | % | 60 | bps | |||||||||
| Three Months Ended | |||||||||||||||
| Acuity Intelligent Spaces | February 28, 2025 | February 29, 2024 | Increase (Decrease) | Percent Change | |||||||||||
| Net sales | $ | 171.5 | $ | 68.1 | $ | 103.4 | 151.8 | % | |||||||
| Operating profit (GAAP) | $ | 9.9 | $ | 9.1 | $ | 0.8 | 8.8 | % | |||||||
| Add-back: Amortization of acquired intangible assets | 10.0 | 3.4 | |||||||||||||
| Add-back: Share-based payment expense | 1.7 | 1.8 | |||||||||||||
| Add-back: Acquired profit in inventory | 10.4 | — | |||||||||||||
| Adjusted operating profit (Non-GAAP) | $ | 32.0 | $ | 14.3 | $ | 17.7 | 123.8 | % | |||||||
| Operating profit margin (GAAP) | 5.8 | % | 13.4 | % | (760 | ) | bps | ||||||||
| Adjusted operating profit margin (Non-GAAP) | 18.7 | % | 21.0 | % | (230 | ) | bps | ||||||||
| (In millions, except per share data) | Six Months Ended | ||||||||||||||||||||
| February 28, 2025 | February 29, 2024 | Increase (Decrease) | Percent Change | ||||||||||||||||||
| Net sales | $ | 1,957.9 | $ | 1,840.6 | $ | 117.3 | 6.4 | % | |||||||||||||
| Gross profit (GAAP) | $ | 917.3 | $ | 840.8 | $ | 76.5 | 9.1 | % | |||||||||||||
| Percent of net sales (GAAP) | 46.9 | % | 45.7 | % | 120 | bps | |||||||||||||||
| Add-back: Acquired profit in inventory | 10.4 | — | |||||||||||||||||||
| Adjusted gross profit (Non-GAAP) | $ | 927.7 | $ | 840.8 | $ | 86.9 | 10.3 | % | |||||||||||||
| Percent of net sales (Non-GAAP) | 47.4 | % | 45.7 | % | 170 | bps | |||||||||||||||
| Operating profit (GAAP) | $ | 243.5 | $ | 251.0 | $ | (7.5 | ) | (3.0 | )% | ||||||||||||
| Percent of net sales (GAAP) | 12.4 | % | 13.6 | % | (120 | ) | bps | ||||||||||||||
| Add-back: Amortization of acquired intangible assets | 25.5 | 19.9 | |||||||||||||||||||
| Add-back: Share-based payment expense | 23.5 | 23.1 | |||||||||||||||||||
| Add-back: Acquisition-related costs (1) | 18.7 | — | |||||||||||||||||||
| Add-back: Acquired profit in inventory | 10.4 | — | |||||||||||||||||||
| Adjusted operating profit (Non-GAAP) | $ | 321.6 | $ | 294.0 | $ | 27.6 | 9.4 | % | |||||||||||||
| Percent of net sales (Non-GAAP) | 16.4 | % | 16.0 | % | 40 | bps | |||||||||||||||
| Net income (GAAP) | $ | 184.2 | $ | 189.8 | $ | (5.6 | ) | (3.0 | )% | ||||||||||||
| Add-back: Amortization of acquired intangible asset | 25.5 | 19.9 | |||||||||||||||||||
| Add-back: Share-based payment expense | 23.5 | 23.1 | |||||||||||||||||||
| Add-back: Acquisition-related costs (1) | 18.7 | — | |||||||||||||||||||
| Add-back: Acquired profit in inventory | 10.4 | — | |||||||||||||||||||
| Total pre-tax adjustments to net income | 78.1 | 43.0 | |||||||||||||||||||
| Income tax effect | (17.9 | ) | (9.9 | ) | |||||||||||||||||
| Adjusted net income (Non-GAAP) | $ | 244.4 | $ | 222.9 | $ | 21.5 | 9.6 | % | |||||||||||||
| Diluted earnings per share (GAAP) | $ | 5.80 | $ | 6.05 | $ | (0.25 | ) | (4.1 | )% | ||||||||||||
| Adjusted diluted earnings per share (Non-GAAP) | $ | 7.70 | $ | 7.10 | $ | 0.60 | 8.5 | % | |||||||||||||
| Net income (GAAP) | $ | 184.2 | $ | 189.8 | $ | (5.6 | ) | (3.0 | )% | ||||||||||||
| Percent of net sales (GAAP) | 9.4 | % | 10.3 | % | (90 | ) | bps | ||||||||||||||
| Interest expense, net | 2.9 | 0.8 | |||||||||||||||||||
| Income tax expense | 52.9 | 58.7 | |||||||||||||||||||
| Depreciation | 26.6 | 25.7 | |||||||||||||||||||
| Amortization | 25.5 | 19.9 | |||||||||||||||||||
| EBITDA (Non-GAAP) | 292.1 | 294.9 | (2.8 | ) | (0.9 | )% | |||||||||||||||
| Percent of net sales (Non-GAAP) | 14.9 | % | 16.0 | % | (110 | ) | bps | ||||||||||||||
| Share-based payment expense | 23.5 | 23.1 | |||||||||||||||||||
| Miscellaneous expense, net | 3.5 | 1.7 | |||||||||||||||||||
| Acquisition-related costs (1) | 18.7 | — | |||||||||||||||||||
| Acquired profit in inventory | 10.4 | — | |||||||||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 348.2 | $ | 319.7 | $ | 28.5 | 8.9 | % | |||||||||||||
| Percent of net sales (Non-GAAP) | 17.8 | % | 17.4 | % | 40 | bps | |||||||||||||||
| (1) Acquisition-related items include professional fees. | |||||||||||||||||||||
| Six Months Ended | |||||||||||||||
| Acuity Brands Lighting | February 28, 2025 | February 29, 2024 | Increase (Decrease) | Percent Change | |||||||||||
| Net sales | $ | 1,726.6 | $ | 1,719.9 | $ | 6.7 | 0.4 | % | |||||||
| Operating profit (GAAP) | $ | 273.6 | $ | 269.8 | $ | 3.8 | 1.4 | % | |||||||
| Add-back: Amortization of acquired intangible assets | 12.7 | 13.1 | |||||||||||||
| Add-back: Share-based payment expense | 8.5 | 7.3 | |||||||||||||
| Adjusted operating profit (Non-GAAP) | $ | 294.8 | $ | 290.2 | $ | 4.6 | 1.6 | % | |||||||
| Operating profit margin (GAAP) | 15.8 | % | 15.7 | % | 10 | bps | |||||||||
| Adjusted operating profit margin (Non-GAAP) | 17.1 | % | 16.9 | % | 20 | bps | |||||||||
| Six Months Ended | |||||||||||||||
| Acuity Intelligent Spaces | February 28, 2025 | February 29, 2024 | Increase (Decrease) | Percent Change | |||||||||||
| Net sales | $ | 245.0 | $ | 132.3 | $ | 112.7 | 85.2 | % | |||||||
| Operating profit (GAAP) | $ | 20.7 | $ | 14.4 | $ | 6.3 | 43.8 | % | |||||||
| Add-back: Amortization of acquired intangible assets | 12.8 | 6.8 | |||||||||||||
| Add-back: Share-based payment expense | 3.5 | 3.4 | |||||||||||||
| Add-back: Acquired profit in inventory | 10.4 | — | |||||||||||||
| Adjusted operating profit (Non-GAAP) | $ | 47.4 | $ | 24.6 | $ | 22.8 | 92.7 | % | |||||||
| Operating profit margin (GAAP) | 8.4 | % | 10.9 | % | (250 | ) | bps | ||||||||
| Adjusted operating profit margin (Non-GAAP) | 19.3 | % | 18.6 | % | 70 | bps | |||||||||
| Six Months Ended | |||||||||||||||
| February 28, 2025 | February 29, 2024 | Increase (Decrease) | Percent Change | ||||||||||||
| Net cash provided by operating activities (GAAP) | $ | 191.6 | $ | 292.6 | $ | (101.0 | ) | (34.5 | )% | ||||||
| Less: Purchases of property, plant, and equipment | (28.6 | ) | (29.0 | ) | |||||||||||
| Free cash flow (Non-GAAP) | $ | 163.0 | $ | 263.6 | $ | (100.6 | ) | (38.2 | )% | ||||||
Investor Contact:
Charlotte McLaughlin
Vice President, Investor Relations
(404) 853-1456
investorrelations@acuityinc.com
Media Contact:
April Appling
Vice President, Corporate Communications
corporatecommunications@acuityinc.com
FAQ
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