Acuity Brands Fiscal 2023 Second-Quarter Result are Profitable

April 6, 2023

Acuity Brands Reports Fiscal 2023 Second-Quarter Results
  • Increased Net Sales 4 Percent Over the Prior Year
  • Diluted EPS Increased 21 Percent Over the Prior Year; Adjusted Diluted EPS Increased 19 Percent Over the Prior Year
  • Generated Strong Cash Flow from Operations and Continued to Repurchase Shares

Acuity Brands, Inc. announced net sales of $943.6 million in the second quarter of fiscal 2023 ended February 28, 2023, an increase of 3.8 percent, or $34.5 million compared to the prior year.

“We delivered solid performance again in the second quarter of 2023,” stated Neil Ashe, Chairman, President and Chief Executive Officer of Acuity Brands, Inc. “We grew sales in both our lighting and spaces businesses, expanded adjusted operating profit, and grew adjusted diluted earnings per share. We generated strong cash flow from operations and created permanent value for shareholders through repurchases.”

Neil Ashe, Chairman, President and Chief Executive Officer of Acuity Brands, Inc

Operating profit was $111.5 million in the second quarter of fiscal 2023, an increase of $9.2 million, or 9.0 percent, compared to the prior year. Operating profit as a percent of net sales was 11.8 percent in the second quarter of fiscal 2023, an increase of 50 basis points, compared to the prior year.

Adjusted operating profit was $132.1 million in the second quarter of fiscal 2023, an increase of $9.5 million, or 7.7 percent, compared to the prior year. Adjusted operating profit as a percent of net sales was 14.0 percent in the second quarter of fiscal 2023, an increase of 50 basis points, compared to the prior year.

Diluted earnings per share was $2.57 in the second quarter of fiscal 2023, an increase of $0.44, or 20.7 percent, compared to the prior year. Adjusted diluted earnings per share was $3.06 in the second quarter of fiscal 2023, an increase of $0.49, or 19.1 percent, from $2.57, compared to the prior year.

Segment Performance

Acuity Brands Lighting and Lighting Controls (“ABL”)

ABL generated net sales of $890.8 million in the second quarter of fiscal 2023, an increase of $27.7 million, or 3.2 percent, compared to the prior year.

ABL operating profit was $123.6 million in the second quarter of fiscal 2023, an increase of $7.1 million, or 6.1 percent, compared to the prior year. ABL operating profit as a percent of ABL net sales was 13.9 percent in the second quarter of fiscal 2023, an increase of 40 basis points from 13.5 percent, compared to the prior year.

ABL adjusted operating profit was $133.3 million in the second quarter of fiscal 2023, an increase of $6.4 million, or 5.0 percent, compared to the prior year. ABL adjusted operating profit as a percent of ABL net sales was 15.0 percent in the second quarter of fiscal 2023, an increase of 30 basis points from 14.7 percent, compared to the prior year.

Intelligent Spaces Group (“ISG”)

ISG generated net sales of $58.2 million in the second quarter of fiscal 2023, an increase of $8.2 million, or 16.4 percent, compared to the prior year.

ISG operating profit was $6.3 million in the second quarter of fiscal 2023, an increase of $5.1 million, compared to the prior year. ISG adjusted operating profit was $10.8 million in the second quarter of fiscal 2023, an increase of $5.2 million, compared to the prior year.

Cash Flow and Capital Allocation

Net cash from operating activities was $306.4 million for the first six months of fiscal 2023, an increase of $179.1 million compared to the prior year due primarily to an improvement in Acuity’s working capital.

During the first half of fiscal 2023, the Company repurchased approximately 0.7 million shares of common stock for a total of $124.1 million.

Conference Call Details

The Company hosted a conference call at 8:00 a.m. (ET), Tuesday, April 4, 2023. Neil Ashe, Chairman, President and Chief Executive Officer of Acuity Brands, Inc. 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 is posted to the Investor Relations website and will be available on the website for a limited time.

More information available Here

Related Articles


Changing Scene

  • The Heart of the Olympic Park Transformed by Lemay and LumiGroup

    April 18, 2024 Architectural and design firm Lemay, and lighting agency LumiGroup, have combined their expertise to transform a partially under-exploited sector of the Montreal Olympic Park into a bright, warm, and dynamic work environment. Continuing their long-term history of working together on major projects, the mandate was to set up offices which would bring… Read More…

  • “Sustainable” Lighting: What Are Lighting Designers Asking For?

    April 16, 2024 By Sara Schonour, LC, MIES, IALD, Luxsi and Reiko Kagawa, LC, LEED AP BD+C, WELL AP, WELL Faculty Are you confused about what lighting designers are asking for regarding material transparency, and how they are defining the ambiguous term “sustainability”? 100+ specifying firms (114 and counting, to be exact) have signed the… Read More…


Design

  • Case Study: Windsor Family Credit Union (WFCU) with Salex SW

    Case Study: Windsor Family Credit Union (WFCU) with Salex SW

    February 6, 2024 Since 1940, WFCU Credit Union is a prominent and forward-thinking financial institution based in Windsor and Essex County. For over 80 years, WFCU has been dedicated to serving Ontario residents, community, organizations, small businesses, commercial entities, and public institutions. Their new headquarters in Kitchener was created as they continue to grow their… Read More…

  • Coaticook Suspended Footbridge: An Ever-Changing Luminous Canvas, Painted by Nature

    Coaticook Suspended Footbridge: An Ever-Changing Luminous Canvas, Painted by Nature

    December 5, 2023 At 170 m (554 ft) long and 50 m (160 ft) high, the Coaticook Canyon Bridge at Parc de la Gorge de Coaticook is one of the longest suspension footbridges in North America and one of the most popular tourist attractions in the Eastern Townships. For several years, the Parc de la… Read More…


New Products