Acuity Brands Q4: Cash Flow And Margin Growth Offset Revenue Decline

Comments
Loading...

Acuity Brands, Inc AYI reported a fourth-quarter FY23 net sales decline of 9% year-over-year to $1.01 billion, marginally missing the consensus of $1.02 billion. Adjusted EPS of $3.97 beat the consensus of $3.72.

Sales by segments: Acuity Brands Lighting and Lighting Controls $944.2 million (-10.5% Y/Y) and Intelligent Spaces Group $71.9 million (+17.1% Y/Y).

The consolidated adjusted operating margin grew by 80 bps to 16.1%. ABL's adjusted operating margin expanded by 150 bps to 16.8%. ISG's margin decreased by 410 bps to 19.7%.

The company generated $578.1 million in operating cash flow for the full year 2023, compared to $316.3 million in 2022.

Adjusted EBITDA was $175.1 million, down from $182.9 million a year ago. 

"Our focus on margin and cash generation led to increased adjusted operating profit margin and higher adjusted diluted earnings per share, despite a decline in sales in the lighting business," stated Neil Ashe, Chairman, President, and Chief Executive Officer of Acuity Brands, Inc.

Price Action: AYI shares closed higher by 0.13% at $167.38 on Tuesday.

Overview Rating:
Good
62.5%
Technicals Analysis
100
0100
Financials Analysis
40
0100
Overview
Market News and Data brought to you by Benzinga APIs
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise

Posted In:
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!