Acuity Brands Clocks 8% Revenue Growth In Q1; Takes $22M Hit Related To Sunoptics Business Sale

Acuity Brands, Inc AYI reported first-quarter FY23 net sales growth of 7.8% year-over-year to $997.9 million, beating the consensus of $984.5 million.
Adjusted EPS of $3.29 beat the consensus of $3.00.
Sales by segments: Acuity Brands Lighting and Lighting Controls $947.1 million (+7.2% Y/Y) and Intelligent Spaces Group $56.8 million (+22.4% Y/Y).
The gross margin remained flat at 41.7%. Adjusted operating margin contracted by 40 bps to 14%.
Acuity Brands generated cash from operating activities of $186.6 million.
Adjusted EBITDA increased by 4.1% Y/Y to $153 million, and the margin contracted by 54 bps to 15.3%.
During Q1, Acuity sold its Sunoptics business and shared plans to eliminate certain custom architectural product lines, booking charges of $22.1 million ($0.52 per share).
During Q1, the company repurchased shares worth $78 million.
Price Action: AYI shares closed higher by 1.18% at $169.76 on Friday.

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