NEW YORK - Acuity Brands Inc (NYSE:AYI) reported better-than-expected fourth-quarter results on Tuesday, as the lighting and building management solutions provider saw growth in both its segments.
AYI shares were trading flat in Tuesday's premarket session at the time of writing.
The Atlanta-based company posted adjusted earnings of $4.30 per share for the quarter ended August 31, surpassing analysts' estimates of $4.27. Revenue rose 2.2% YoY to $1.03 billion, slightly above the consensus forecast of $1.02 billion.
"Our fiscal 2024 fourth quarter performance was strong. We grew net sales in both Lighting and Spaces, delivered margin expansion and increased earnings per share," said Neil Ashe, Chairman, President and CEO of Acuity Brands.
The company's Acuity Brands Lighting and Lighting Controls (ABL) segment saw a 1.1% increase in net sales to $955 million. The Intelligent Spaces Group (ISG) segment reported a 16.7% jump in revenue to $83.9 million.
Acuity Brands' adjusted operating profit margin expanded 120 basis points to 17.3% in Q4. The company generated $619.2 million in cash flow from operations for the full fiscal year, up 7% from the previous year.
For the full fiscal year 2024, Acuity Brands reported net sales of $3.84 billion, down 2.8% YoY. Adjusted earnings per share for the year rose 10.7% to $15.56.
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