Acuity Brands Registers 4% Topline Growth In Q2 Aided By Lighting and Spaces Businesses; Expands Margins - Acuity Brands (NYSE:AYI)

Acuity Brands, Inc AYI reported second-quarter FY23 net sales growth of 3.8% year-over-year to $943.6 million, missing the consensus of $958.5 million.
Adjusted EPS of $3.06 beat the consensus of $2.72.
Sales by segments: Acuity Brands Lighting and Lighting Controls $890.8 million (+3.2% Y/Y) and Intelligent Spaces Group $58.2 million (+16.4% Y/Y).
The consolidated adjusted operating margin grew by 50 bps to 14%. ABL's adjusted operating margin expanded by 30 bps to 15%. ISG's margin increased by 740 bps to 18.6%.
Acuity Brands generated cash from operating activities of $306.4 million for the first six months of FY23.
Adjusted EBITDA increased by 6.5% Y/Y to $144.8 million.
"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."
Price Action: AYI shares closed higher by 0.33% at $183.33 on Monday.