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.
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