ATLANTA — Acuity Brands, Inc. (the “Company”) today announced net sales of $905.9 million in the second quarter of fiscal 2024 ended February 29, 2024, a decrease of $37.7 million, or 4.0 percent, compared to the prior year.
“Our fiscal 2024 second quarter was another quarter of solid execution,” stated Neil Ashe, Chairman, President and Chief Executive Officer of Acuity Brands, Inc. “We increased our adjusted operating profit, adjusted operating profit margin and adjusted diluted earnings per share. We generated strong free cash flow, and we allocated capital effectively to drive value.”
Operating profit was $118.1 million in the second quarter of fiscal 2024, an increase of $6.6 million, or 5.9 percent, compared to the prior year. Operating profit as a percent of net sales was 13.0 percent in the second quarter of fiscal 2024, an increase of 120 basis points compared to the prior year. Adjusted operating profit was $140.1 million in the second quarter of fiscal 2024, an increase of $8.0 million, or 6.1 percent, compared to the prior year. Adjusted operating profit as a percent of net sales was 15.5 percent in the second quarter of fiscal 2024, an increase of 150 basis points compared to the prior year.
Diluted earnings per share was $2.84 in the second quarter of fiscal 2024, an increase of $0.27, or 10.5 percent, compared to the prior year. Adjusted diluted earnings per share was $3.38 in the second quarter of fiscal 2024, an increase of $0.32, or 10.5 percent, from $3.06 in the prior year.
Segment Performance
Acuity Brands Lighting and Lighting Controls (“ABL”)
ABL generated net sales of $843.5 million in the second quarter of fiscal 2024, a decrease of $47.3 million, or 5.3 percent, compared to the prior year.
ABL operating profit was $126.0 million in the second quarter of fiscal 2024, an increase of $2.4 million, or 1.9 percent, compared to the prior year. ABL operating profit as a percent of ABL net sales was 14.9 percent in the second quarter of fiscal 2024, an increase of 100 basis points compared to the prior year. ABL adjusted operating profit was $136.4 million in the second quarter of fiscal 2024, an increase of $3.1 million, or 2.3 percent, compared to the prior year. ABL adjusted operating profit as a percent of ABL net sales was 16.2 percent in the second quarter of fiscal 2024, an increase of 120 basis points compared to the prior year.
Intelligent Spaces Group (“ISG”)
ISG generated net sales of $68.1 million in the second quarter of fiscal 2024, an increase of $9.9 million, or 17.0 percent, compared to the prior year.
ISG operating profit was $9.1 million in the second quarter of fiscal 2024, an increase of $2.8 million compared to the prior year. ISG operating profit as a percent of ISG net sales was 13.4 percent in the second quarter of fiscal 2024, an increase of 260 basis points compared to the prior year. ISG adjusted operating profit was $14.3 million in the second quarter of fiscal 2024, an increase of $3.5 million compared to the prior year. ISG adjusted operating profit as a percent of ISG net sales was 21.0 percent in the second quarter of fiscal 2024, an increase of 240 basis points compared to the prior year.
Cash Flow and Capital Allocation
Net cash from operating activities was $292.6 million for the first half of fiscal 2024, a decrease of $13.8 million compared to the prior year.
Year-to-Date, the Company repurchased approximately 370,000 shares of common stock for a total of approximately $68 million.
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