Acuity Brands (NYSE:AYI) reports fiscal Q2 2024 results, sales dip but profits and EPS climb
Acuity Brands (NYSE:AYI), a leading industrial technology company, reported its fiscal 2024 second-quarter results, highlighting a mix of declining sales but growing profits and earnings per share (EPS).
The Atlanta-based company announced net sales of $905.9 million for the quarter ending February 29, 2024, representing a 4% decrease compared to the same period in the previous year.
Despite the fall in sales, Acuity Brands experienced a growth in operating profit, reaching $118.1 million, an increase of 6% over the prior year.
Furthermore, diluted EPS saw an 11% rise, standing at $2.84, while adjusted diluted EPS also improved by 11% to $3.38.
The company's performance can be attributed to solid execution and efficient capital allocation, as remarked by Neil Ashe, Chairman, President, and CEO.
The adjusted operating profit margin and adjusted diluted EPS also witnessed positive growth, complemented by a strong free cash flow generation of $293 million.
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