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Acuity Brands, Inc (NYSE:AYI) reported a first-quarter FY24 net sales decline of 9% year-over-year to $934.7 million, marginally missing the consensus of $935.1 million.
The lighting and building management firm's adjusted EPS of $3.72 beat the consensus of $3.23.
Sales by segments: Acuity Brands Lighting (ABL) and Lighting Controls revenue hit $876.4 million (-7.5% Y/Y), and Intelligent Spaces Group (ISG) clocked $64.2 million (+13.0% Y/Y).
The consolidated adjusted operating margin grew by 250 bps to 16.5%. ABL's adjusted operating margin expanded by 280 bps to 17.5%. ISG's margin decreased by 530 bps to 16.0%.
The company generated $190 million in operating cash flow for the first quarter of FY24, up by $3.4 million a year earlier. Adjusted EBITDA was $166.7 million, up from $153.0 million a year ago.
"We continued to demonstrate strong execution in our fiscal 2024 first quarter," stated CEO and Chair Neil Ashe.
"We increased our adjusted operating profit, adjusted operating profit margin, and adjusted diluted earnings per share."
The Q2 revenue and EPS consensus are $901.7 million and $2.94.
The stock gained 5.6% in the premarket session, hitting a 52-week high. It has gained 24% in the last six months versus the broader sector index SPDR Select Sector Fund - Industrial (NYSE: XLI), which achieved over 4%.
Price Action: AYI shares are up 5.61% at $216.00 premarket on the last check Tuesday.
