Acuity Brands, Inc. (AYI) said it expanded adjusted operating profit, substantially grew adjusted earnings per share and generated strong cash flow from operations in its first quarter of fiscal 2023. Net sales increased 7.8 percent from a year ago.
“We delivered solid results in the first quarter of fiscal 2023 as we continued to demonstrate our ability to drive sales growth through product vitality and service in both our lighting and spaces businesses.” said Neil Ashe, CEO of Acuity Brands, Inc.
Adjusted operating profit was $140.1 million, an increase of 5.3 percent, compared to the prior year. Adjusted earnings per share was $3.29, an increase of 15.4 percent, from $2.85, prior year. On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $3.0, for the quarter. Analysts’ estimates typically exclude special items.
Net income declined to $74.9 million from $87.6 million. Earnings per share was $2.29, a decrease of 6.9 percent from prior year.
Net sales were $997.9 million, an increase of 7.8 percent from prior year. Analysts on average had estimated $984.46 million in revenue.
Acuity Brands Lighting and Lighting Controls generated net sales of $947.1 million, an increase of 7.2 percent. Intelligent Spaces Group generated net sales of $56.8 million, an increase of 22.4 percent.
Net cash from operating activities was $186.6 million for the first quarter, an increase of $102.9 million, compared to the prior year due to an improvement in working capital.
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