ATLANTA — Acuity Brands, Inc. (the “Company”) announced net sales of $1.03 billion in the fourth quarter of fiscal 2024 ended August 31, 2024, an increase of $21.9 million, or 2.2 percent, compared to the prior year.
“Our fiscal 2024 fourth quarter performance was strong. We grew net sales in both Lighting and Spaces, delivered margin expansion and increased earnings per share,” stated Neil Ashe, Chairman, President and Chief Executive Officer of Acuity Brands, Inc. “Fiscal 2024 was a successful year of improved operating performance that delivered increased end-user satisfaction and financial results.”
Operating profit was $157.0 million in the fourth quarter of fiscal 2024, an increase of $47.3 million, compared to the prior year. Operating profit as a percent of net sales was 15.2 percent in the fourth quarter of fiscal 2024, an increase of approximately 430 basis points compared to the prior year. Adjusted operating profit was $178.5 million in the fourth quarter of fiscal 2024, an increase of $16.2 million compared to the prior year. Adjusted operating profit as a percent of net sales was 17.3 percent in the fourth quarter of fiscal 2024, an increase of approximately 120 basis points compared to the prior year.
Diluted earnings per share was $3.77 in the fourth quarter of fiscal 2024, an increase of $1.14, or 43.3 percent, compared to the prior year. Adjusted diluted earnings per share was $4.30 in the fourth quarter of fiscal 2024, an increase of $0.33, or 8.3 percent from $3.97 in the prior year.
Full-Year 2024 Summary
Net sales of $3.84 billion for the full year of fiscal 2024 decreased $111.2 million, or 2.8 percent, from $3.95 billion in the full year of fiscal 2023.
Operating profit was $553.3 million for the full year of fiscal 2024, an increase of $79.9 million compared to the prior year. Operating profit as a percent of net sales was 14.4 percent for the full year of fiscal 2024, an increase of approximately 240 basis points compared to the prior year. Adjusted operating profit was $639.6 million for the full year of fiscal 2024, an increase of $42.2 million compared to the prior year. Adjusted operating profit as a percent of net sales was 16.7 percent for the full year of fiscal 2024, an increase of approximately 160 basis points compared to the prior year.
Diluted earnings per share was $13.44 for the full year of fiscal 2024, an increase of $2.68 or 24.9 percent, compared to the prior year. Adjusted diluted earnings per share was $15.56, an increase of $1.51, or 10.7 percent, from $14.05 in the prior year.
Segment Performance
Acuity Brands Lighting and Lighting Controls (“ABL”)
Fourth-Quarter Results
ABL generated net sales of $955.0 million in the fourth quarter of fiscal 2024, an increase of $10.8 million, or 1.1 percent, compared to the prior year.
ABL operating profit was $161.5 million in the fourth quarter of fiscal 2024, an increase of $43.7 million compared to the prior year. ABL operating profit as a percent of ABL net sales was 16.9 percent in the fourth quarter of fiscal 2024, an increase of approximately 440 basis points compared to the prior year. ABL adjusted operating profit was $171.9 million in the fourth quarter of fiscal 2024, an increase of $13.2 million compared to the prior year. ABL adjusted operating profit as a percent of ABL net sales was 18.0 percent in the fourth quarter of fiscal 2024, an increase of approximately 120 basis points compared to the prior year.
Full-Year Results
ABL generated net sales of $3.6 billion for the full year of fiscal 2024, a decrease of $149.4 million, or 4.0 percent, as compared to the prior year.
ABL operating profit was $582.8 million for the full year of fiscal 2024, an increase of $73.3 million, or 14.4 percent, compared to the prior year. ABL operating profit as a percent of ABL net sales was 16.3 percent for the full year of fiscal 2024, an increase of approximately 260 basis points compared to the prior year. ABL adjusted operating profit was $624.2 million for the full year of fiscal 2024, an increase of $33.7 million, or 5.7 percent, from the same period of fiscal 2024. ABL adjusted operating profit as a percent of ABL net sales was 17.5 percent for the full year of fiscal 2024, an increase of approximately 160 basis points compared to the prior year.
Intelligent Spaces Group (“ISG”)
Fourth-Quarter Results
ISG generated net sales of $83.9 million in the fourth quarter of fiscal 2024, an increase of $12.0 million, or 16.7 percent, compared to the prior year.
ISG operating profit was $16.7 million in the fourth quarter of fiscal 2024, an increase of $7.3 million compared to the prior year. ISG operating profit as a percent of ISG net sales was 19.9 percent in the fourth quarter of fiscal 2024. ISG adjusted operating profit was $21.5 million in the fourth quarter of fiscal 2024, an increase of $7.3 million compared to the prior year. ISG adjusted operating profit as a percent of ISG net sales was 25.6 percent in the fourth quarter of fiscal 2024.
Full-Year Results
ISG generated net sales of $291.9 million for the full year of fiscal 2024, an increase of $39.2 million, or 15.5 percent, as compared to the prior year.
ISG operating profit was $43.6 million for the full year of fiscal 2024, an increase of $11.5 million compared to the prior year. ISG operating profit as a percent of ISG net sales was 14.9 percent for the full year of fiscal 2024. ISG adjusted operating profit was $63.4 million for the full year of fiscal 2024, an increase of $13.3 million as compared to the prior year. ISG adjusted operating profit as a percent of ISG net sales was 21.7 percent for the full year of fiscal 2024.
Cash Flow and Capital Allocation
Net cash from operating activities was $619.2 million for the full year of fiscal 2024, an increase of $41.1 million compared to the prior year.
During fiscal 2024, the Company repurchased approximately 454,000 shares of common stock for a total of approximately $89 million.