Acuity Brands, Inc. (NYSE: AYI) (the “Company”), a market-leading industrial technology company, announced net sales of $951.6 million in the first quarter of fiscal 2025 ended November 30, 2024, an increase of $16.9 million, or 1.8 percent, compared to the prior year.

“Our fiscal 2025 first quarter performance was solid,” stated Neil Ashe, Chairman, President and Chief Executive Officer of Acuity Brands, Inc. “We delivered sales growth, increased our adjusted operating profit and adjusted operating profit margin, and increased our adjusted diluted earnings per share.” Neil Ashe went on to say, “We're also pleased to welcome QSC to Acuity, having successfully closed the acquisition last week.”

Operating profit was $133.3 million in the first quarter of fiscal 2025, an increase of $0.4 million, or 0.3 percent, compared to the prior year. Operating profit as a percent of net sales was 14.0 percent in the first quarter of fiscal 2025, a decrease of 20 basis points compared to the prior year. Adjusted operating profit was $158.7 million in the first quarter of fiscal 2025, an increase of $4.8 million, or 3.1 percent, compared to the prior year. Adjusted operating profit as a percent of net sales was 16.7 percent in the first quarter of fiscal 2025, an increase of 20 basis points compared to the prior year.

Diluted earnings per share was $3.35 in the first quarter of fiscal 2025, an increase of $0.14, or 4.4 percent, compared to the prior year. Adjusted diluted earnings per share was $3.97 in the first quarter of fiscal 2025, an increase of $0.25, or 6.7 percent, from $3.72 in the prior year.

Segment Performance

Acuity Brands Lighting

Acuity Brands Lighting generated net sales of $886.0 million in the first quarter of fiscal 2025, an increase of $9.6 million, or 1.1 percent, compared to the prior year.

Operating profit was $143.3 million in the first quarter of fiscal 2025, a decrease of $0.5 million, or 0.3 percent, compared to the prior year. Operating profit as a percent of Acuity Brands Lighting net sales was 16.2 percent in the first quarter of fiscal 2025, a decrease of 20 basis points compared to the prior year. Adjusted operating profit was $153.5 million in the first quarter of fiscal 2025, a decrease of $0.3 million, or 0.2 percent, compared to the prior year. Adjusted operating profit as a percent of Acuity Brands Lighting net sales was 17.3 percent in the first quarter of fiscal 2025, a decrease of 20 basis points compared to the prior year.

Acuity Intelligent Spaces

Acuity Intelligent Spaces generated net sales of $73.5 million in the first quarter of fiscal 2025, an increase of $9.3 million, or 14.5 percent, compared to the prior year.

Operating profit was $10.8 million in the first quarter of fiscal 2025, an increase of $5.5 million compared to the prior year. Operating profit as a percent of Acuity Intelligent Spaces net sales was 14.7 percent in the first quarter of fiscal 2025, an increase of 640 basis points compared to the prior year. Adjusted operating profit was $15.4 million in the first quarter of fiscal 2025, an increase of $5.1 million compared to the prior year. Adjusted operating profit as a percent of Acuity Intelligent Spaces net sales was 21.0 percent in the first quarter of fiscal 2025, an increase of 500 basis points compared to the prior year.

Cash Flow and Capital Allocation

Net cash from operating activities was $132.2 million for the first three months of fiscal 2025. During the quarter the Company repurchased approximately 17,000 shares of common stock for a total of approximately $5 million.

Post-Quarter Events

Effective January 1, 2025, the Company completed the acquisition of QSC, LLC. The acquisition expands Acuity's Intelligent Spaces into cloud-manageable audio, video and control. The gross purchase price was $1.215 billion, or $1.1 billion net of approximately $100 million in present value of expected tax benefits.

Today's Call Details

The Company will host a conference call at 8:00 a.m. (ET) today, Wednesday, January 8, 2025. Neil Ashe, Chairman, President and Chief Executive Officer of Acuity Brands, Inc. will lead the call. The conference call and earnings release can be accessed via the Investor Relations section of the Company's website at www.investors.acuitybrands.com. A replay of the call will also be posted to the Investor Relations website within two hours of the completion of the conference call and will be available on the website for a limited time.