Acuity Brands Announces Fiscal 2024 Q3 Results

North American lighting manufacturerreleases fiscal 2024 Q3 earnings report (for the period ended May 31, 2024).

During the Q3 reporting period, Acuity Brands achieved net sales of $968.1 million (approximately RMB 7.036 billion), a decrease of 3.2% Year-on-year (YoY) compared to the same period in 2023. On the other hand, Acuity Brands achieved continuous growth in operating profit.

Specifically, during the Q3 reporting period, Acuity Brands achieved an operating profit of $145.3 million, an increase of 1.4% Year-on-year (YoY), accounting for 15% of net sales, an increase of 70 basis points Year-on-year (YoY). Adjusted operating profit was $167.1 million, an increase of 2.6% Year-on-year (YoY), accounting for 17.3% of net sales, an increase of 100 basis points Year-on-year (YoY).

Both of Acuity Brands' main businesses achieved growth in operating profit. Specifically, during the Q3 reporting period, the Lighting and Lighting Controls (ABL) business had net sales of $898.5 million, a decrease of 4.5% Year-on-year (YoY); operating profit was $151.5 million, an increase of 1% Year-on-year (YoY); in addition, adjusted operating profit also achieved Year-on-year (YoY) growth.

Intelligent Space Group () reported net sales of $75.7 million in Q3, a 15% Year-on-year (YoY) increase; operating profit was $12.5 million, an increase of $3.9 million compared to the same period last year; adjusted operating profit achieved Year-on-year (YoY) growth.

ISG Business Performance in the Third Quarter

Additionally, year-to-date, Acuity Brands' operating cash flow has reached $445 million. Acuity Brands expects full-year 2024 net sales to be between $3.7 billion and $4.0 billion.

According to available information, Acuity Brands was founded in 2001 and is headquartered in Atlanta, Georgia, USA. Its main businesses include LED lighting, lighting control, building management Solution, and location-aware applications.

According to the "2024 Global LED Lighting Market Analysis - 1H24" report by TrendForce, the top five lighting manufacturers by global lighting Revenue in 2023 were Signify, Acuity Brands, Panasonic, LEDVANCE vs. MLS Lighting, and Zumtobel, with Acuity Brands ranking second.

Source: LEDinside