Acuity Brands announces fourth quarter and full-year fiscal 2023 results

On October 4, American lighting manufacturer Acuity Brands announced its fourth quarter and full-year results for fiscal year 2023. During the reporting period, the company's overall sales and net profit both declined.

Acuity Brands said that despite the decline in lighting business sales in the fourth quarter, the company's adjusted operating profit margin and adjusted diluted earnings per share improved, and the company continued to improve its business and capital allocation.

In the fourth quarter, Acuity Brands achieved net sales of US$1 billion (approximately RMB 7.302 billion), a year-on-year decrease of 9%; operating profit was US$109.7 million, a decrease of US$39.9 million compared with the same period last year, and adjusted operating profit was US$162 million, a decrease of US$7.4 million year-on-year.

Diluted earnings per share in the fourth quarter were US$2.63, a decrease of US$0.85, or 24.4%, from the previous year. Adjusted diluted earnings per share in the fourth quarter of fiscal 2023 was $3.97, an increase of $0.02 from $3.95 in the same period last year.

For the full year of fiscal year 2023, Acuity Brands achieved net sales of US$3.95 billion (approximately RMB 28.841 billion), a decrease of 1.3% compared with fiscal year 2022; it achieved operating profit of 4.73% billion, a decrease of US$36.3 million from the previous year, and adjusted operating profit was US$597 million, an increase of US$9.3 million from the previous year.

For the full year of fiscal 2023, diluted earnings per share were US$10.76, a decrease of 2.9% from the previous year, and adjusted diluted earnings per share were US$14.05, an increase of 9.5% from the previous year. Net cash provided by operating activities was $578 million, an increase of $262 million from the prior year primarily due to improvements in Acuity Brands' working capital. Additionally, in fiscal 2023, Acuity Brands repurchased approximately 1.6 million shares of common stock for a total value of $269 million.

Based on the operating conditions of each business unit, Acuity Brands' Lighting and Lighting Control Division (ABL) achieved net sales of US$944 million in the fourth quarter, a year-on-year decrease of 10.5%; operating profit was US$118 million, a year-on-year decrease of US$33.6 million, and adjusted operating profit was US$159 million, a year-on-year decrease of US$3 million.

Full fiscal year 2023, ABL achieved net sales of US$3.7 billion, a decrease of 2.3% from the previous year; operating profit of US$510 million, a decrease of 6.6% from the previous year, and adjusted operating profit of US$591 million, an increase of 0.7% from the 2022 fiscal year.

The Intelligent Space Group (ISG) achieved net sales of US$71.9 million in the fourth quarter, an increase of 17.1% compared with fiscal year 2022; operating profit was US$9.4 million, a decrease of US$900,000 year-on-year, and adjusted operating profit was US$14.2 million, a decrease of US$400,000 year-on-year.

For the full year of fiscal year 2023, ISG achieved net sales of US$253 million, an increase of 16.9% from the previous year; operating profit of US$32.1 million, an increase of US$9.4 million from the previous year, and adjusted operating profit of US$50.1 million, an increase of US$10.2 million from the previous year.