Overview

• Net sales rose 17.1% year over year to $1.21 billion, narrowly missing the $1.23 billion consensus.
• Adjusted diluted EPS came in at $5.20, outpacing the $4.84 analyst estimate.
• Acuity Intelligent Spaces revenue jumped to $255.2 million, up 204.2%, while Acuity Brands Lighting inched up to $962.4 million, up 0.8%.
• Profitability mixed: consolidated adjusted operating margin expanded to 18.6%, ABL improved to 20.1%, AIS eased to 21.4%, and GAAP operating margin slipped 30 bps to 14.9%.
• Cash fell to $422.5 million from $845.8 million as the company completed QSC and M3 deals, lifted the dividend to $0.17, repurchased $118.5 million of stock, and repaid $200 million of debt, with shares up about 18% year to date.