AYI - Acuity Brands Announces First Quarter Financial Results

Acuity Brands, Inc. (NYSE: AYI) reported results for the first quarter.  First quarter net sales amounted to USD 792 Million, a 5.1% fall compared to the prior year period.  Operating profit margin reached 10.8, increased 80 basis points and adjusted operating profit margin of 13.2% down 110 basis points compared with the prior year period.  Net income amounted to USD 60 Million, a 4.6% rise with the prior year period.  Net cash on operating activities totaled to USD 124 Million for the first quarter compared to USD 130 Million in the prior year.  Neil Ashe, Chief Executive Officer of Acuity Brands, commented, “Our Company delivered consistent financial performance in our first quarter amid the challenging market environment associated with the pandemic that continues to negatively impact our end markets. We achieved gross profit margins of 42%, in line with our gross profit margins in the fourth quarter, resulting from our ongoing actions to drive productivity and reduce product input costs. We generated free cash flow of $113 million and deployed $255 million of cash to repurchase shares under our share repurchase program.”

Mr. Ashe further commented, “The health and well-being of our associates remain our first priority. I am extremely pleased with how our talented associates have worked together during the pandemic to support each other and our customers. As part of our ongoing commitment to making a difference in our communities, we released our EarthLIGHT report during the first quarter to highlight our progress to deliver on our governance and sustainability objectives.”

Mr. Ashe commented, “We continue to invest in our business to expand our technology and product portfolios in lighting, lighting controls, and intelligent buildings while we drive our transformation to improve our service capabilities. While the recovery in the economic environment remains uncertain due to the impacts of the pandemic, we are cautiously optimistic about returning to stability in our end markets in calendar year 2021, and are excited about the opportunity that lies before us to transform our business and gain share. We will continue to use our strong cash generation to prioritize growth investments and share repurchases.”

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