On June 29, Atlanta-based lighting products manufacturer Acuity Brands reported its fiscal 2023 3Q earnings, including net sales of $1 billion — a decrease of 5.7%, or $60.3 million — compared to the same quarter last year.
The company’s fiscal 3Q ended May 31.
“In the third quarter of fiscal 2023, we expanded adjusted operating profit margin both sequentially and year-over-year. We continued to grow adjusted diluted earnings per share and we generated strong cash flow from operations, despite a decline in net sales,” said Neil Ashe, Chairman, President and Chief Executive Officer of Acuity Brands, Inc. “We completed the acquisition of KE2 Therm, and we continued to repurchase our shares.”
Operating profit for 3Q was $143.3 million, an increase of $0.6 million, compared to the prior year. Operating profit as a percent of net sales was 14.3%, an increase of 80 basis points, compared to 3Q 2022.
Acuity Brands said that adjusted operating profit was $162.9 million in 3Q 2023, an increase of $0.1 million, compared to the prior year. Adjusted operating profit as a percent of net sales was 16.3%, an increase of 100 basis points, compared to 3Q 2022.
Read more about the company’s latest earnings report here.
Related Posts
-
The transaction is expected to close during the spring of 2023 when KE2 Therm will…
-
The industrial distributor's fiscal 3Q sales grew 5% year-over-year.
-
After three quarters in fiscal 2023, the bearings manufacturer has surpassed $1 billion in net…
