Acuity Brands Q2 sales fall 4% to $906 million; diluted EPS rises 11% to $2.84
Acuity Brands reported results for its fiscal 2024 second quarter ended February 29, 2024. Net sales fell 4.0% to $905.9 million, while GAAP diluted EPS rose 10.5% to $2.84 and operating profit rose 5.9% to $118.1 million. The mixed result of lower sales and higher per-share earnings is the key point for shareholders.
- Net sales were $905.9 million, down $37.7 million or 4.0% from the prior year
- Diluted EPS was $2.84, up $0.27 or 10.5% from $2.57; adjusted diluted EPS was $3.38, up from $3.06
- Operating profit was $118.1 million, up 5.9%; operating margin was 13.0%, up 120 basis points
- Year to date, the company repurchased about 370,000 shares for about $68 million