Overview
- Acuity Brands, which reported fiscal Q2 results Thursday, logged $1.06 billion in sales, $133 million in operating profit, and earnings of $3.09 per share with adjusted EPS of $4.14.
- The Intelligent Spaces unit jumped 44.7% to $248.1 million as QSC and building-automation lines scaled, while the lighting unit fell 2.8% to $817.4 million on softer demand and fewer large projects.
- Margins widened across the business, and the lighting segment took a $6 million charge tied to labor cuts and factory efficiency moves to match current demand.
- Leaders guided lighting revenue to flat to down low single digits for the year and projected low to mid teens growth for Intelligent Spaces, citing a soft market, tight supplies of memory chips, and labor drawn to data center builds.
- Cash flow supported an 18% dividend increase to 20 cents, $106 million in share repurchases, and $200 million of QSC-acquisition debt repayment, leaving $200 million outstanding.