Lighting and building management firm Acuity Brands, Inc (NYSE:AYI) reported a fiscal third-quarter 2024 net sales decline of 3.2% year-over-year to $968.1 million, missing the analyst consensus estimate of $1.01 billion. 

It clocked an adjusted EPS of $4.15, beating the analyst consensus estimate of $4.13.

Sales by segments: Acuity Brands Lighting (ABL) and Lighting Controls revenue hit $898.5 million (-4.5% Y/Y), and Intelligent Spaces Group (ISG) clocked $75.7 million (+15.0% Y/Y).

The consolidated adjusted operating margin grew by 100 bps to 17.3%. ABL’s adjusted operating margin expanded by 100 bps to 18.0%. ISG's margin increased by 340 bps to 22.9%.

The company generated $445.1 million in operating cash flow for the first nine months of fiscal 2024, a decrease of $26.4 million compared to the prior year.

Adjusted EBITDA was $180.0 million, up from $175.6 million a year ago. The margin expanded by 100 bps to 18.6%.

Acuity Brands stock gained over 48% in the last 12 months. Investors can gain exposure to the stock via iShares Core S&P Mid-Cap ETF (NYSE:IJH) and Vanguard Small-Cap ETF (NYSE:VB).

Price Action: AYI shares are down 0.73% at $238.01 premarket at the last check Thursday.

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