Acuity Brands, Inc. (NYSE: AYI) saw its shares move skyward Monday morning, on announcing net sales of $997.9 million in the first quarter of fiscal 2023 ended November 30, 2022, an increase of 7.8% or $71.8 million, compared to the prior year.
"We delivered solid results in the first quarter of fiscal 2023 as we continued to demonstrate our ability to drive sales growth through product vitality and service in both our lighting and spaces businesses." stated CEO Neil Ashe. "We expanded adjusted operating profit, substantially grew adjusted diluted earnings per share and generated strong cash flow from operations. We again created permanent shareholder value through share repurchases."
Operating profit was $108.9 million in the first quarter of fiscal 2023, a decrease of $6.2 million, or 5.4%, compared to the prior year. Operating profit as a percent of net sales was 10.9% in the first quarter of fiscal 2023, a decrease of 150 basis points, compared to the prior year. Adjusted operating profit was $140.1 million in the first quarter of fiscal 2023, an increase of $7.1 million, or 5.3%, compared to the prior year.
Adjusted operating profit as a percentage of net sales was 14% in the first quarter of fiscal 2023, a decrease of 40 basis points, compared to the prior year.
During the first quarter of fiscal 2023, Acuity sold its Sunoptics business and announced plans to eliminate certain custom architectural product lines. As a result, AYI took charges totaling $22.1 million ($0.52 per diluted share) related to special charges for impairments, severance and a loss on the sale of the Sunoptics business.
AYI shares popped $8.44, or 5%, to $178.19.
