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Acuity Brands Inc. (AYI+1.53%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $951.6 million from $934.7 million in the same quarter the previous year. The increase is attributed to higher sales in both the Acuity Brands Lighting and Acuity Intelligent Spaces segments.
Gross profit for the quarter was $449.3 million, compared to $428.4 million in the previous year, with the increase attributed to higher net sales and lower material costs.
Selling, distribution, and administrative expenses increased to $316.0 million from $295.5 million, primarily due to higher employee-related costs and sales-related costs.
Net income for the quarter was $106.7 million, up from $100.6 million in the previous year. Diluted earnings per share increased to $3.35 from $3.21.
Cash provided by operating activities was $132.2 million, while cash used in investing and financing activities was $18.4 million and $18.7 million, respectively.
Acuity Brands had a cash position of $935.6 million as of November 30, 2024. The company maintains compliance with all financial covenants under its credit agreements.
The filing also details a subsequent event where Acuity Brands Technology Services, a subsidiary of Acuity Brands, acquired QSC, LLC for $1.215 billion, funded by cash on hand and proceeds from a term loan facility.
The company continues to focus on its growth strategy through investments in its business and strategic acquisitions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Acuity Brands Inc. quarterly 10-Q report dated January 8, 2025. To report an error, please email earnings@qz.com.