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Acuity Inc. (AYI+1.77%) has submitted its 10-Q filing for the quarterly period ended February 28, 2025.
The filing includes financial statements for the quarter, showing an increase in net sales to $1,006.3 million from $905.9 million in the same quarter the previous year. This increase was primarily driven by the acquisition of QSC, LLC, which contributed $95.1 million in sales.
Gross profit for the quarter was $468.0 million, up from $412.4 million in the previous year, with the gross profit margin increasing to 46.5% from 45.5%.
Selling, distribution, and administrative expenses rose to $357.8 million from $294.3 million, largely due to the inclusion of QSC operating expenses and acquisition-related costs.
Operating profit for the quarter was $110.2 million, down from $118.1 million in the previous year. This decline was attributed to increased expenses, despite higher gross profit.
Net income for the quarter decreased to $77.5 million from $89.2 million in the previous year. Diluted earnings per share were $2.45, down from $2.84.
The company reported net cash provided by operating activities of $191.6 million, compared to $292.6 million in the prior-year period, reflecting higher payments for inventory and acquisition-related costs.
Acuity Inc. completed the acquisition of QSC, LLC for $1.2 billion, expanding its Acuity Intelligent Spaces segment. The acquisition was funded using cash on hand and a term loan facility.
The filing also details the company's financing arrangements, including a $600.0 million revolving credit facility and a $600.0 million term loan facility.
Acuity Inc. paid dividends of $0.32 per share during the quarter and repurchased approximately 0.1 million shares of its common stock for $21.5 million.
The company continues to focus on strategic acquisitions and investments to expand its portfolio and enhance growth opportunities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Acuity Inc. quarterly 10-Q report dated April 3, 2025. To report an error, please email earnings@qz.com.