Acuity Inc. (De) (AYI) Q3 FY2024 earnings: revenue $968 million, down 3.2% on the year

Acuity Inc. (De) (AYI) reported revenue of $968 million for Q3 FY2024, the quarter ended 31 May 2024, down 3.2% on the same quarter a year earlier. Net income was $114 million, up 8.5% on the year, and diluted earnings per share $3.62. The figures are the company's own, from the 10-Q it filed with the SEC on 27 June 2024.

Revenue$968 milliondown 3.2%

Net income$114 millionup 8.5%

Diluted EPS$3.62

QuarterQ3 FY2024ended 31 May 2024

The quarter, against the one before and a year earlier

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Revenue	968	906	n/a	n/a
Cost of revenue	516	494	n/a	n/a
Gross profit	452	412	n/a	n/a
Gross margin	46.7%	45.5%	n/a
Selling, general and administrative	307	294	n/a	n/a
Operating income	145	118	n/a	n/a
Operating margin	15.0%	13.0%	n/a
Interest expense	6.3	6.5	n/a	n/a
Pre-tax income	148	118	n/a	n/a
Income tax	33.7	28.4	n/a	n/a
Effective tax rate	22.8%	24.1%	n/a
Net income	114	89.2	n/a	n/a
Net margin	11.8%	9.8%	n/a
Diluted EPS	$3.62	$2.84	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Operating cash flow	152	103	n/a	n/a
Capital expenditure	12.0	14.4	n/a	n/a
Free cash flow	140	88.2	n/a	n/a
Free cash flow margin	14.5%	9.7%	n/a
Cash from investing	-11.9	-18.2	n/a	n/a
Cash from financing	-21.5	-19.3	n/a	n/a
Depreciation and amortisation	22.9	22.9	n/a	n/a
Share-based compensation	11.8	12.0	n/a	n/a
Buybacks	20.9	19.6	n/a	n/a
Dividends paid	4.6	4.7	n/a	n/a
Dividend per share	$0.15	$0.15	n/a	n/a
Diluted shares, weighted	31m	31m	n/a	n/a
Shares outstanding at period end	31m	31m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Shareholders' equity	2,255	2,150	n/a	n/a
Debt	496	496	n/a	n/a
Operating lease liabilities	63.4	67.5	n/a	n/a
Other liabilities	829	813	n/a	n/a
Total liabilities and equity	3,643	3,526	n/a	n/a
Fixed assets	298	296	n/a	n/a
Goodwill	1,097	1,097	n/a	n/a
Intangible assets	453	463	n/a	n/a
Cash and equivalents	699	579	n/a	n/a
Receivables	512	495	n/a	n/a
Inventory	372	376	n/a	n/a
Other assets	212	220	n/a	n/a
Total assets	3,643	3,526	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,010	935	906	968	1,032	952	1,006	1,179	1,209	1,144	1,056	1,198
Cost of revenue	568	506	494	516	544	502	538	608	618	590	535	592
Gross profit	443	428	412	452	489	449	468	570	591	554	520	606
Gross margin	44%	46%	46%	47%	47%	47%	47%	48%	49%	48%	49%	51%
SG&A	313	296	294	307	332	316	358	401	410	393	382	413
Operating income	110	133	118	145	157	133	110	140	181	160	133	193
Operating margin	11%	14%	13%	15%	15%	14%	11%	12%	15%	14%	13%	16%
Interest expense	6.1	6.4	6.5	6.3	6.1	6.1	11.7	14.6	10.1	10.5	8.7	7.8
Pre-tax income	105	131	118	148	152	135	102	125	138	153	123	185
Tax rate	21%	23%	24%	23%	22%	21%	24%	22%	17%	21%	21%	24%
Net income	82.9	101	89.2	114	119	107	77.5	98.4	114	120	96.8	141
Net margin	8%	11%	10%	12%	12%	11%	8%	8%	9%	11%	9%	12%
Diluted EPS	$2.63	$3.21	$2.84	$3.62	$3.77	$3.35	$2.45	$3.12	$3.61	$3.82	$3.09	$4.56
Operating cash flow	107	190	103	152	174	132	59.4	207	202	141	89.1	290
Capital expenditure	18.7	14.6	14.4	12.0	23.0	18.9	9.7	15.0	24.8	26.0	15.8	16.7
Free cash flow	87.9	175	88.2	140	151	113	49.7	192	178	115	73.3	274
Buybacks	50.4	48.2	19.6	20.9	0.0	6.7	15.9	68.7	27.2	27.1	75.9	127
Dividends paid	4.1	4.1	4.7	4.6	4.8	4.5	5.5	5.3	5.3	5.3	6.3	6.1
Shares outstanding	31m	31m	31m	31m	31m	31m	31m	31m	31m	31m	30m	30m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 May 2024, filed 27 June 2024, accession 0001144215-24-000068: the filing on EDGAR. All of Acuity Inc. (De)'s filings: EDGAR company page.

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