Acuity Brands on Tuesday reported fiscal fourth-quarter results that topped market estimates as the company's intelligent spaces segment saw double-digit revenue growth. Adjusted earnings came in at $4.30 per share for the quarter ended August, up from $3.97 the year before. The consensus on Capital IQ was for normalized EPS of $4.20.
Sales increased 2.2% year over year to $1.03 billion, ahead of the Street's view for $1.01 billion. "Our fiscal 2024 fourth quarter performance was strong," Chief Executive Neil Ashe said in a statement. "We grew net sales in both lighting and spaces, delivered margin expansion and increased earnings per share." The stock increased 4.8% in Tuesday trading. Sales in the brands lighting and lighting controls segment rose 1.1% year over year to $955 million.
The increase was driven by improvements across most of the company's channels, but mainly due to higher sales in its corporate accounts business, Chief Financial Officer Karen Holcom said on an earnings call. Revenue in the intelligent spaces group business climbed about 17% to $83.9 million amid growth in the company's Distech Controls energy management solutions unit on the back of data center projects. Operating profit as a percentage of sales rose roughly 430 basis points to 15.2% during the quarter.
Selling, distribution and administrative expenses rose to $331.7 million from $313 million last year. Acuity anticipates adjusted EPS to be in a range of $16 to $17.50 for fiscal 2025 and sales between $3.9 billion to $4.1 billion, Holcom said on the call. The Street is looking for revenue of $3.99 billion in the period while one analyst on Capital IQ expects normalized earnings of $16.40 per share.
In its just-ended fiscal year, the company's adjusted EPS advanced 11% to $15.56, while sales decreased 3% to $3.84 billion. Revenue in the brands lighting and lighting controls division is forecast to rise by low- to mid-single-digits. The company also estimates "low- to mid-teens" sales growth in the intelligent spaces unit, the CFO told analysts. Price: 286.86, Change: +11.47, Percent Change: +4.16.