Acuity Brands, Inc. (NYSE: AYI) reported results for the fourth quarter and fiscal year ended August 31st, 2020. For the fourth quarter, net sales amounted to USD 891 Million, a 5% fall during the prior year period. Operating profit margin of 11.9% fell 200 basis points and adjust operating profit margin of 14.7% fell 90 basis points with the prior year period.
For fiscal year 2020, net cash provided by operating activities of USD 505 Million increased USD 10 Million compared to the prior year period. Net sales decreased 9.4% to USD 3.3 Billion. Operating profit for fiscal 2020 was USD 354 Million compared to USD 463 Million for the prior year period, a shortfall of USD 109 Million or 23.5%.
Neil Ashe, President and Chief Executive Officer of Acuity Brands, commented, “Our company achieved strong financial results in the fourth quarter despite the backdrop of a weak market environment associated with the COVID-19 pandemic which continues to negatively impact our end markets. We were able to manage to a 5% decline in sales while balancing a strategic investment in price and maintaining our gross profit margins. The fiscal year 2020 full-year net cash from operating activities was a record $505 million as we effectively managed our working capital in this challenging environment.”
Mr. Ashe commented, “We continued to demonstrate the durability of our business and our ability to generate cash despite challenging market conditions. We believe the uncertainty around the economic recovery due to the COVID-19 pandemic remains and, as a result, we expect weakness in nonresidential building activity based on current construction indicators. As we look forward to fiscal 2021, we see an opportunity to leverage our expanded product portfolio in lighting, lighting controls, and intelligent buildings along with our investment in our digital transformation to expand market share.”