Acuity Brands, Inc. (NYSE:AYI) Q4 2023 Earnings Call Transcript October 4, 2023 8:00 AM ET

Company Participants

Charlotte McLaughlin - VP, IR

Neil Ashe - Chairman, President & CEO

Karen Holcom - SVP, CFO

Conference Call Participants

Tim Wojs - Baird

Joe O'Dea - Wells Fargo

Chris Snyder - UBS

Jeff Osborne - TD Cowen

Jeffrey Sprague - Vertical Research Partners

Operator

Good morning, and welcome to the Acuity Brands Fiscal 2023 Fourth Quarter and Full Year Earnings Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, the company will conduct a question-and-answer session. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Charlotte McLaughlin, Vice President of Investor Relations.

Charlotte, please go ahead.

Charlotte McLaughlin

Thank you, Liz. Good morning, and welcome to the Acuity Brands fiscal 2023 fourth quarter and full year earnings call. As a reminder, some of our comments today may be forward-looking statements based on our management's beliefs and assumptions and information currently available to our management at this time. These beliefs are subject to known and unknown risks and uncertainties, many of which may be beyond our control, including those detailed in our periodic SEC filings. Please note that our company's actual results may differ materially from those anticipated, and we undertake no obligation to update these statements. Reconciliations of certain non-GAAP financial metrics with our corresponding GAAP measures are available in our 2023 fourth quarter and full year earnings release, which is available on our Investor Relations website at www.investors.acuitybrands.com.

With me this morning is Neil Ashe, our Chairman, President and Chief Executive Officer, who will provide an update on our strategy and give an overview of our full year highlights, and also Karen Holcom, our Senior Vice President and Chief Financial Officer, who will walk us through our fourth quarter performance and full financial year performance as well as provide an outlook for our full year fiscal 2024.

There will be an opportunity for Q&A at the end of this call. For those participating, please limit your remarks to one question and one follow-up, if necessary. We are webcasting today's conference call live. Thank you for your interest in Acuity Brands.

I will now turn the call over to Neil Ashe.

Neil Ashe

Thank you, Charlotte, and good morning to all of you joining us. Our fiscal fourth quarter performance demonstrated excellent execution. Our focus on margin and cash generation led to increased adjusted operating profit margin and higher adjusted diluted earnings per share despite a decline in sales in the lighting business. This quarter concluded a successful year. We delivered strong financial performance, we continued to improve our businesses, and we allocated capital effectively. Throughout fiscal 2023, both our lighting and spaces teams made meaningful progress driving our business forward.