Acuity Brands, Inc. (NYSE:AYI) Q3 2023 Earnings Conference Call June 29, 2023 8:00 AM ET

Company Participants

Charlotte McLaughlin - VP of IR

Neil Ashe - Chairman, President and CEO

Karen Holcom - SVP and CFO

Conference Call Participants

Tim Wojs - Baird

Joe O'Dea - Wells Fargo

Ryan Merkel - William Blair

Chris Snyder - UBS

Brian Lee - Goldman Sachs

Jeffrey Sprague - Vertical Research

Operator

Good morning, and welcome to the Acuity Brands' Fiscal 2023 Third Quarter Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' 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 third quarter 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 their corresponding GAAP measures are available in our 2023 third quarter 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 our third quarter highlights; and Karen Holcom, our Senior Vice President and Chief Financial Officer, who will walk us through our fiscal third quarter financial performance. 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 welcome to all of you joining us this morning.

In the third quarter of fiscal 2023, we expanded adjusted operating profit margin, both sequentially and year-over-year. We continue to grow adjusted diluted EPS, and we generated strong cash flow from operations, despite a decline in net sales. We completed the acquisition of KE2 Therm and we continued to repurchase our shares.