Acuity Brands, Inc. (NYSE:AYI) Q2 2024 Results Conference Call April 3, 2024 8:00 AM ET
Company Participants
Charlotte McLaughlin - Vice President of Investor Relations
Neil Ashe - Chairman, President & Chief Executive Officer
Karen Holcom - Senior Vice President & Chief Financial Officer
Conference Call Participants
Joe O'Dea - Wells Fargo
Ryan Merkel - William Blair
Christopher Glynn - Oppenheimer & Company
Jeffrey Sprague - Vertical Research
Bobby Schultz - Baird
Chris Snyder - UBS
Jeff Osborne - TD Cowen
Operator
Good morning, and welcome to the Acuity Brands Fiscal 2024 Second Quarter 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
Good morning, and welcome to the Acuity Brands fiscal 2024 second quarter earnings call.
On the call this morning is Neil Ashe, our Chairman, President and Chief Executive Officer; and Karen Holcom, our Senior Vice President and Chief Financial Officer. Today's call will include updates on our strategic progress, and on our fiscal 2024 second quarter performance. There will be an opportunity for Q&A at the end of this call.
As a reminder, some of our comments today may be forward looking statements. We intend these forward looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as detailed on Slide 2 of the accompanying presentation.
Reconciliations of certain non-GAAP financial metrics with their corresponding GAAP measures are available in our 2024 second quarter earnings release and supplemental presentation, both of which are available on our Investor Relations website at www.investors.acuitybrands.com.
Thank you for your interest in Acuity Brands. I will now turn the call over to Neil Ashe.
Neil Ashe
Thank you, Charlotte, and thank you all for joining us this morning.
Our fiscal 2024 second quarter was another quarter of solid execution. We increased our adjusted operating profit, adjusted operating profit margin and adjusted diluted earnings per share. We generated strong free cash flow, and we allocated capital effectively to drive value.
Both our lighting and our intelligent spaces businesses delivered strong financial performance. In ABL, we increased adjusted operating profit by $3 million on $47 million less sales and increased the adjusted operating profit margin 120 basis points to 16.2%. This performance is is the cumulative result of the changes that we have made to the business over the last four years.