Acuity Brands Inc (NYSE:AYI) stock fell 1.71% (As on January 10, 11:08:26 AM UTC-4, Source: Google Finance) after the company posted mixed results for first quarter of FY 23. Adjusted operating profit was $140.1 million in the first quarter of fiscal 2023, an increase of $7.1 million, or 5.3 percent, compared to the prior year. Adjusted operating profit as a percent of net sales was 14.0 percent in the first quarter of fiscal 2023, a decrease of 40 basis points, compared to the prior year. During the first quarter of fiscal 2023, the company sold the Sunoptics business and announced plans to eliminate certain custom architectural product lines. As a result, the company took charges totaling $22.1 million ($0.52 per diluted share) related to special charges for impairments, severance and a loss on the sale of the Sunoptics business.

Moreover, Acuity Brands Lighting and Lighting Controls (“ABL”) generated net sales of $947.1 million in the first quarter of fiscal 2023, an increase of $63.5 million, or 7.2 percent, compared to the prior year. ABL adjusted operating profit was $138.8 million in the first quarter of fiscal 2023, an increase of $0.6 million, or 0.4 percent, compared to the prior year. ABL adjusted operating profit as a percent of ABL net sales was 14.7 percent in the first quarter of fiscal 2023, a decrease of 90 basis points from 15.6 percent, compared to the prior year. Intelligent Spaces Group (“ISG”) generated net sales of $56.8 million in the first quarter of fiscal 2023, an increase of $10.4 million, or 22.4 percent, compared to the prior year.

AYI in the first quarter of FY 23 has reported the adjusted earnings per share of $3.29, beating the analysts’ estimates for the adjusted earnings per share of $2.92, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 8 percent to $997.9 million in the first quarter of FY 23, missing the analysts’ estimates for revenue of $1 billion. Net cash from operating activities was $186.6 million for the first three months of fiscal 2023, an increase of $102.9 million, compared to the prior year due to an improvement in our working capital.

During the first quarter of fiscal 2023, the Company repurchased approximately 0.5 million shares of common stock for a total of $78 million.