Acuity Brands reported a solid fourth quarter (fiscal 2024 Q4) with net sales of approximately $1.032 billion, up about 2% year over year, reflecting growth across Lighting and Intelligent Spaces Group (ISG) and a stable ABL performance. The company posted a 15.2% operating margin and 11.5% net margin, alongside robust cash generation, finishing the year with almost $846 million in cash and a net cash position of roughly $-272 million (net debt). Margin expansion continued, supported by gross margin strength (47.3%), price-cost management, and productivity gains. Free cash flow reached about $151 million for the quarter, and full-year 2024 operating cash flow was $619 million, underscoring Acuity’s capacity to fund growth, acquisitions, dividends, and buybacks from a strongly levered cash position. Management signaled a disciplined capital allocation framework, increasing the dividend by 15% and executing $89 million of share repurchases, while maintaining an active M&A pipeline focused on ISG and disruptive technologies. For 2025, Acuity provided annual net sales guidance of $3.9–$4.1 billion and adjusted diluted earnings per share (EPS) guidance of $16.00–$17.50, with ABL expected to grow in the low-to-mid single digits and ISG in the low-to-mid teens, reflecting ongoing market expansion and portfolio diversification. The leadership team emphasized a growth algorithm for Lighting (mid-single digits long-term), continued margin expansion (targeting ~50–100 basis points of adjusted operating profit margin per year), and a continued push into data-enabled building solutions. Overall, AYI remains well-positioned to compound value through product vitality, service improvements, and a differentiated edge-to-cloud platform strategy, even as macro volatility and input-cost dynamics warrant monitoring.