Steady Financial Performance
Net sales grew by 11% year-over-year to $1 billion, driven by growth in Intelligent Spaces and the inclusion of two months of QSC sales. Adjusted operating profit increased by 16% to $163 million, with a margin expansion of 70 basis points to 16.2%.
Successful Integration of QSC
The acquisition of QSC has been successfully integrated, contributing to the improved gross margin and overall company performance. QSC's adjusted operating profit margin is similar to Atrius and Distech, which are part of the AIS segment.
Strong Performance in Intelligent Spaces
Sales in Acuity Intelligence Spaces increased by $103 million, with a growth of 12.2% in Atrius and Distech combined, and strong contribution from QSC.
Product Innovation and Recognition
The company won 14 product innovation awards from Architectural Products Magazine and seven Lighting Design Awards, showcasing achievements in product vitality and technology.