The company said its Q1 2024 net sales rose to $1,399.1 million, up $113.7 million from a year earlier. Organic net sales grew 2.3%, and the net effect of acquisitions and divestitures was 6.2%.

10-QQuarterly reportFiled May 1, 2024Period of report Mar 31, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said its Q1 2024 net sales rose to $1,399.1 million, up $113.7 million from a year earlier. Organic net sales grew 2.3%, and the net effect of acquisitions and divestitures was 6.2%.
The company said its operating margin for Q1 2024 was 16.3%, down 310 basis points, and its adjusted operating margin was 19.7%, down 100 basis points. It cited material and other cost inflation, lower volume and continued investments in the business as factors behind the decline.
The company said it agreed in December 2023 to sell its residential lighting business for a cash purchase price of $131 million, subject to customary adjustments, and that the sale closed in Q1 2024. It said it recorded a pre-tax loss on the sale of $5.3 million within total other expense and also recognized income tax expense related to the sale of $6.8 million.
The company said its short-term debt and current portion of long-term debt totaled $219.7 million as of March 31, 2024, of which commercial paper accounted for $199.0 million. It also said there were no borrowings outstanding under its $750 million 2021 Credit Facility, and that the full amount was available.

Key figures

Quarter ended March 31, 2024

Revenue: $1.4B
Operating income: $229M
Net income: $148M
EPS: $2.73
Gross profit: $448M
Operating cash flow: $92M

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Net sales for Q1 2024 $1,399.1 million

The company said its Q1 2024 net sales rose to $1,399.1 million, up $113.7 million from a year earlier. Organic net sales grew 2.3%, and the net effect of acquisitions and divestitures was 6.2%.

Source · Based on the MD&A text of the filing

Operating Margin 16.3%, Adjusted Operating Margin 19.7%

The company said its operating margin for Q1 2024 was 16.3%, down 310 basis points, and its adjusted operating margin was 19.7%, down 100 basis points. It cited material and other cost inflation, lower volume and continued investments in the business as factors behind the decline.

Source · Based on the MD&A text of the filing

Residential Lighting Business Sale $131 million

The company said it agreed in December 2023 to sell its residential lighting business for a cash purchase price of $131 million, subject to customary adjustments, and that the sale closed in Q1 2024. It said it recorded a pre-tax loss on the sale of $5.3 million within total other expense and also recognized income tax expense related to the sale of $6.8 million.

Source · Based on the MD&A text of the filing

Short-Term Debt $219.7 million and Available Credit Capacity

The company said its short-term debt and current portion of long-term debt totaled $219.7 million as of March 31, 2024, of which commercial paper accounted for $199.0 million. It also said there were no borrowings outstanding under its $750 million 2021 Credit Facility, and that the full amount was available.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

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