Market Overview

EnerSys Reports Preliminary Fourth Quarter EPS of $0.98 vs $0.86-0.90 Prior Guidance

EnerSys (NYSE: ENS) announced today preliminary results for its fourth quarter of fiscal 2012, which ended on March 31, 2012.

Net earnings for the fourth quarter of fiscal 2012 are expected to be $45.4 million, or $0.94 per diluted share, including an unfavorable highlighted $0.04 per share impact from the $1.7 million, $2.3 million pre-tax, charge for restructuring plans and $0.2 million, $0.3 million pre-tax, for fees related to acquisition activities.

The expected net earnings of $0.94 per diluted share, which includes the highlighted items, compares to diluted net earnings per share of $0.59 for the fourth quarter of fiscal 2011, which included an unfavorable highlighted impact of $0.16 per share from the $1.3 million, $1.6 million pre-tax, charge for restructuring plans, $0.9 million, $1.2 million pre-tax, for fees related to acquisition activities, $5.3 million, $8.2 million pre-tax, for charges from refinancing activities and $0.4 million, $0.6 million pre-tax, for costs associated with a secondary offering of the Company's common stock held by certain of our stockholders.

Excluding these highlighted items, adjusted net earnings per diluted share for the fourth quarter of fiscal 2012, on a non-GAAP basis, are expected to be $0.98, which would exceed the guidance of $0.86 to $0.90 per diluted share given by the Company on February 8, 2012. These earnings compare to the prior year fourth quarter adjusted net earnings of $0.75 per diluted share. Please refer to the section included herein under the heading "Reconciliation of Non-GAAP Financial Measures" for a discussion of the Company's use of non-GAAP adjusted financial information.

Net sales for the fourth quarter of fiscal 2012 were $592.8 million, an increase of 8% from the prior year fourth quarter net sales of $548.0 million and a 3% sequential quarterly increase from the third quarter of fiscal 2012's net sales of $574.2 million. The 8% increase was the result of a 3% increase in organic volume, a 2% increase due to pricing, a 4% increase from acquisitions and a 1% decrease in foreign currency translation impact.

Net earnings for the twelve months of fiscal 2012 are expected to be $144.0 million, or $2.93 per diluted share, and will include the unfavorable impact from highlighted charges of $0.10 per share. Highlighted charges include $3.8 million, $5.0 million pre-tax, for restructuring plans and $1.8 million, $2.8 million pre-tax, for expenses related to acquisition activities partially offset by a $0.6 million, $0.9 million pre-tax, legal settlement in favor of the Company.

Net earnings for the twelve months of fiscal 2011 were $113.4 million, or $2.27 per diluted share, and included the unfavorable impact from highlighted charges of $0.25 per share. Highlighted charges included $5.4 million, $6.8 million pre-tax, for restructuring plans, $1.9 million, $2.5 million pre-tax, for expenses related to acquisition activities, $5.3 million, $8.2 million pre-tax, for charges from refinancing activities and $0.4 million, $0.6 million pre-tax, of costs associated with a secondary offering of the Company's common stock held by certain of our stockholders.

Adjusted net earnings per diluted share for the twelve months of fiscal 2012, on a non-GAAP basis, are expected to be $3.03 and compares to $2.52 per diluted share for the comparable period of fiscal 2011. Please refer to the section included herein under the heading "Reconciliation of Non-GAAP Financial Measures" for a discussion of the Company's use of non-GAAP adjusted financial information.

Net sales for the twelve months of fiscal 2012 were $2,283.4 million, an increase of 16% from the net sales of $1,964.4 million in the comparable period of fiscal 2011. The 16% increase was the result of an 8% increase in organic volume, 2% increase due to pricing, 4% increase from acquisitions and a 2% increase from foreign currency translation impact.

Posted-In: News Guidance

 

Related Articles (ENS)

Around the Web, We're Loving...

Get Benzinga's Newsletters