Energizer Jumps 8% After Q4 Results
Energizer Holdings (NYSE: ENR) released its fiscal fourth quarter earnings results on Thursday after the closing bell. In the wake of strong earnings and revenues, the stock closed Friday's trading session up 7.87 percent to $76.39. Volume was very heavy on the day with around three million ENR shares trading hands compared to a three month daily average under 700,000. The stock has struggled in 2012, registering a loss of almost two percent. Over the last 52-weeks, however, ENR has added better than 10 percent.
For fiscal 2012, Energizer reported earnings and revenues that were above Wall Street expectations and also issued fiscal 2013 earnings guidance which was better than expected.
The company also announced that it is cutting 10 percent of its global workforce, or about 1,500 employees as part of a restructuring program.
For the fourth quarter, the company reported net income of $117.0 million or $1.84 per share, compared to $45.8 million or $0.67 per share, in the year ago period. On an adjusted basis, which is comparable to analysts' consensus, earnings per share were $1.76 versus $1.10 in last year's corresponding period. This easily beat Wall Street consensus EPS estimates of $1.55.
Net sales in the quarter were down five percent to $1.14 billion from $1.20 billion last year. This was in-line with analysts' consensus revenue estimates of $1.14 billion.
For fiscal 2012, Energizer's net income was $408.9 million or $6.22 per share, compared to $261.2 million or $3.72 per share, in the year ago period. Adjusted earnings were $6.20 per share versus $5.20 last year. Sales were down 2 percent to $4.57 billion compared to $4.65 billion last year. This compared to Wall Street consensus EPS estimates of $6.01 on revenue of $4.56 billion for the fiscal year.
For fiscal 2013, Energizer said that it expects adjusted earnings per share between $6.75 and $7.00 on low-single digit sales growth. Currently, analysts have consensus EPS estimates of $6.38 on revenue of $4.60 billion for fiscal 2013.
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