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Reading, PA, United States, 2010/08/16 - EnerSys announced today results for its first quarter of fiscal 2011, which ended on July 4, 2010 (NYSE: ENS).
EnerSys (NYSE: ENS) the global leader in stored energy solutions for industrial applications, announced today results for its first quarter of fiscal 2011, which ended on July 4, 2010.
Net earnings for the first quarter of fiscal 2011 were $23.0 million or $0.47 per diluted share, including an unfavorable highlighted $0.01 per share impact from the $0.5 million, $0.7 million pre-tax, charge for restructuring plans. This compares to diluted net earnings per share of $0.17 for the first quarter of fiscal 2010, which included an unfavorable highlighted charge of $0.06 per share impact from the $2.5 million, $3.5 million pre-tax, charge for restructuring plans and the $0.3 million, $0.4 million pre-tax, expense related to activities for potential acquisitions.
Net sales for the first quarter of fiscal 2011 were $435.0 million, an increase of 28% from the prior year first quarter net sales of $340.3 million and a 3% sequential quarterly decrease from the fourth quarter of fiscal 2010’s net sales of $450.5 million. The 28% increase was the result of a 19% increase in organic volume, 6% from acquisitions, and 6% due to pricing, which was partially offset by a 3% decrease from weaker foreign currencies, primarily the euro and British pound. The sequential revenue decline of $15.5 million in the first quarter was due primarily to the effect of weaker foreign currencies.
Adjusted net earnings for the first quarter of fiscal 2011, on a non-GAAP basis, were $0.48 per diluted share. This compares to the prior year first quarter net earnings of $0.23 per diluted share on an adjusted, non-GAAP basis. 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.
“Our first quarter adjusted earnings of $0.48 per diluted share are the best first quarter earnings in our Company’s history. I am pleased with our performance in light of the current economic conditions. We continue to see strong year over year and quarter over quarter growth in our incoming order rate. Our order backlog is now at a record level, which bodes well for our future performance,” stated John D. Craig, Chairman, President and Chief Executive Officer of EnerSys. “We anticipate that the cost reduction and restructuring initiatives we have undertaken over the past three years coupled with our expectation of increasing sales volume will result in continued earnings improvement in the second half of this year.”
Craig added, “Our second quarter guidance for non-GAAP adjusted net earnings per diluted share will be between $0.49 to $0.53, which excludes the expected charge of $0.06 from our ongoing restructuring programs and acquisition expenses.”