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EnerSys Reports Third Fiscal Quarter of 2010 Results - EnerSys announced results for its third fiscal quarter of 2010, which ended on December 27, 2009 [NYSE: ENS]
EnerSys Reports Third Fiscal Quarter of 2010 Results

 

NewswireToday - /newswire/ - Reading, PA, United States, 2010/02/05 - EnerSys announced results for its third fiscal quarter of 2010, which ended on December 27, 2009 [NYSE: ENS].

   
 
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EnerSys (NYSE: ENS), the world’s largest manufacturer, marketer and distributor of industrial batteries, today announced results for its third fiscal quarter of 2010, which ended on December 27, 2009.

Net earnings for the third fiscal quarter of 2010 were $23.2 million or $0.47 per diluted share, including the combined favorable impact of $0.03 per share from the following highlighted items: a) a $2.9 million ($2.9 million pre-tax) bargain purchase gain on the Oerlikon Battery acquisition, partially offset by b) the unfavorable charges of $0.7 million, $1.1 million pre-tax, for our restructuring plans, and c) a $0.5 million, $0.8 million pre-tax expense related to potential acquisition activities.

This compares to diluted net earnings per share of $0.61 for the third fiscal quarter of 2009, which included a nil amount of highlighted charges (unfavorable $0.3 million pre-tax).

Adjusted net earnings for the third fiscal quarter of 2010, on a non-GAAP basis, were $0.44 per diluted share. This compares to our previous guidance of $0.35 to $0.39 per diluted share and to the prior year third quarter of $0.61 per diluted share on an adjusted and restated non-GAAP basis. These earnings reflect the anticipated decline in revenue, which was partially offset by the positive effects of our cost reduction activities and further reductions in commodity costs, net of pricing. 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 third fiscal quarter of 2010 were $421.3 million, a decrease of 8.6% from the prior year third fiscal quarter net sales of $460.9 million, but a 14.7% sequential quarterly increase from the second fiscal quarter of 2010 net sales of $367.3 million. The 8.6% decline was attributed to a) an 11% decrease in organic volume, and b) a 4% decrease from reduced pricing related to lower commodity costs, partially offset by c) a 5% improvement from stronger foreign currencies, primarily the euro, and d) a favorable 1% impact from acquisitions. We believe the decline in organic volume was a direct result of reduced end-user demand caused by the global economic recession.

In previous press releases, we reported two business segments consisting of Reserve Power and Motive Power products. The accounting guidance for defining a segment for reporting purposes is based on the financial performance measures that are regularly reviewed by the chief operating decision maker to assess segment performance and to make decisions about the allocation of resources. Recent consideration of this accounting guidance and changes made to our management structure have led us to conclude that we will report our segment results based on our three geographic regions.

Net earnings for the nine fiscal months of 2010 were $44.5 million or $0.91 per diluted share, including the net unfavorable impact of $0.08 per share from the following highlighted items: a) the $5.3 million, $7.7 million pre-tax, charge for our restructuring plans, and b) the $1.3 million, $1.9 million pre-tax, expense related to potential acquisition activities; partially offset by c) the favorable $2.9 million, $2.9 million pre-tax, bargain purchase gain on the Oerlikon Battery acquisition.

This compares to diluted net earnings per share of $1.59 for the nine fiscal months of 2009, which included net favorable highlighted credits of $0.01 per share or $0.6 million, $0.8 million pre-tax.

Adjusted net earnings for the nine fiscal months of 2010, on a non-GAAP basis, were $0.99 per diluted share. This compares to the nine fiscal months of the prior year of $1.58 per diluted share on an adjusted and restated non-GAAP basis. These earnings reflect the anticipated decline in revenue, which was partially offset by the positive effects of our cost reduction activities and further reductions in commodity costs, net of pricing. 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 nine fiscal months of 2010 were $1.13 billion, a decrease of 28.5% from the prior year period net sales of $1.58 billion. The 28.5% decline was attributed to a 22% decline in organic volume, 2% from weaker foreign currencies, primarily the euro, and 5% from reduced pricing related to lower commodity costs. The positive impact from acquisitions in this period was less than one percentage point.

“Driven primarily by increased sales volume and cost improvements, our third quarter adjusted diluted earnings per share were $0.44, exceeding our guidance of $0.35 to $0.39 per share,” stated John D. Craig, chairman, president and chief executive officer of EnerSys. “As we have previously noted, the economic downturn has provided us with several acquisition opportunities. In future quarters, we will see the benefits of our recent acquisitions of Oerlikon and Douglas Battery and our investment in Altergy Systems. In addition, we will continue to benefit from our restructuring programs as our sales volume continues to recover.”

Craig added, “Our fourth quarter guidance for non-GAAP, adjusted earnings per diluted share will be between $0.39 and $0.43, which excludes an expected charge of $0.09 per diluted share from restructuring and acquisition related costs. The lower sequential quarter over quarter earnings are attributable to rapidly increasing lead costs incurred in our third quarter which will adversely impact our fourth quarter costs by approximately $20 million or $0.29 per share. This increased cost should be largely offset in future quarters by our recently announced price increases.”

Reconciliation of Non-GAAP Financial Measures
This press release contains financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). EnerSys' management uses the non-GAAP measure “adjusted net earnings” in their analysis of the Company's performance. This measure, as used by EnerSys in past quarters and years, adjusts net earnings determined in accordance with GAAP to reflect changes in financial results associated with the Company's restructuring initiatives and highlighted charges and credits. Management believes the presentation of this financial measure reflecting these non-GAAP adjustments provides important supplemental information in evaluating the operating results of the Company as distinct from results that include items that are not directly related to operating unit performance and are unusual in nature and, accordingly, are not indicative of ongoing operating results. Management believes these charges or credits are not valid measures of the performance of the Company’s underlying business. This non-GAAP disclosure has limitations as an analytical tool, should not be viewed as a substitute for net earnings determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies. Management believes that this non-GAAP supplemental information will be helpful in understanding the Company's ongoing operating results. This supplemental presentation should not be construed as an inference that the Company's future results will be unaffected by similar adjustments to net earnings determined in accordance with GAAP.

For more information, please contact Richard Zuidema, Executive Vice President, EnerSys, PO Box 14145, Reading, PA 19612-4145. T: 1-800-538-3627

 
 
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EnerSys Reports Third Fiscal Quarter of 2010 Results

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