Energizer Holdings, Inc. Announces Third Quarter Results and Reaffirms Fiscal 2012 Outlook of $6.00 to $6.20 per diluted share
Energizer Holdings, Inc. Announces Third Quarter Results and Reaffirms Fiscal
2012 Outlook of $6.00 to $6.20 per diluted share
Third Quarter Highlights
- Net Earnings per diluted share of $1.06
- Adjusted net earnings per diluted share of $1.18 (a)
- Net Sales of $1,124.1 million (b)
(a) See Diluted EPS table below
(b) See Net Sales - Total Company table below
PR Newswire
ST. LOUIS, Aug. 1, 2012
ST. LOUIS, Aug. 1, 2012 /PRNewswire/ -- Energizer Holdings, Inc. (NYSE: ENR)
announced results for the third fiscal quarter ended June 30, 2012. Net
earnings for the quarter were $70.2 million, or $1.06 per diluted share, as
compared to net earnings of $65.9 million, or $0.94 per diluted share, in the
third fiscal quarter of 2011.
The following table provides a reconciliation of net earnings per diluted
share to adjusted net earnings per diluted share, which is a non-GAAP measure.
Quarter Ended Nine Months Ended
June 30, June 30,
2012 2011 2012 2011
Diluted EPS - GAAP $ 1.06 $ 0.94 $ 4.40 $ 3.04
Impacts, net of tax: Expense/(Income)
Household Products restructuring 0.01 0.24 (0.09) 0.68
Early debt retirement — 0.18 — 0.18
Other realignment/integration 0.02 0.03 0.06 0.13
Acquisition inventory valuation — — — 0.06
Venezuela devaluation/other impacts — — — 0.02
Litigation provision 0.13 — 0.13 —
Early termination of interest rate swap 0.02 — 0.02 —
Adjustment to prior years' tax accruals (0.06) (0.02) (0.06) (0.02)
Diluted EPS - adjusted (Non-GAAP) $ 1.18 $ 1.37 $ 4.46 $ 4.09
See Footnote 2 for GAAP Net Earnings to Adjusted Net Earnings.
"Adjusted diluted earnings per share for the quarter were generally in line
with our expectations," said Ward Klein, Chief Executive Officer. "Top line
sales, however, were down across both segments. Battery category volume
softened, our market share in the battery category was negatively impacted by
decreased shelf space and display activities primarily at a key customer,
competitive activity in Personal Care has intensified late in the quarter, and
both divisions were impacted by weakening global currencies. In Personal
Care, we remain pleased with the results of our Hydro launches across men's
and women's segments and while our sales versus the prior year were down in
most other product lines, our competitive position and market shares remain
stable. We expect improved fourth quarter diluted earnings per share versus
2011 driven primarily by planned reductions in advertising and promotional
programs, and we reaffirm our outlook of $6.00 to $6.20 per diluted share for
fiscal 2012. While we are maintaining our earnings estimate for fiscal year
2012, the growth outlook has become more challenging due to increasingly weak
battery category trends, heightened competitive activity and softening
economic conditions.
"While, over the last two years, we've improved the cost structure in our
battery manufacturing footprint, and we've initiated efforts to reduce working
capital investment in a meaningful way, given the growth challenges we're
facing, we need to do more. To ensure operating flexibility in a challenging
environment and deliver the returns expected by our shareholders, we are
undertaking a comprehensive, enterprise-wide review of our organization's
operating model. We will provide an update of our assessment and the
potential implications for charges and savings in our fourth quarter earnings
release in November in conjunction with our initial financial outlook for
fiscal 2013."
Net Sales - Total Company (In millions - Unaudited)
Quarter and Nine Months Ended June 30, 2012
Nine
Q3 %Chg Months %Chg
Net Sales - FY '11 $ 1,234.5 $ 3,446.9
Organic (81.7) (6.6) % (36.7) (1.1) %
Impact of currency (28.7) (2.3) % (32.4) (0.9) %
Impact of ASR — — % 46.2 1.3 %
Net Sales - FY '12 $ 1,124.1 (8.9) % $ 3,424.0 (0.7) %
For the quarter, net sales decreased 8.9% on a reported basis as compared to
the prior year quarter, including a decrease of $28.7 million, or 2.3%, due
to unfavorable currency in Europe and, to a lesser extent, Latin America.
Organic sales declined 6.6% due primarily to:
o the negative impact on shipments and market share in the U.S. due to the
loss of space and display activities primarily at a key customer,
continued category softness, with global battery category volumes down an
estimated 5%, and expected inventory de-stocking in Household Products due
to purchases ahead of the February 2012 price increase, and
o lower reported net sales in Personal Care due, in part, to lower sales in
legacy men's and women's systems, disposables, Schick Hydro manual razors,
and heightened competitive activity, partially offset by sales of Hydro
Silk and growth of Hydro replacement cartridges.
Organic sales were down 1.1% for the nine month period due primarily to lower
Household Products net sales related to continued category softness.
Gross margin for the quarter and nine months in fiscal 2012 was 47.0%, up
approximately 60 basis points for both the quarter and the year to date as
compared to the same periods in the prior year due primarily to improved costs
and favorable product mix.
For the quarter, advertising and promotion (A&P) was $141.8 million, or 12.6%
of net sales, as compared to $156.2 million, or 12.7% of net sales, in the
prior year quarter. As expected, our spending level in the third quarter was
our highest quarter in fiscal 2012, as was the comparative quarter in fiscal
2011. We expect A&P for the final fiscal quarter will be below prior year,
both in total dollars and as a percent of net sales due to the timing of
planned advertising and promotional activities including the support behind
the Power Select and Silk launches in fiscal 2012.
Total selling, general and administrative expense (SG&A) was $233.8 million,
or 20.8% of net sales, for the current year quarter as compared to $215.2
million, or 17.4% of net sales, for the prior year quarter. However, excluding
a discreet charge of $13.5 million for a litigation provision, SG&A increased
$5.1 million as compared to the prior year quarter due primarily to higher
compensation expense as compared to lower bonus and stock award vesting in
fiscal 2011. On a year to date basis, exclusive of the previously noted
litigation provision, SG&A increased $27.9 million as compared to the same
period a year ago due primarily to the reasons noted above and higher
overheads in Personal Care to support growth. SG&A in Household Products was
flat for the nine months in fiscal 2012 as compared to the same period a year
ago.
Personal Care
Net Sales - Personal Care (In millions - Unaudited)
Quarter and Nine Months Ended June 30, 2012
Nine
Q3 %Chg Months %Chg
Net Sales - FY '11 $ 725.3 $ 1,844.3
Organic (37.3) (5.1) % 12.1 0.6 %
Impact of currency (14.5) (2.0) % (13.2) (0.7) %
Impact of ASR — — % 46.2 2.5 %
Net Sales - FY '12 $ 673.5 (7.1) % $ 1,889.4 2.4 %
For the quarter, net sales decreased 7.1%, and organic sales declined 5.1% as
compared to the same period in the prior year. The drivers of the organic
sales decline were as follows:
o Wet Shave net sales decreased 8% on a reported basis, and 5% excluding the
impact of unfavorable currencies. Increased sales of Schick Hydro
refills, Hydro 5 Power Select and Hydro Silk were more than offset by
lower sales across the other segments. These declines were driven by:
o Lower legacy women's and men's system sales due to growth in new
products,
o Lower value-priced disposable sales,
o Lower Schick Hydro manual razor sales due to normal launch
progression magnified by a higher prior year quarter comparison due
to significant trial generating investments, and
o Heightened competitive activity across all segments, especially late
in the third quarter.
o Net sales in Skin Care decreased approximately 6% due to higher trade
investment and unfavorable product mix. In the U.S., unit volumes of
Banana Boat and Hawaiian Tropic increased despite a comparatively high
prior year third quarter and a high second fiscal quarter of 2012.
o Net sales in Infant Care decreased approximately 12% due to category
softness, heightened competitive activity and higher promotional and trade
support behind bottles.
Net sales for the nine months increased 2.4% on a reported basis, which
includes a full nine months for ASR in fiscal 2012 as compared to only seven
months in fiscal 2011 due to the timing of the acquisition. On an organic
basis, net sales increased 0.6%. The year-to-date net sales growth was
driven primarily by:
o Net sales in Wet Shave increased 5%, including the impact of ASR, due to
increased sales of Schick Hydro men's system refills, and the launches of
Schick Hydro 5 Power Select and Hydro Silk women's systems, offset by
lower sales of legacy branded men's and women's systems, and lower Schick
Hydro men's systems razors,
o In Infant Care, net sales decreased 9% due to category softness and
competitive activity,
o Net sales in Feminine Care decreased 2% as Gentle Glide declines were
mostly offset by continued growth in Sport, and
o In Skin Care, net sales were essentially flat as higher volumes across all
areas were offset by higher trade and promotional investments and
unfavorable product mix.
Segment Profit - Personal Care (In millions - Unaudited)
Quarter and Nine Months Ended June 30, 2012
Nine
Q3 %Chg Months %Chg
Segment Profit - FY '11 $ 130.5 $ 330.4
Operations (17.8) (13.7) % 31.8 9.6 %
Impact of currency (3.3) (2.5) % (1.0) (0.3) %
Segment Profit - FY '12 $ 109.4 (16.2) % $ 361.2 9.3 %
Segment profit for the quarter was $109.4 million, down 16.2% including the
unfavorable impact of currencies. Operationally, segment profit decreased
$17.8 million, or 13.7%, as lower gross margin due to the net sales factors
noted above was partially offset by improved product costs.
Segment profit for the nine months ended June 30, 2012 was $361.2 million, up
9.3% on lower planned A&P as the Schick Hydro launch matures, and improved
product costs, partially offset by higher overheads.
Household Products
Net Sales - Household Products (In millions - Unaudited)
Quarter and Nine Months Ended June 30, 2012
Nine
Q3 %Chg Months %Chg
Net Sales - FY '11 $ 509.2 $ 1,602.6
Organic (44.4) (8.7) % (48.8) (3.0) %
Impact of currency (14.2) (2.8) % (19.2) (1.2) %
Net Sales- FY '12 $ 450.6 (11.5) % $ 1,534.6 (4.2) %
Net sales decreased 11.5% for the third fiscal quarter of 2012 versus the same
quarter a year ago inclusive of a 2.8% decline due to unfavorable currencies.
Organically, net sales declined $44.4 million, or 8.7%, driven by the negative
impact on shipments and market share in the U.S. due to the loss of shelf
space and display activity, increasing softness in the household battery
category and an expected de-load of inventories shipped in the second fiscal
quarter, ahead of the February price increase.
Net Sales for the nine months decreased 4.2%, with about one quarter of the
decline due to unfavorable currencies, primarily in Europe and, to a lesser
extent, Latin America. Excluding the impact of currencies, organic sales
declined 3.0% due primarily to a slow start to the fiscal year in the first
quarter as net sales were adversely impacted by a shift in timing of holiday
deliveries, the de-load of unused hurricane response inventories shipped in
the fiscal fourth quarter of 2011, increasing household battery category
volume softness and the recent negative impact of lost shelf space and display
activities as noted above.
Household battery category unit volumes in our measured markets continued to
decline, down approximately 5% in the latest twelve weeks data. However, this
decline was offset by higher retail pricing leading to essentially flat
category values during the same time frame.
Segment Profit - Household Products (In millions - Unaudited)
Quarter and Nine Months Ended June 30, 2012
Nine
Q3 %Chg Months %Chg
Segment Profit - FY '11 $ 80.0 $ 295.5
Operations (1.9) (2.3) % 3.4 1.2 %
Impact of currency (8.6) (10.8) % (11.5) (3.9) %
Segment Profit - FY '12 $ 69.5 (13.1) % $ 287.4 (2.7) %
Segment profit for the quarter was $69.5 million, down $10.5 million, or
13.1%, versus the same quarter last year due primarily to unfavorable
currencies. Operationally, segment profit declined $1.9 million, or 2.3%, as
the top-line shortfalls noted above were substantially offset by spending
reductions and cost savings related to our 2011 restructuring.
Segment profit for the nine months in fiscal 2012 was $287.4 million, a
decrease of $8.1 million, or 2.7%, due to the unfavorable impact of
currencies. Operationally, segment profit was up $3.4 million as continued
household battery volume softness was offset by pricing gains, cost savings
related to our 2011 restructuring program and reduced spending.
Other Items
In May 2012, we issued $500 million aggregate principal amount of 4.7% senior
notes, due in May 2022, with interest payable semi-annually in May and
November. The net proceeds from the issuance of the senior notes, which were
approximately $495 million, were used to repay $335 million of our outstanding
term loan, $100 million of private placement notes, which matured in June
2012, and a portion of our outstanding borrowings under our receivables
securitization facility. The remaining principal amount of our term loan of
$108 million matures in December 2012.
Interest expense was $34.0 million for the quarter, up $4.2 million as
compared to the prior year quarter. This increase was due to the impact of
the term loan and private placement note refinancing noted above, including
the impact of a $1.7 million charge to terminate a then-existing $200 million
interest rate swap agreement associated with a portion of the term loan that
was permanently repaid during the quarter.
Other financing was somewhat favorable for the quarter and the nine months
ended June 30, 2012 as compared to the same periods in the prior year as the
prior year expense included higher losses on foreign exchange hedging
contracts as compared to the current year periods.
For the quarter, the effective tax rate was approximately 21%. This rate is
lower than the prior years' effective tax rate for the same period as the
current year quarter includes approximately $4 million of favorable prior year
tax adjustments, and the prior year quarter included restructuring costs
incurred in a relatively low tax jurisdiction. For the year, and exclusive of
the favorable prior year tax adjustments, we believe our normalized effective
tax rate for fiscal 2012 will be in the range of 30.0% to 30.5%.
Diluted shares outstanding for the third fiscal quarter of 2012 were 66.0
million, down 4.6 million as compared to the same period in fiscal 2011 due to
the combined effects of share repurchases in fiscal 2011 and 2012. During the
third quarter of fiscal 2012, we repurchased an additional 1.1 million shares
at a cost of approximately $83 million. From July 1 through July 27, 2012, we
repurchased an additional 0.6 million shares at a cost of approximately $44
million.
For the quarter, capital expenditures were approximately $24 million and
depreciation expense was approximately $34 million. For the nine months,
capital expenditures were approximately $76 million, and depreciation expense
was $103 million.
Outlook
As noted earlier in the release, we have maintained our fiscal 2012 diluted
earnings per share outlook in the $6.00 to $6.20 range. We expect earnings
per share for the fourth fiscal quarter to be above year ago as lower
advertising and promotional spending, consistent with our overall fiscal 2012
plans, is expected to more than offset the negative impact of lower Household
Products sales. Within Household Products, we expect sales to be negatively
impacted by competitive activity, a weakened Euro, and the incremental
hurricane volume included in the prior year fourth quarter.
Webcast Information
In conjunction with this announcement, the Company will hold an investor
conference call beginning at 10:00 a.m. eastern time today. The call will
focus on third-quarter earnings and earnings guidance for fiscal 2012. All
interested parties may access a live webcast of this conference call at
www.energizerholdings.com, under "Investors", "Investor Information", and
"Webcasts and Presentations" tabs or by using the following link:
http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=124138&eventID=4807139
For those unable to participate during the live webcast, a replay will be
available on www.energizerholdings.com, under "Investors", "Investor
Information", "Webcasts and Presentations", and "Audio Archives" tabs.
Non-GAAP Financial Measures. While the Company reports financial results in
accordance with accounting principles generally accepted in the U.S. ("GAAP"),
this discussion includes non-GAAP measures. These non-GAAP measures, such as
adjusted diluted earnings per share, operating results, organic sales growth
and other comparison changes, which exclude the impact of currencies, the
acquisition of ASR including related integration and transaction costs, the
costs associated with restructuring, a gain on the sale of a facility closed
as a result of restructuring, unusual litigation items and certain other items
as outlined in the table below are not in accordance with, nor are they a
substitute for, GAAP measures. The Company believes these non-GAAP measures
provide a meaningful comparison to the corresponding reported period and
assist investors in performing analysis consistent with financial models
developed by research analysts. Investors should consider non-GAAP measures in
addition to, not as a substitute for, or superior to, the comparable GAAP
measures.
Forward-Looking Statements. This document contains both historical and
forward-looking statements. Forward-looking statements are not based on
historical facts but instead reflect our expectations, estimates or
projections concerning future results or events, including, without
limitation, statements regarding future sales, earnings and earnings per
share, investments, initiatives, capital expenditures, product launches,
consumer trends, cost savings related to restructuring projects, the impact of
price increases, advertising and promotional spending, the impact of foreign
currency movements, category value and future volume, sales and growth in our
businesses. These statements generally can be identified by the use of
forward-looking words or phrases such as "believe," "expect," "anticipate,"
"may," "could," "intend," "belief," "estimate," "plan," "predict," "likely,"
"will," "should" or other similar words or phrases. These statements are not
guarantees of performance and are inherently subject to known and unknown
risks, uncertainties and assumptions that are difficult to predict and could
cause our actual results, performance or achievements to differ materially
from those expressed in or indicated by those statements. We cannot assure you
that any of our expectations, estimates or projections will be achieved.
The forward-looking statements included in this document are only made as of
the date of this document and we disclaim any obligation to publicly update
any forward-looking statement to reflect subsequent events or circumstances.
Numerous factors could cause our actual results and events to differ
materially from those expressed or implied by forward-looking statements,
including, without limitation:
o General market and economic conditions;
o The success of new products and the ability to continually develop new
products;
o Energizer's ability to predict category and product consumption trends;
o Energizer's ability to continue planned advertising and other promotional
spending;
o Energizer's ability to timely implement its strategic initiatives in a
manner that will positively impact our financial condition and results of
operations;
o The impact of strategic initiatives on Energizer's relationships with its
employees, its major customers and vendors;
o Energizer's ability to maintain and improve market share in the categories
in which we operate despite competitive pressure;
o Energizer's ability to improve operations and realize cost savings;
o The impact of raw material and other commodity costs;
o The impact of foreign currency exchange rates and offsetting hedges on
Energizer's profitability for the year with any degree of certainty;
o The impact of interest and principal repayment of our existing and any
future debt;
o The impact of legislative or regulatory determinations or changes by
federal, state and local, and foreign authorities, including taxing
authorities;
o The impact of currency movements.
In addition, other risks and uncertainties not presently known to us or that
we consider immaterial could affect the accuracy of any such forward-looking
statements.
The list of factors above is illustrative, but by no means exhaustive. All
forward-looking statements should be evaluated with the understanding of their
inherent uncertainty. Additional risks and uncertainties include those
detailed from time to time in Energizer's publicly filed documents, including
its annual report on Form 10-K for the year ended September 30, 2011.
ENERGIZER HOLDINGS, INC.
STATEMENT OF EARNINGS
(Condensed)
(In millions, except per share data - Unaudited)
Quarter Ended June 30, Nine Months Ended June 30,
2012 2011 2012 2011
Net sales $ 1,124.1 $ 1,234.5 $ 3,424.0 $ 3,446.9
Cost of products sold 595.3 661.5 1,813.5 1,847.2
Gross profit 528.8 573.0 1,610.5 1,599.7
Selling, general and 233.8 215.2 680.1 638.7
administrative expense
Advertising and promotion 141.8 156.2 349.9 385.2
expense
Research and development 28.6 27.8 81.9 77.5
expense
Household Products 0.5 21.0 (7.2) 59.6
restructuring
Interest expense 34.0 29.8 94.1 88.1
Cost of early debt — 19.9 — 19.9
retirements
Other financing items, net 1.3 2.2 1.5 6.3
Earnings before income 88.8 100.9 410.2 324.4
taxes
Income tax provision 18.6 35.0 118.3 109.0
Net earnings $ 70.2 $ 65.9 $ 291.9 $ 215.4
Earnings per share
Basic $ 1.08 $ 0.95 $ 4.45 $ 3.07
Diluted $ 1.06 $ 0.94 $ 4.40 $ 3.04
Weighted average shares of 65.1 69.7 65.6 70.1
common stock - Basic
Weighted average shares of 66.0 70.6 66.3 70.9
common stock - Diluted
See Accompanying Notes to Condensed Financial Statements
Energizer
Holdings, Inc.
Notes to Condensed Financial Statements
June 30, 2012
(In millions, except per share data - Unaudited)
1. Operating results for any quarter are not necessarily indicative of the
results for any other quarter or the full year.
2. The following table provides a reconciliation of net earnings to adjusted
net earnings.
Quarter Ended June 30, Nine Months Ended June
30,
2012 2011 2012 2011
Net Earnings - GAAP $ 70.2 $ 65.9 $ 291.9 $ 215.4
Impacts, net of tax: Expense
(Income)
Household Products 0.4 16.9 (6.0) 48.2
restructuring
Early debt retirement — 12.5 — 12.5
Other realignment/integration 1.7 2.3 4.3 9.2
Acquisition inventory — — — 4.4
valuation
Venezuela devaluation/other — — — 1.3
impacts
Litigation provision 8.5 — 8.5 —
Early termination of interest 1.1 — 1.1 —
rate swap
Adjustment to prior years' tax (4.2) (1.1) (4.2) (1.1)
accruals
Net earnings - adjusted $ 77.7 $ 96.5 $ 295.6 $ 289.9
(Non-GAAP)
3. Operations for the Company are managed via two segments - Personal Care
(Wet Shave, Skin Care, Feminine Care and Infant Care) and Household Products
(Battery and Lighting Products). On November 23, 2010, which was in the first
quarter of fiscal 2011, we completed the acquisition of American Safety Razor
(ASR). ASR is a leading global manufacturer of private label/value wet
shaving razors and blades, and industrial and specialty blades and is part of
the Company' s Personal Care segment. Segment performance is evaluated based
on segment operating profit, exclusive of general corporate expenses,
share-based compensation costs, costs associated with most restructuring,
acquisition integration or business realignment activities, litigation
provisions and amortization of intangible assets. Financial items, such as
interest income and expense, are managed on a global basis at the corporate
level.
The Company's operating model includes a combination of stand-alone and
combined business functions between the Personal Care and Household Products
businesses, varying by country and region of the world. Shared functions
include product warehousing and distribution, various transaction processing
functions, and in some countries, a combined sales force and management. The
Company applies a fully allocated cost basis, in which shared business
functions are allocated between the segments. Such allocations do not
represent the costs of such services if performed on a stand-alone basis.
For the quarter and nine months ended June 30, 2012, the Household Products
restructuring activities generated pre-tax expense of $0.5 and pre-tax income
of $7.2, respectively, with year to date pre-tax income driven by the gain on
the sale of our former battery manufacturing facility in Switzerland, which
was shut down in fiscal 2011. This gain was partially offset by $5.6 of
additional restructuring costs in the nine month period. For the quarter and
nine months ended June 30, 2011, the Household Products restructuring
activities generated pre-tax expense of $21.0 and $59.6, respectively.
The reduction in gross margin associated with the write-up and subsequent sale
of inventory acquired in the acquisition of ASR, which was $7.0, pre-tax, in
the prior year nine months, is not reflected in the Personal Care segment, but
rather presented as a separate line item below segment profit, as it is a
non-recurring item directly associated with the ASR acquisition.
The presentation for inventory write-up, acquisition transaction and
integration costs, and substantially all of restructuring and realignment
costs, reflects management's view on how it evaluates segment performance.
Segment sales and profitability for the quarter and nine months ended June 30,
2012 and 2011, respectively, are presented below.
Quarter Ended June 30, Nine Months Ended June 30,
Net Sales 2012 2011 2012 2011
Personal Care $ 673.5 $ 725.3 $ 1,889.4 $ 1,844.3
Household Products 450.6 509.2 1,534.6 1,602.6
Total net sales $ 1,124.1 $ 1,234.5 $ 3,424.0 $ 3,446.9
Operating Profit
Personal Care $ 109.4 $ 130.5 $ 361.2 $ 330.4
Household Products 69.5 80.0 287.4 295.5
Total operating profit 178.9 210.5 648.6 625.9
General corporate and (32.8) (27.1) (113.1) (93.5)
other expenses
Household Products (0.5) (21.0) 7.2 (59.6)
restructuring
Acquisition inventory — — — (7.0)
valuation
Litigation provision (13.5) — (13.5) —
ASR
integration/transaction (2.4) (4.0) (6.3) (11.6)
costs
Amortization (5.6) (5.6) (17.1) (15.5)
Venezuela — — — (1.3)
devaluation/other impacts
Cost of early debt — (19.9) — (19.9)
retirements
Interest and other (35.3) (32.0) (95.6) (93.1)
financing items
Total earnings before $ 88.8 $ 100.9 $ 410.2 $ 324.4
income taxes
Supplemental product information is presented below for revenues from external
customers:
Quarter Ended June 30, % Nine Months Ended June %
30,
Net Sales 2012 2011 Change 2012 2011 Change
Wet Shave $ 410.8 $ 446.4 (8) % $ 1,255.7 $ 1,194.9 5 %
Alkaline 258.9 300.3 (14) % 914.1 939.8 (3) %
batteries
Other
batteries
and 191.7 208.9 (8) % 620.5 662.8 (6) %
lighting
products
Skin Care 165.7 176.8 (6) % 357.0 358.2 — %
Feminine Care 52.5 52.5 — % 140.1 142.8 (2) %
Infant Care 42.8 48.7 (12) % 133.5 147.5 (9) %
Other personal 1.7 0.9 NM 3.1 0.9 NM
care products
Total net $ 1,124.1 $ 1,234.5 (9) % $ 3,424.0 $ 3,446.9 (1) %
sales
4. Basic earnings per share is based on the average number of common shares
outstanding during the period. Diluted earnings per share is based on the
average number of shares used for the basic earnings per share calculation,
adjusted for the dilutive effect of stock options and restricted stock
equivalents.
SOURCE Energizer Holdings, Inc.
Website: http://www.energizer.com
Contact: Investor Relations, Jackie Burwitz, +1-314-985-2169,
Jacquelinee.burwitz@energizer.com
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