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Last $69.89 USD
Change Today -0.81 / -1.15%
Volume 295.0K
ENS On Other Exchanges
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As of 8:04 PM 07/2/15 All times are local (Market data is delayed by at least 15 minutes).

enersys (ENS) Key Developments

EnerSys Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended March 31, 2015; Reports Impairment of Goodwill for the Fourth Quarter Ended March 31, 2015; Provides Earnings Guidance for the First Quarter of Fiscal 2016; Provides Tax Rate Guidance for the Full Year 2016

EnerSys reported unaudited earnings results for the fourth quarter and full year ended March 31, 2015. For the quarter, the company’s net earnings attributable to the company's stockholders were $26.5 million, or $0.57 per diluted share, including an unfavorable highlighted net of tax impact of $0.58 per share from a non-cash charge of $20.7 million relating to impairment of goodwill and other indefinite lived assets, charges of $5.1 million for restructuring plans, $0.4 million for ERP system implementation, a tax valuation reserve of $0.8 million associated with restructuring and $0.2 million for fees related to acquisition activities. For the fourth quarter of fiscal 2014, net earnings attributable to the company's stockholders were $12.8 million or $0.26 per diluted share. Net sales were $629.9 million, a decrease of 5% from the prior year fourth quarter net sales of $665.2 million. The 5% decrease was largely the result of a 9% decrease due to foreign currency translation impact partially offset by an increase of 3% in organic volume and a combined 1% increase from acquisitions and improved pricing. Operating earnings were $43.0 million against $11.9 million a year ago. Earnings before income taxes were $39.8 million against $5.2 million a year ago. Non-GAAP adjusted net earnings were $53.7 million or $1.15 per diluted share against $59.5 million or $1.18 per diluted share a year ago. For the year, the company’s net earnings were $181.2 million, or $3.77 per diluted share, including an unfavorable impact from highlighted charges of $0.55 per share from a non-cash charge of $20.7 million relating to impairment of goodwill and other indefinite lived assets, charges of $9.7 million for restructuring plans, $1.3 million for ERP system implementation, $5.3 million for stock-based compensation of senior executives, a tax valuation reserve of $0.8 million associated with restructuring and $0.6 million for fees related to acquisition activities partially offset by a legal accrual reversal, net of professional fees of $9.9 million and gain of $2.0 million in connection with the disposition of the company’s equity interest in Altergy Systems. Net earnings for the twelve months of fiscal 2014 were $150.3 million, or $3.02 per diluted share. Net sales were $2,505.5 million, an increase of 1% compared to the net sales of $2,474.4 million in fiscal 2014. The 1% increase was the result of a 2% increase in organic volume and a 3% increase from acquisitions partially offset by a 4% decrease due to foreign currency translation impact. Operating earnings were $263.4 million against $194.4 million a year ago. Earnings before income taxes were $249.3 million against $163.7 million a year ago. Non-GAAP adjusted net earnings were $207.7 million or $4.32 per diluted share against $197.4 million or $3.96 per diluted share a year ago. The company generated $233 million in cash from operations in fiscal 2015. Capital expenditures were nearly $64 million in fiscal 2015 compared to $62 million in fiscal 2014. For the fourth quarter ended March 31, 2015, the company reported impairment of goodwill and indefinite lived intangibles - Americas of $19.9 million and goodwill impairment charge - EMEA of $0.8 million. The company expected tax rate for the first quarter of fiscal 2016 will be between 24% and 26%. The company expects to generate adjusted diluted net earnings per share of between $1 and $1.04 in first quarter of fiscal 2016, which excludes an expected net charge of $0.07 per share from restructuring programs and acquisition activities. The company anticipates gross profit rate in first fiscal quarter to be between 25% and 26%, and interest expense to be approximately $6.25 million. For the full year 2016, the company expects a 25% rate on as adjusted earnings.

EnerSys Provides Earnings Guidance for the Fourth Quarter and Full Fiscal Year Ended March 31, 2015

EnerSys provided earnings guidance for the fourth quarter and full fiscal year ended March 31, 2015. For the quarter, net earnings is expected to be $26.5 million or $0.57 per diluted share. Non-GAAP adjusted net earnings expected to be $53.7 million or $1.15 per diluted share. For the year, net earnings is expected to be $181.2 million or $3.77 per diluted share. Non-GAAP adjusted net earnings is expected to be $207.7 million or $4.32 per diluted share.

EnerSys, Q4 2015 Earnings Call, May 28, 2015

EnerSys, Q4 2015 Earnings Call, May 28, 2015

EnerSys Announces Quarterly Dividend, Payable on June 26, 2015

EnerSys announced its Board of Directors has declared a quarterly cash dividend of $0.175 per share of common stock payable on June 26, 2015 to holders of record as of June 12, 2015.

EnerSys Appoints Paul J. Tufano to Board Of Directors

EnerSys announced the appointment of a new member to its Board of Directors. Paul J. Tufano accepted the appointment to join the Board on April 21, 2015. Mr. Tufano served as Chief Financial Officer of the Alcatel-Lucent Group from 2008 through 2013. In September 2012, in addition to his Chief Financial Officer responsibilities, he was named Chief Operating Officer. Before joining Alcatel-Lucent, Mr. Tufano served as Executive Vice President and Chief Financial Officer of Solectron Corporation from January 2006 to October 2007 and as Interim Chief Executive Officer from February 2007 to October 2007. Prior to joining Solectron, Mr. Tufano was President and Chief Executive Officer at Maxtor Corporation from February 2003 to November 2004. Previously, he served as Executive Vice President and Chief Operating Officer from April 2001 and as Chief Financial Officer from July 1996 at Maxtor Corporation.

 

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Industry Analysis

ENS

Industry Average

Valuation ENS Industry Range
Price/Earnings 18.6x
Price/Sales 1.2x
Price/Book 3.0x
Price/Cash Flow 17.3x
TEV/Sales 0.9x
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