enersys (ENS) Key Developments
EnerSys Announces Earnings Results for the First Quarter of 2015; Provides Earnings Guidance for the Second Quarter and Full Year of Fiscal 2016
Aug 6 15
EnerSys announced earnings results for the first quarter of 2015. For the quarter, the company reported net sales decreased 11% over the prior year to $562 million despite a 1% increase in price due to a 9% currency headwind and a 3% volume decline. On a sequential quarterly basis, first quarter net sales were down 11% to the fourth quarter due to 11% lower organic volume. This volume decline results primarily from 7% fewer days in first fiscal quarter. On a year-over-year quarterly basis, adjusted consolidated operating earnings decreased approximately $7 million while the operating margin rose 30 basis points. On a sequential basis, first quarter operating earnings dollars declined $6 million on 11% lower volume again due in part to 7% fewer days in first fiscal quarter, while the operating margin also rose 30 basis points. This decrease in operating earnings from the prior year reflects primarily lower organic volume currency headwinds. Adjusted consolidated operating earnings were $67 million was a decrease of 9% in comparison to prior year. Excluded from adjusted net earnings for the first quarter was approximately $2 million of highlighted net credit, the largest being a $3 million gain net of tax out of the sale of an idled plant in China. Adjusted consolidated net earnings of $46.7 million decreased 8% from prior year to 8.3% of sales for 30 basis points increase. EPS decreased 2% to $1 on lower net earnings, with 3.0 million fewer shares outstanding. Adjusted effective income tax rate of 23% for the first quarter was lower than usual due to a $2.3 million nonrecurring benefit in Europe. The company generated $82 million in cash from operations in first quarter fiscal 2016. Capital expenditures were nearly $20 million in the first quarter of 2016.
For the second quarter fiscal year 2016, the company expects tax rate will be between 26% and 28%. The company expects to generate adjusted diluted net earnings per share between $0.92 and $0.96 in second fiscal quarter 2016, which excludes an expected net charge of $0.07 from restructuring programs and acquisition activities. The company expects gross profit rate in second fiscal quarter to be between 26% and 27% and interest expense to be approximately $5.2 million. In conclusion, the company expects second quarter to be followed by normal, stronger second half to fiscal year.
For the full year of fiscal 2016, the company expects tax rate of 25% on as-adjusted earnings. Capital expenditures should reach up to $75 million in full year.
EnerSys Approves Quarterly Dividend, Payable on September 25, 2015
Aug 6 15
EnerSys announced that its Board of Directors approved a quarterly dividend of $0.175 per share payable on September 25, 2015.
EnerSys, Q1 2016 Earnings Call, Aug 06, 2015
Jul 21 15
EnerSys, Q1 2016 Earnings Call, Aug 06, 2015
EnerSys, Annual General Meeting, Jul 30, 2015
Jun 25 15
EnerSys, Annual General Meeting, Jul 30, 2015., at 10:00 US Eastern Standard Time. Location: 2366 Bernville Road, Reading. Agenda: To elect the three (3) Class II director nominees of the Board of Directors of EnerSys, each to serve until the 2018 annual meeting of stockholders, or until the earlier of their resignation or their respective successors shall have been elected and qualified; to re-approve and amend the EnerSys Second Amended and Restated 2010 Equity Incentive Plan; to ratify the appointment of Ernst & Young LLP as EnerSys' independent registered public accounting firm for the fiscal year ending March 31, 2016; to consider an advisory vote to approve the compensation of EnerSys' named executive officers; and to transact such other business as may properly be presented at the Annual Meeting or any adjournment or postponement thereof.
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
May 27 15
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.