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Last $66.89 USD
Change Today -0.455 / -0.68%
Volume 42.7K
ENS On Other Exchanges
Symbol
Exchange
New York
As of 12:14 PM 05/6/15 All times are local (Market data is delayed by at least 15 minutes).

enersys (ENS) Key Developments

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.

Enersys Prices Private Offering of $300 Million Aggregate Principal Amount of Senior Notes

Enersys announced that it priced $300 million aggregate principal amount of 5.00% senior notes due 2023 at an issue price of 100% of the principal amount in connection with its previously announced private offering. The notes will be unsecured, unsubordinated obligations of the company and will be guaranteed by each of its subsidiaries that is a guarantor under the company's existing senior secured credit facilities. EnerSys intends to use the net proceeds from the offering to redeem, settle, repurchase or otherwise repay and retire in full the $172.4 million principal amount of the company's outstanding 3.375% convertible notes due 2038, with the remaining net proceeds to be used to pay the premium on the Convertible Notes, partially repay outstanding revolving loans under its existing senior secured credit facilities and/or for general corporate purposes.

EnerSys Announces Proposes Private Offering of $300 Million Aggregate Principal Amount of Senior Notes

EnerSys announced that it intended to offer, subject to market and customary conditions, $300 million aggregate principal amount of senior notes due 2023. The Notes will be unsecured, unsubordinated obligations of EnerSys and will be guaranteed by each of EnerSys' subsidiaries that is a guarantor under EnerSys' existing senior secured credit facilities. EnerSys intends to use the net proceeds from the offering to redeem, settle, repurchase or otherwise repay and retire in full the approximately $172.4 million principal amount of EnerSys' outstanding 3.375% convertible notes due 2038, with the remaining net proceeds to be used to pay the premium on the Convertible Notes, partially repay outstanding revolving loans under its existing senior secured credit facilities and/or for general corporate purposes. However, EnerSys may elect to repay the premium on the Convertible Notes using cash, shares of its common stock or a combination thereof.

EnerSys Provides Impairment Guidance for the Fourth Quarter of 2014; Provides Earnings Guidance for the Fourth Quarter of 2014

EnerSys announced that it expects to record a fourth quarter non-cash goodwill impairment charge of approximately $25 million to reduce the carrying value of the company's goodwill, which had a book value of $403 million at December 28, 2014. The impact on the company's reported net earnings per diluted share as a result of this charge is expected to be approximately $0.54 per share. The guidance for non-GAAP adjusted net earnings per diluted share for the fourth quarter issued in the company's press release on February 4, 2015 remains unchanged. That guidance was $1.10 to $1.14 and excluded highlighted charges. This impairment charge is also excluded from the guidance. While the goodwill impairment charge will reduce the company's reported results under US GAAP, it will be non-cash in nature and will not affect the company's liquidity, cash flows from operating activities and debt covenants, nor will it have any impact on future operations.

EnerSys Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended December 28, 2014; Provides Earnings Guidance for the Fourth Quarter and Full Year of 2015

EnerSys reported unaudited earnings results for the third quarter and nine months ended December 28, 2014. For the quarter, the company reported net sales of $611.6 million compared to $643.1 million a year ago. Operating earnings were $68.7 million compared to $58.9 million a year ago. Earnings before income taxes were $64.6 million compared to $46.1 million a year ago. Net earnings attributable to the company was $49.2 million or $1.04 per diluted share compared to $55.3 million or $1.10 per diluted share a year ago. Excluding these highlighted items, adjusted Net earnings per diluted share for the third quarter of fiscal 2015, on a non-GAAP basis, were $1.09 compared to $1.07 per diluted share a year ago. The decrease in Net Sales were primarily due to a 6% decrease due to foreign currency translation impact and a 2% decrease in organic volume partially offset by a 2% increase due to acquisitions and a 1% increase due to pricing. For the nine months period, the company reported net sales of $1,875.6 million compared to $1,809.2 million a year ago. Operating earnings were $220.4 million compared to $182.5 million a year ago. Earnings before income taxes were $209.5 million compared to $158.5 million a year ago. Net earnings attributable to the company was $154.7 million or $3.19 per diluted share compared to $137.5 million or $2.77 per diluted share a year ago. Adjusted net earnings, on a non-GAAP basis were $3.17 per diluted share compared to the prior year nine months adjusted net earnings of $2.78 per diluted share. Net sales, an increase of 4% from the last year primarily due to a 5% increase from acquisitions and a 1% increase in organic volume, partially offset by a 2% decrease due foreign currency translation impact. Capital expenditures year-to-date are $47 million in fiscal 2015 compared to $49 million in fiscal 2014. The company provided earnings guidance for the fourth quarter of 2015. For the fourth quarter of 2015, the company expects non-GAAP adjusted net earnings per diluted share of $1.10 to $1.14, which excludes an expected net charge of $0.12 per diluted share from ongoing restructuring programs, acquisition expenses and other highlighted items. Tax rate for the fourth quarter of fiscal 2015 will be between 24% and 26%. For the full year 2015, the company expects a 25% to 26% tax rate on as-adjusted earnings.

 

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Industry Analysis

ENS

Industry Average

Valuation ENS Industry Range
Price/Earnings 19.9x
Price/Sales 1.2x
Price/Book 2.7x
Price/Cash Flow 17.9x
TEV/Sales 0.9x
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