enersys (ENS) Snapshot

EnerSys announced earnings results for the fourth quarter and full year ended March 31, 2013. Fourth quarter net sales decreased 4% over the prior year to $572 million, primarily from volume declining 2%, along with 1% pricing decline from lower commodity cost and a 2% decline in currency translation, offset by 1% from acquisitions. On a year-over-year quarterly basis, adjusted consolidated operating earnings decreased approximately $10 million, with the operating margin down 130 basis points. On a sequential basis, fourth quarter earnings decreased nearly $5 million with the sequential operating margin down 90 basis points. From a historical perspective, operating earnings remained strong at 10.3% of sales. The declines primarily reflect lower volumes from the prior year and higher commodity cost from the prior quarter. Fourth quarter adjusted consolidated operating earnings of $59 million was a decrease of 14% in comparison to the prior year with the operating margin declining 130 basis points to 10.3%. The company generated over $244 million in cash from operations in fiscal 2013. Capital expenditures were $55 million in fiscal 2013 compared to $49 million in fiscal 2012. In first fiscal quarter, the company will see in results the continued impact of rising lead costs, which began last September. The company believe tax rate for the first quarter fiscal 2014 will be between 26% and 29%. The company expects to generate adjusted diluted net earnings per share between $0.78 and $0.82 in first quarter of fiscal 2014, which excludes expected charges of $0.07 per share from restructuring programs and acquisition activities. For the full year of 2014, The company expects tax rate at 27% rate.

EnerSys declared its first quarterly cash dividend of $0.125 per share of common stock payable on June 28, 2013 to holders of record as of June 14, 2013.

EnerSys reported earnings results for fourth quarter and full year ended March 31, 2013. For the fourth quarter are expected to be $37.7 million, or $0.77 per diluted share, including an unfavorable net of tax impact of $0.03 per share from a charge of $1.3 million for restructuring plans. Net earnings attributable to company for the fourth quarter are expected to be $37.7 million, or $0.77 per diluted share, including an unfavorable net of tax impact of $0.03 per share from a charge of $1.3 million for restructuring plans. The expected Net earnings of $0.77 per diluted share compares to diluted Net earnings per share of $0.94 for the fourth quarter of fiscal 2012, which included an unfavorable highlighted $0.04 per share impact from a charge of $1.7 million for restructuring plans and $0.2 million for fees related to acquisition activities. Net sales for the fourth quarter of fiscal 2013 were $572.2 million, a decrease of 4% from the prior year fourth quarter net sales of $592.8 million and a 3% sequential quarterly increase from the third quarter of fiscal 2013’s net sales of $557.3 million. For the full year the company reported, net earnings were 2013 are expected to be $166.5 million, or $3.42 per diluted share, and include an unfavorable impact from highlighted charges of $0.13 per share. Net earnings were $166.5 million compared to $144.0 million in the same period last year. Highlighted charges include $6.1 million for restructuring plans and $0.2 million for fees related to acquisition activities. Adjusted Net earnings per diluted share for the twelve months of fiscal 2013, on a non-GAAP basis, are expected to be $3.55 and compares to $3.03 per diluted share for the comparable period of fiscal 2012. Net sales for the twelve months of fiscal 2013 were relatively flat at $2,277.6 million compared to the net sales of $2,283.4 million in fiscal 2012. A 2% increase from acquisitions and a 1% increase in organic volume were offset by a 3% decrease from foreign currency translation impact. The company first quarter of fiscal 2014 guidance for adjusted net earnings per diluted share is between $0.78 and $0.82, which excludes an expected charge of $0.07 from the company's ongoing restructuring programs and acquisition expenses.