EnerSys Reports Fourth Quarter and Fiscal Year 2012 Results
Net earnings for the fourth quarter of fiscal 2012 were
The net earnings of
Excluding these highlighted items, adjusted net earnings per diluted share for the fourth quarter of fiscal 2012, on a non-GAAP basis was
Net sales for the fourth quarter of fiscal 2012 were
The Company's operating results for its business segments for the fourth quarters of fiscal 2012 and 2011 are as follows:
Quarter ended |
|||||||
($ Millions) |
|||||||
March 31, |
March 31, |
||||||
2012 |
2011 |
||||||
Net sales by Segment |
|||||||
Europe |
$ |
249.5 |
$ |
258.0 |
|||
Americas |
290.1 |
245.2 |
|||||
Asia |
53.2 |
44.8 |
|||||
Total net sales |
$ |
592.8 |
$ |
548.0 |
|||
Operating earnings |
|||||||
Europe |
$ |
18.8 |
$ |
21.1 |
|||
Americas |
44.4 |
34.0 |
|||||
Asia |
5.3 |
1.2 |
|||||
Restructuring charges-Europe |
(2.3) |
(1.6) |
|||||
Acquisition activity expense-Europe |
0.1 |
(0.6) |
|||||
Acquisition activity expense-Americas |
(0.2) |
(0.6) |
|||||
Acquisition activity expense-Asia |
(0.2) |
- |
|||||
Total operating earnings |
$ |
65.9 |
$ |
53.5 |
Net earnings for the twelve months of fiscal 2012 were
Net earnings for the twelve months of fiscal 2011 were
Adjusted net earnings for the twelve months of fiscal 2012, on a non-GAAP basis, were
Net sales for the twelve months of fiscal 2012 were
The Company's operating results for its business segments for the twelve months of fiscal years 2012 and 2011 are as follows:
Fiscal year ended |
||||||||
($ Millions) |
||||||||
March 31, |
March 31, |
|||||||
2012 |
2011 |
|||||||
Net sales by Segment |
||||||||
Europe |
$ |
995.4 |
$ |
890.3 |
||||
Americas |
1,082.8 |
896.6 |
||||||
Asia |
205.2 |
177.5 |
||||||
Total net sales |
$ |
2,283.4 |
$ |
1,964.4 |
||||
Operating earnings |
||||||||
Europe |
$ |
64.1 |
$ |
57.0 |
||||
Americas |
141.2 |
125.6 |
||||||
Asia |
12.4 |
10.5 |
||||||
Restructuring charges-Europe |
(5.0) |
(6.8) |
||||||
Legal proceedings settlement income-Europe |
0.9 |
- |
||||||
Acquisition activity expense-Europe |
(0.2) |
(1.4) |
||||||
Acquisition activity expense-Americas |
(2.4) |
(1.1) |
||||||
Acquisition activity expense-Asia |
(0.2) |
- |
||||||
Total operating earnings |
$ |
210.8 |
$ |
183.8 |
||||
"We are pleased with our previously reported full year earnings of
Mr. Craig added, "We maintain our previously announced guidance for our first quarter of fiscal 2013 for adjusted net earnings per diluted share of
Reconciliation of Non-GAAP Financial Measures
This press release contains financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles, "GAAP".
Included below is a reconciliation of non-GAAP adjusted financial measures to reported amounts. Non-GAAP adjusted net earnings are calculated excluding restructuring and other highlighted charges and credits. The following tables provide additional information regarding certain non-GAAP measures:
Quarter ended |
|||||||
March 31, 2012 |
March 31, 2011 |
||||||
(in millions, except share and per share amounts) |
|||||||
Net earnings reconciliation |
|||||||
As reported net earnings |
$ |
45.4 |
$ |
30.1 |
|||
Non-GAAP adjustments, net of tax: |
|||||||
Restructuring charge-Europe |
1.7 |
(1) |
1.3 |
(1) |
|||
Acquisition activity expense-Europe |
- |
0.5 |
(2) |
||||
Acquisition activity expense-Americas |
0.1 |
(2) |
0.4 |
(2) |
|||
Acquisition activity expense-Asia |
0.1 |
(2) |
- |
||||
Refinancing related charges |
- |
5.3 |
(4) |
||||
Secondary offering fees |
- |
0.4 |
(5) |
||||
Non-GAAP adjusted net earnings |
$ |
47.3 |
$ |
38.0 |
|||
Outstanding shares used in per share calculations |
|||||||
Basic |
47,765,933 |
49,999,565 |
|||||
Diluted |
48,343,000 |
50,655,912 |
|||||
Non-GAAP adjusted net earnings per share: |
|||||||
Basic |
$ |
0.99 |
$ |
0.76 |
|||
Diluted |
$ |
0.98 |
$ |
0.75 |
|||
Reported net earnings per share: |
|||||||
Basic |
$ |
0.95 |
$ |
0.60 |
|||
Diluted |
$ |
0.94 |
$ |
0.59 |
Fiscal year ended |
|||||||
March 31, 2012 |
March 31, 2011 |
||||||
(in millions, except share and per share amounts) |
|||||||
Net earnings reconciliation |
|||||||
As reported net earnings |
$ |
144.0 |
$ |
113.4 |
|||
Non-GAAP adjustments, net of tax: |
|||||||
Restructuring charge-Europe |
3.8 |
(1) |
5.4 |
(1) |
|||
Acquisition activity expense-Europe |
0.2 |
(2) |
1.1 |
(2) |
|||
Acquisition activity expense-Americas |
1.5 |
(2) |
0.8 |
(2) |
|||
Acquisition activity expense-Asia |
0.1 |
(2) |
- |
||||
Legal proceedings settlement income-Europe |
(0.6) |
(3) |
- |
||||
Refinancing related charges |
- |
5.3 |
(4) |
||||
Secondary offering fees |
- |
0.4 |
(5) |
||||
Non-GAAP adjusted net earnings |
$ |
149.0 |
$ |
126.4 |
|||
Outstanding shares used in per share calculations |
|||||||
Basic |
48,748,205 |
49,376,132 |
|||||
Diluted |
49,216,035 |
50,044,246 |
|||||
Non-GAAP adjusted net earnings per share: |
|||||||
Basic |
$ |
3.06 |
$ |
2.56 |
|||
Diluted |
$ |
3.03 |
$ |
2.52 |
|||
Reported net earnings per share: |
|||||||
Basic |
$ |
2.95 |
$ |
2.30 |
|||
Diluted |
$ |
2.93 |
$ |
2.27 |
(1) |
Resulting from pre-tax restructuring charges in Europe of approximately $2.3 million in the fourth quarter of fiscal 2012 and approximately $1.6 million in the fourth quarter of fiscal 2011, respectively, and approximately $5.0 million for the twelve months of fiscal 2012 and approximately $6.8 million for the twelve months of fiscal 2011. |
|
(2) |
Resulting from pre-tax charges for acquisition activity expense of approximately ($0.1) million in Europe, $0.2 million in Americas and $0.2 million in Asia in the fourth quarter of fiscal 2012 and approximately $0.6 million in Europe and $0.6 million in Americas in the fourth quarter of fiscal 2011. Pre-tax charges for acquisition activity expense were approximately $0.2 million in Europe, $2.4 million in Americas and $0.2 million in Asia for the twelve months of fiscal 2012 and $1.4 million in Europe and $1.1 million in Americas in the twelve months of fiscal 2011. |
|
(3) |
Resulting from pre-tax legal settlement income of approximately $0.9 million in Europe in the second quarter of fiscal 2012 relating to a fiscal 2009 litigation whereby the Company's share of damages was reduced and monies refunded. |
|
(4) |
Resulting from pre-tax charges of $8.2 million in the fourth quarter of fiscal 2011 related to the refinancing of amounts borrowed under the Company's prior senior secured credit facility. These charges comprise $2.3 million write-off of deferred finance fees and $5.9 million of losses recognized on discontinued hedge accounting for interest rate swap agreements. |
|
(5) |
Resulting from pre-tax charges of $0.6 million in the fourth quarter of fiscal 2011 related to the secondary stock offering. |
Summary of Earnings |
|||||
(In millions, except share and per share data) |
|||||
Quarter ended (Unaudited) |
|||||
March 31, 2012 |
March 31, 2011 |
||||
Net sales |
$ |
592.8 |
$ |
548.0 |
|
Gross profit |
145.5 |
124.6 |
|||
Operating expenses |
77.3 |
69.5 |
|||
Restructuring charges |
2.3 |
1.6 |
|||
Operating earnings |
65.9 |
53.5 |
|||
Earnings before income taxes |
60.5 |
39.4 |
|||
Net earnings attributable to EnerSys Stockholders |
$ |
45.4 |
$ |
30.1 |
|
Net earnings per common share: |
|||||
Basic |
$ |
0.95 |
$ |
0.60 |
|
Diluted |
$ |
0.94 |
$ |
0.59 |
|
Weighted average shares outstanding: |
|||||
Basic |
47,765,933 |
49,999,565 |
|||
Diluted |
48,343,000 |
50,655,912 |
|||
Fiscal year ended |
|||||
March 31, 2012 |
March 31, 2011 |
||||
Net sales |
$ |
2,283.4 |
$ |
1,964.4 |
|
Gross profit |
512.7 |
449.8 |
|||
Operating expenses |
297.8 |
259.2 |
|||
Restructuring charges |
5.0 |
6.8 |
|||
Legal proceedings settlement income |
(0.9) |
- |
|||
Operating earnings |
210.8 |
183.8 |
|||
Earnings before income taxes |
191.2 |
151.4 |
|||
Net earnings attributable to EnerSys Stockholders |
$ |
144.0 |
$ |
113.4 |
|
Net earnings per common share: |
|||||
Basic |
$ |
2.95 |
$ |
2.30 |
|
Diluted |
$ |
2.93 |
$ |
2.27 |
|
Weighted average shares outstanding: |
|||||
Basic |
48,748,205 |
49,376,132 |
|||
Diluted |
49,216,035 |
50,044,246 |
|||
The call, scheduled for
A live webcast of the conference call will be available on the Company's website at http://www.enersys.com under the "Investor Relations" link. Presentation materials to be used in conjunction with the conference call will become available under the aforementioned link shortly following the issuance of this press release.
The conference call information is:
Date: |
Wednesday, May 30, 2012 |
Time: |
9:00 a.m. Eastern Time |
Via Internet: |
http://www.enersys.com |
Domestic Dial-In Number: |
800-291-9234 |
International Dial-In Number: |
617-614-3923 |
Passcode: |
77446344 |
A replay of the conference call will be available from
The replay information is:
Via Internet: |
http://www.enersys.com |
Domestic Replay Number: |
888-286-8010 |
International Replay Number: |
617-801-6888 |
Passcode: |
10318439 |
EDITOR'S NOTE:
More information regarding
Caution Concerning Forward-Looking Statements
This press release, and oral statements made regarding the subjects of this release, contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, or the Reform Act, which may include, but are not limited to, statements regarding
Although
SOURCE
Richard Zuidema, Executive Vice President, EnerSys, 1-800-538-3627