EnerSys Reports Third Quarter Fiscal 2013 Results
Net earnings attributable to
Excluding these highlighted items, adjusted Net earnings per diluted share for the third quarter of fiscal 2013, on a non-GAAP basis was
Net sales for the third quarter of fiscal 2013 were
The Company's operating results for its business segments for the third quarters of fiscal 2013 and 2012 are as follows:
Quarter ended |
||||||
($ Millions) |
||||||
December 30, |
January 1, |
|||||
2012 |
2012 |
|||||
Net sales by Segment |
||||||
Europe |
$ |
231.4 |
$ |
247.6 |
||
Americas |
275.8 |
281.2 |
||||
Asia |
50.1 |
45.4 |
||||
Total net sales |
$ |
557.3 |
$ |
574.2 |
||
Operating earnings |
||||||
Europe |
$ |
14.9 |
$ |
16.4 |
||
Americas |
45.4 |
36.6 |
||||
Asia |
3.3 |
3.2 |
||||
Restructuring charges-Europe |
(1.0) |
(1.4) |
||||
Restructuring charges-Asia |
(2.7) |
- |
||||
Acquisition activity expense-Europe |
- |
(0.2) |
||||
Acquisition activity expense-Americas |
(0.1) |
(0.9) |
||||
Total operating earnings |
$ |
59.8 |
$ |
53.7 |
||
Net earnings for the nine months of fiscal 2013 were
Net earnings for the nine months of fiscal 2012 were
Adjusted Net earnings for the nine months of fiscal 2013, on a non-GAAP basis, were
Net sales for the nine months of fiscal 2013 were
The Company's operating results for its business segments for the nine months of fiscal years 2013 and 2012 are as follows:
Nine months ended |
|||||||
($ Millions) |
|||||||
December 30, |
January 1, |
||||||
2012 |
2012 |
||||||
Net sales by Segment |
|||||||
Europe |
$ |
683.9 |
$ |
745.9 |
|||
Americas |
841.4 |
792.7 |
|||||
Asia |
180.1 |
152.0 |
|||||
Total net sales |
$ |
1,705.4 |
$ |
1,690.6 |
|||
Operating earnings |
|||||||
Europe |
$ |
46.2 |
$ |
45.3 |
|||
Americas |
133.6 |
96.8 |
|||||
Asia |
18.8 |
7.1 |
|||||
Restructuring charges-Europe |
(2.7) |
(2.7) |
|||||
Restructuring charges-Asia |
(2.7) |
- |
|||||
Legal proceedings settlement income-Europe |
- |
0.9 |
|||||
Acquisition activity expense-Europe |
- |
(0.3) |
|||||
Acquisition activity expense-Americas |
(0.3) |
(2.2) |
|||||
Total operating earnings |
$ |
192.9 |
$ |
144.9 |
|||
"During our third quarter we achieved record third quarter operating earnings and increased our gross profit percentage to 25.8%," stated
Mr. Craig added, "Our recent incoming order rate has increased which is a positive for future quarters."
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 |
|||||||
December 30, 2012 |
January 1, 2012 |
||||||
(in millions, except share and per share amounts) |
|||||||
Net earnings reconciliation |
|||||||
As reported net earnings |
$ |
39.2 |
$ |
36.8 |
|||
Non-GAAP adjustments, net of tax: |
|||||||
Restructuring charge-Europe |
0.8 |
(1) |
1.1 |
(1) |
|||
Restructuring charge-Asia |
2.7 |
(1) |
- |
||||
Acquisition activity expense-Europe |
- |
0.1 |
(2) |
||||
Acquisition activity expense-Americas |
0.1 |
(2) |
0.6 |
(2) |
|||
Non-GAAP adjusted net earnings |
$ |
42.8 |
$ |
38.6 |
|||
Outstanding shares used in per share calculations |
|||||||
Basic |
48,176,206 |
47,704,567 |
|||||
Diluted |
48,682,346 |
48,045,900 |
|||||
Non-GAAP adjusted net earnings per share: |
|||||||
Basic |
$ |
0.89 |
$ |
0.81 |
|||
Diluted |
$ |
0.88 |
$ |
0.80 |
|||
Reported net earnings per share: |
|||||||
Basic |
$ |
0.81 |
$ |
0.77 |
|||
Diluted |
$ |
0.80 |
$ |
0.77 |
|||
Nine months ended |
|||||||
December 30, 2012 |
January 1, 2012 |
||||||
(in millions, except share and per share amounts) |
|||||||
Net earnings reconciliation |
|||||||
As reported net earnings |
$ |
128.8 |
$ |
98.6 |
|||
Non-GAAP adjustments, net of tax: |
|||||||
Restructuring charge-Europe |
2.1 |
(1) |
2.1 |
(1) |
|||
Restructuring charge-Asia |
2.7 |
(1) |
- |
||||
Legal proceedings settlement income-Europe |
- |
(0.6) |
(3) |
||||
Acquisition activity expense-Europe |
- |
0.2 |
(2) |
||||
Acquisition activity expense-Americas |
0.2 |
(2) |
1.4 |
(2) |
|||
Non-GAAP adjusted net earnings |
$ |
133.8 |
$ |
101.7 |
|||
Outstanding shares used in per share calculations |
|||||||
Basic |
48,088,580 |
49,075,629 |
|||||
Diluted |
48,609,751 |
49,507,047 |
|||||
Non-GAAP adjusted net earnings per share: |
|||||||
Basic |
$ |
2.78 |
$ |
2.07 |
|||
Diluted |
$ |
2.75 |
$ |
2.06 |
|||
Reported net earnings per share: |
|||||||
Basic |
$ |
2.68 |
$ |
2.01 |
|||
Diluted |
$ |
2.65 |
$ |
1.99 |
(1) |
Resulting from pre-tax restructuring charges of approximately $1.0 million in Europe and approximately $2.7 million in Asia, respectively, in the third quarter of fiscal 2013 and approximately $1.4 million in Europe in the third quarter of fiscal 2012. Pre-tax restructuring charges were approximately $2.7 million each in Europe and Asia for the nine months of fiscal 2013 and approximately $2.7 million in Europe for the nine months of fiscal 2012. |
(2) |
Resulting from pre-tax charges for acquisition activity expense in Americas of approximately $0.1 million in the third quarter of fiscal 2013 and $0.2 million in Europe and $0.9 million in Americas, respectively, in the third quarter of fiscal 2012. Pre-tax charges for acquisition activity expense for the nine months of fiscal 2013 in Americas was approximately $0.3 million compared to $0.3 million in Europe and $2.2 million in Americas, respectively, for the nine months of fiscal 2012. |
(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. |
Summary of Earnings (Unaudited)
(In millions, except share and per share data)
Quarter ended |
||||||
December 30, 2012 |
January 1, 2012 |
|||||
Net sales |
$ |
557.3 |
$ |
574.2 |
||
Gross profit |
143.7 |
130,8 |
||||
Operating expenses |
80.2 |
75.7 |
||||
Restructuring charges |
3.7 |
1.4 |
||||
Operating earnings |
59.8 |
53.7 |
||||
Earnings before income taxes |
53.9 |
47.8 |
||||
Net earnings attributable to EnerSys stockholders |
$ |
39.2 |
$ |
36.8 |
||
Net earnings per common share attributable to EnerSys stockholders: |
||||||
Basic |
$ |
0.81 |
$ |
0.77 |
||
Diluted |
$ |
0.80 |
$ |
0.77 |
||
Weighted average shares outstanding: |
||||||
Basic |
48,176,206 |
47,704,567 |
||||
Diluted |
48,682,346 |
48,045,900 |
||||
Nine months ended |
||||||
December 30, 2012 |
January 1, 2012 |
|||||
Net sales |
$ |
1,705.4 |
$ |
1,690.6 |
||
Gross profit |
430.3 |
367.2 |
||||
Operating expenses |
232.0 |
220.5 |
||||
Restructuring charges |
5.4 |
2.7 |
||||
Legal proceedings settlement income |
- |
(0.9) |
||||
Operating earnings |
192.9 |
144.9 |
||||
Earnings before income taxes |
177.9 |
130.3 |
||||
Net earnings attributable to EnerSys stockholders |
$ |
128.8 |
$ |
98.6 |
||
Net earnings per common share attributable to EnerSys stockholders: |
||||||
Basic |
$ |
2.68 |
$ |
2.01 |
||
Diluted |
$ |
2.65 |
$ |
1.99 |
||
Weighted average shares outstanding: |
||||||
Basic |
48,088,580 |
49,075,629 |
||||
Diluted |
48,609,751 |
49,507,047 |
||||
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: |
Thursday, February 7, 2013 |
Time: |
9:00 a.m. Eastern Time |
Via Internet: |
|
Domestic Dial-In Number: |
866-510-0676 |
International Dial-In Number: |
617-597-5361 |
Passcode: |
97506647 |
A replay of the conference call will be available from
The replay information is:
Via Internet: |
|
Domestic Replay Number: |
888-286-8010 |
International Replay Number: |
617-801-6888 |
Passcode: |
50125169 |
For more information, contact Thomas O'Neill, Vice President and Treasurer, EnerSys, P.O. Box 14145,
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
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