Click here to close now.

Welcome!

.NET Authors: Plutora Blog, Aria Blog, Pat Romanski, Elizabeth White, Hovhannes Avoyan

News Feed Item

EnerSys Reports Second Quarter Fiscal 2013 Results

READING, Pa., Nov. 5, 2012 /PRNewswire/ -- EnerSys (NYSE: ENS) the global leader in stored energy solutions for industrial applications, announced today results for its second quarter of fiscal 2013, which ended on September 30, 2012.

Net earnings attributable to EnerSys stockholders ("Net earnings") for the second quarter of fiscal 2013 were $43.8 million, or $0.90 per diluted share, including an unfavorable net of tax impact of $0.02 per share from a charge of $1.0 million for restructuring plans. The net earnings of $0.90 per diluted share, compares to diluted net earnings per share of $0.57 for the second quarter of fiscal 2012, which included an unfavorable net of tax impact of $0.01 per share from a charge of $0.7 million for restructuring plans and $0.4 million for fees related to acquisition activities, partially offset by a $0.6 million legal settlement income.

Excluding these highlighted items, adjusted net earnings per diluted share for the second quarter of fiscal 2013, on a non-GAAP basis was $0.92, which exceeds the guidance of $0.85 to $0.89 per diluted share given by the Company on August 8, 2012. These earnings compare to the prior year second quarter adjusted net earnings of $0.58 per diluted share. Please refer to the section included herein under the heading "Reconciliation of Non-GAAP Financial Measures" for a discussion of the Company's use of non-GAAP adjusted financial information.

Net sales for the second quarter of fiscal 2013 were a second quarter record $554.2 million, an increase of 1% from the prior year second quarter net sales of $547.2 million. The 1% increase was the result of a 2% increase in organic volume, 4% increase from acquisitions, a 4% decrease from foreign currency translation impact and a 1% decrease due to pricing. Sequential quarterly sales decreased 7% from the first quarter of fiscal 2013 net sales of $593.9 million due to a 6% decrease in organic volume and a 1% decrease due to pricing.

The Company's operating results for its business segments for the second quarters of fiscal 2013 and 2012 are as follows:

 


Quarter ended


($ Millions)


September 30,


October 2,


2012


2011

Net sales by Segment








Europe

$

215.4



$

245.3


Americas


276.7




252.3


Asia


62.1




49.6










Total net sales

$

554.2



$

547.2










Operating earnings








Europe

$

14.1



$

14.7


Americas


43.6




28.0


Asia


6.6




0.5


Restructuring charges-Europe


(1.3)




(0.9)


Legal proceedings settlement income-Europe


-




0.9


Acquisition activity expense-Americas


(0.1)




(0.7)










Total operating earnings

$

62.9



$

42.5


 

Net earnings for the six months of fiscal 2013 were $89.6 million or $1.84 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 and $0.1 million for fees related to acquisition activities.

Net earnings for the six months of fiscal 2012 were $61.8 million or $1.23 per diluted share, and included an unfavorable net of tax impact of $0.03 per share from a charge of $1.0 million for restructuring plans and $0.9 million for fees related to acquisition activities partially offset by a $0.6 million legal settlement in favor of the Company. 

Adjusted net earnings for the six months of fiscal 2013, on a non-GAAP basis, were $1.87 per diluted share. This compares to the prior year six months adjusted net earnings of $1.26 per diluted share. Please refer to the section included herein under the heading "Reconciliation of Non-GAAP Financial Measures" for a discussion of the Company's use of non-GAAP adjusted financial information.

Net sales for the six months of fiscal 2013 were $1,148.1 million, an increase of 3% from the net sales of $1,116.4 million in the comparable period in fiscal 2012. The 3% increase was the result of a 4% increase in organic volume and a 4% increase from acquisitions partially offset by a 5% decrease from foreign currency translation impact.

The Company's operating results for its business segments for the six months of fiscal years 2013 and 2012 are as follows:

 


Six Months ended


($ Millions)


September 30,


October 2,


2012


2011

Net sales by Segment








Europe

$

452.5



$

498.3


Americas


565.6




511.5


Asia


130.0




106.6










Total net sales

$

1,148.1



$

1,116.4










Operating earnings








Europe

$

31.3



$

28.9


Americas


88.2




60.2


Asia


15.5




3.9


Restructuring charges-Europe


(1.7)




(1.3)


Legal proceedings settlement income-Europe


-




0.9


Acquisition activity expense-Europe


-




(0.1)


Acquisition activity expense-Americas


(0.2)




(1.3)










Total operating earnings

$

133.1



$

91.2


 

"During our second quarter we achieved record second quarter sales and operating earnings and reached our gross profit percentage target of 25% for the second consecutive quarter," stated John D. Craig, chairman, president and chief executive officer of EnerSys. "I am very pleased with our second quarter adjusted earnings of $0.92 per diluted share."

Mr. Craig added, "Our third quarter guidance for adjusted net earnings per diluted share is between $0.77 to $0.81, which excludes the expected charge of $0.08 from our restructuring programs and acquisition expenses. Recently, we experienced a slowing in our order intake which we expect will lead to a sequential reduction in our third quarter sales.  If we continue to experience softness in our global markets we plan to take actions similar to those we took in 2009 to take costs out of our businesses, including additional restructuring programs, with the objective of improving longer term profitability." 


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". EnerSys' management uses the non-GAAP measure "adjusted net earnings" in their analysis of the Company's performance. This measure, as used by EnerSys in past quarters and years, adjusts net earnings determined in accordance with GAAP to reflect changes in financial results associated with the Company's restructuring initiatives and other highlighted charges and income items. Management believes the presentation of this financial measure reflecting these non-GAAP adjustments provides important supplemental information in evaluating the operating results of the Company as distinct from results that include items that are not indicative of ongoing operating results; in particular, those charges that the Company incurs as a result of restructuring activities and those charges and credits that are not directly related to operating unit performance, such as fees and expenses related to acquisition activities. Because these charges are not incurred as a result of ongoing operations or are incurred as a result of a potential acquisition, they are not a helpful measure of the performance of our underlying business. This non-GAAP disclosure has limitations as an analytical tool, should not be viewed as a substitute for net earnings determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies. Management believes that this non-GAAP supplemental information will be helpful in understanding the Company's ongoing operating results. This supplemental presentation should not be construed as an inference that the Company's future results will be unaffected by similar adjustments to net earnings determined in accordance with 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



September 30,

2012



October 2,

2011



(in millions, except share and per share amounts)


Net earnings reconciliation








As reported net earnings

$

43.8



$

28.3


Non-GAAP adjustments, net of tax:








Restructuring charge-Europe


1.0

(1)



0.7

(1)

Legal proceedings settlement income-Europe


-




(0.6)

(3)

Acquisition activity expense-Americas


-

(2)



0.4

(2)

Non-GAAP adjusted net earnings

$

44.8



$

28.8










Outstanding shares used in per share calculations








Basic


48,188,331




49,469,694


Diluted


48,719,916




49,806,964










Non-GAAP adjusted net earnings per share:








Basic

$

0.93



$

0.58


Diluted

$

0.92



$

0.58










Reported net earnings per share:








Basic

$

0.91



$

0.57


Diluted

$

0.90



$

0.57


 

 


Six Months ended



September 30,

2012



October 2,

2011



(in millions, except share and per share amounts)


Net earnings reconciliation








As reported net earnings

$

89.6



$

61.8


Non-GAAP adjustments, net of tax:








Restructuring charge-Europe


1.3

(1)



1.0

(1)

Legal proceedings settlement income-Europe


-




(0.6)

(3)

Acquisition activity expense-Europe


-




0.1

(2)

Acquisition activity expense-Americas


0.1

(2)



0.8

(2)

Non-GAAP adjusted net earnings

$

91.0



$

63.1










Outstanding shares used in per share calculations








Basic


48,044,767




49,761,160


Diluted


48,573,454




50,237,620










Non-GAAP adjusted net earnings per share:








Basic

$

1.89



$

1.27


Diluted

$

1.87



$

1.26










Reported net earnings per share:








Basic

$

1.86



$

1.24


Diluted

$

1.84



$

1.23


 

(1)

Resulting from pre-tax restructuring charges in Europe of approximately $1.3 million in the second quarter of fiscal 2013 and approximately $0.9 million in the second quarter of fiscal 2012 and approximately $1.7 million for the six months of fiscal 2013 and approximately $1.3 million for the six months of fiscal 2012.

(2)

Resulting from pre-tax charges for acquisition activity expense in Americas of approximately $0.1 million in the second quarter of fiscal 2013 and $0.7 million in the second quarter of fiscal 2012. Pre-tax charges for acquisition activity expense for the six months of fiscal 2013 in Americas was approximately $0.2 million compared to $0.1 million in Europe and $1.3 million in Americas in the six 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



September 30,

2012


October 2,

2011









Net sales

$

554.2


$

547.2


Gross profit


138.3



114.4


Operating expenses


74.1



71.9


Restructuring charges


1.3



0.9


Legal proceedings settlement income


-



(0.9)


Operating earnings


62.9



42.5


Earnings before income taxes


59.7



38.4


Net earnings attributable to EnerSys stockholders

$

43.8


$

28.3









Net earnings per common share attributable to EnerSys stockholders:







Basic

$

0.91


$

0.57


Diluted

$

0.90


$

0.57


Weighted average shares outstanding:







Basic


48,188,331



49,469,694


Diluted


48,719,916



49,806,964









 

 


Six Months ended



September 30,

2012


October 2,

2011









Net sales

$

1,148.1


$

1,116.4


Gross profit


286.6



236.4


Operating expenses


151.8



144.8


Restructuring charges


1.7



1.3


Legal proceedings settlement income


-



(0.9)


Operating earnings


133.1



91.2


Earnings before income taxes


124.0



82.5


Net earnings attributable to EnerSys stockholders

$

89.6


$

61.8









Net earnings per common share attributable to EnerSys stockholders:







Basic

$

1.86


$

1.24


Diluted

$

1.84


$

1.23


Weighted average shares outstanding:







Basic


48,044,767



49,761,160


Diluted


48,573,454



50,237,620










EnerSys will host a conference call to discuss the Company's second quarter fiscal 2013 financial results and provide an overview of the business. The call will conclude with a question and answer session.

The call, scheduled for Tuesday, November 6, 2012 at 9:00 a.m. Eastern Time, will be hosted by John D. Craig, Chairman, President & Chief Executive Officer, and Michael J. Schmidtlein, Senior Vice President Finance and Chief Financial Officer.

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:

Tuesday, November 6, 2012

Time:

9:00 a.m. Eastern Time

Via Internet:

http://www.enersys.com

Domestic Dial-In Number:

800-688-0836

International Dial-In Number:

617-614-4072

Passcode:

54218518

A replay of the conference call will be available from 11:00 a.m. on November 6, 2012 through 11:59 p.m. on December 4, 2012.

The replay information is:

Via Internet:

http://www.enersys.com

Domestic Replay Number:

888-286-8010

International Replay Number:

617-801-6888

Passcode:

45333834

EDITOR'S NOTE: EnerSys, the world leader in stored energy solutions for industrial applications, manufactures and distributes reserve power and motive power batteries, chargers, power equipment, and battery accessories to customers worldwide. Motive power batteries are utilized in electric fork trucks and other commercial electric powered vehicles. Reserve power batteries are used in the telecommunications and utility industries, uninterruptible power supplies, and numerous applications requiring standby power. The Company also provides aftermarket and customer support services to its customers from over 100 countries through its sales and manufacturing locations around the world under the direction of its Americas, Europe and Asia regional headquarters.

More information regarding EnerSys can be found at www.enersys.com.

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 EnerSys' earnings estimates, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts, including statements identified by words such as "believe," "plan," "seek," "expect," "intend," "estimate," "anticipate," "will," and similar expressions. All statements addressing operating performance, events, or developments that EnerSys expects or anticipates will occur in the future, including statements relating to sales growth, earnings or earnings per share growth, and market share, as well as statements expressing optimism or pessimism about future operating results, are forward-looking statements within the meaning of the Reform Act. The forward-looking statements are based on management's current views and assumptions regarding future events and operating performance, and are inherently subject to significant business, economic, and competitive uncertainties and contingencies and changes in circumstances, many of which are beyond the Company's control. The statements in this press release are made as of the date of this press release, even if subsequently made available by EnerSys on its website or otherwise.  EnerSys does not undertake any obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release. 

Although EnerSys does not make forward-looking statements unless it believes it has a reasonable basis for doing so, EnerSys cannot guarantee their accuracy.  The foregoing factors, among others, could cause actual results to differ materially from those described in these forward-looking statements.  For a list of other factors which could affect EnerSys' results, including earnings estimates, see EnerSys' filings with the Securities and Exchange Commission, including "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations," including "Forward-Looking Statements," set forth in EnerSys' Annual Report on Form 10-K for the fiscal year ended March 31, 2012. No undue reliance should be placed on any forward-looking statements.

SOURCE EnerSys

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
SYS-CON Events announced today that GENBAND, a leading developer of real time communications software solutions, has been named “Silver Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. The GENBAND team will be on hand to demonstrate their newest product, Kandy. Kandy is a communications Platform-as-a-Service (PaaS) that enables companies to seamlessly integrate more human communications into their Web and mobile applications - creating more engaging experiences for their customers and boosting collaboration and productiv...
Roberto Medrano, Executive Vice President at SOA Software, had reached 30,000 page views on his home page - http://RobertoMedrano.SYS-CON.com/ - on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, and SOA World Magazine. He is a recognized executive in the information technology fields of SOA, internet security, governance, and compliance. He has extensive experience with both start-ups and large companies, having been involved at the beginning of four IT industries: EDA, Open Systems, Computer Security and now SOA.
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, shared some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, a...
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focused on understanding how industrial data can create intelligence for industrial operations. Imagine ...
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, representing a model of how to analyze rea...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
SYS-CON Events announced today that Open Data Centers (ODC), a carrier-neutral colocation provider, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Open Data Centers is a carrier-neutral data center operator in New Jersey and New York City offering alternative connectivity options for carriers, service providers and enterprise customers.
When it comes to the Internet of Things, hooking up will get you only so far. If you want customers to commit, you need to go beyond simply connecting products. You need to use the devices themselves to transform how you engage with every customer and how you manage the entire product lifecycle. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, will show how “product relationship management” can help you leverage your connected devices and the data they generate about customer usage and product performance to deliver extremely compelling and reliabl...
SYS-CON Events announced today that CodeFutures, a leading supplier of database performance tools, has been named a “Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. CodeFutures is an independent software vendor focused on providing tools that deliver database performance tools that increase productivity during database development and increase database performance and scalability during production.
The IoT market is projected to be $1.9 trillion tidal wave that’s bigger than the combined market for smartphones, tablets and PCs. While IoT is widely discussed, what not being talked about are the monetization opportunities that are created from ubiquitous connectivity and the ensuing avalanche of data. While we cannot foresee every service that the IoT will enable, we should future-proof operations by preparing to monetize them with extremely agile systems.
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. Learn about IoT, Big Data and deployments processing massive data volumes from wearables, utilities and other machines.
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com), moderated by Ashar Baig, Research Director, Cloud, at Gigaom Research, Nate Gordon, Director of T...
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Intelligent Systems Services will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Established in 1994, Intelligent Systems Services Inc. is located near Washington, DC, with representatives and partners nationwide. ISS’s well-established track record is based on the continuous pursuit of excellence in designing, implementing and supporting nationwide clients’ mission-critical systems. ISS has completed many successful projects in Healthcare, Commercial, Manufacturing, ...
PubNub on Monday has announced that it is partnering with IBM to bring its sophisticated real-time data streaming and messaging capabilities to Bluemix, IBM’s cloud development platform. “Today’s app and connected devices require an always-on connection, but building a secure, scalable solution from the ground up is time consuming, resource intensive, and error-prone,” said Todd Greene, CEO of PubNub. “PubNub enables web, mobile and IoT developers building apps on IBM Bluemix to quickly add scalable realtime functionality with minimal effort and cost.”
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, including what it is today, what it might ultimately be, the role of wearable tech, and technology gaps stil...
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.
In the consumer IoT, everything is new, and the IT world of bits and bytes holds sway. But industrial and commercial realms encompass operational technology (OT) that has been around for 25 or 50 years. This grittier, pre-IP, more hands-on world has much to gain from Industrial IoT (IIoT) applications and principles. But adding sensors and wireless connectivity won’t work in environments that demand unwavering reliability and performance. In his session at @ThingsExpo, Ron Sege, CEO of Echelon, will discuss how as enterprise IT embraces other IoT-related technology trends, enterprises with i...