EnerSys Reports Third Quarter Fiscal 2012 Results
Net earnings for the third quarter of fiscal 2012 were
The net earnings of
Excluding these highlighted items, adjusted net earnings per diluted share for the third quarter of fiscal 2012, on a non-GAAP basis was
Net sales for the third quarter of fiscal 2012 were
The Company's operating results for its business segments for the third quarters of fiscal 2012 and 2011 are as follows:
Quarter ended |
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($ Millions) |
||||||||
January 1, |
January 2, |
|||||||
2012 |
2011 |
|||||||
Net sales by Segment |
||||||||
Europe |
$ |
247.6 |
$ |
236.4 |
||||
Americas |
281.2 |
224.6 |
||||||
Asia |
45.4 |
47.6 |
||||||
Total net sales |
$ |
574.2 |
$ |
508.6 |
||||
Operating earnings |
||||||||
Europe |
$ |
16.4 |
$ |
16.4 |
||||
Americas |
36.6 |
31.1 |
||||||
Asia |
3.2 |
3.2 |
||||||
Restructuring charges-Europe |
(1.4) |
(1.8) |
||||||
Acquisition activity expense-Europe |
(0.2) |
(0.5) |
||||||
Acquisition activity expense-Americas |
(0.9) |
(0.1) |
||||||
Total operating earnings |
$ |
53.7 |
$ |
48.3 |
||||
Net earnings for the nine months of fiscal 2012 were
Net earnings for the nine months of fiscal 2011 were
Adjusted net earnings for the nine months of fiscal 2012, on a non-GAAP basis, were
Net sales for the nine months of fiscal 2012 were
The Company's operating results for its business segments for the nine months of fiscal years 2012 and 2011 are as follows:
Nine Months ended |
||||||||
($ Millions) |
||||||||
January 1, |
January 2, |
|||||||
2012 |
2011 |
|||||||
Net sales by Segment |
||||||||
Europe |
$ |
745.9 |
$ |
632.3 |
||||
Americas |
792.7 |
651.4 |
||||||
Asia |
152.0 |
132.7 |
||||||
Total net sales |
$ |
1,690.6 |
$ |
1,416.4 |
||||
Operating earnings |
||||||||
Europe |
$ |
45.3 |
$ |
35.9 |
||||
Americas |
96.8 |
91.6 |
||||||
Asia |
7.1 |
9.3 |
||||||
Restructuring charges-Europe |
(2.7) |
(5.2) |
||||||
Legal proceedings settlement income-Europe |
0.9 |
- |
||||||
Acquisition activity expense-Europe |
(0.3) |
(0.8) |
||||||
Acquisition activity expense-Americas |
(2.2) |
(0.5) |
||||||
Total operating earnings |
$ |
144.9 |
$ |
130.3 |
||||
"Our third quarter adjusted earnings of
Mr. Craig added, "Our fourth quarter guidance for non-GAAP adjusted net earnings per diluted share will be between
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 |
||||||||
January 1, 2012 |
January 2, 2011 |
|||||||
(in millions, except share and per share amounts) |
||||||||
Net earnings reconciliation |
||||||||
As reported net earnings |
$ |
36.8 |
$ |
33.7 |
||||
Non-GAAP adjustments, net of tax: |
||||||||
Restructuring charge-Europe |
1.1 |
(1) |
1.4 |
(1) |
||||
Acquisition activity expense-Europe |
0.1 |
(3) |
0.4 |
(3) |
||||
Acquisition activity expense-Americas |
0.6 |
(3) |
0.1 |
(3) |
||||
Non-GAAP adjusted net earnings |
$ |
38.6 |
$ |
35.6 |
||||
Outstanding shares used in per share calculations |
||||||||
Basic |
47,704,567 |
49,564,495 |
||||||
Diluted |
48,045,900 |
50,331,554 |
||||||
Non-GAAP adjusted net earnings per share: |
||||||||
Basic |
$ |
0.81 |
$ |
0.72 |
||||
Diluted |
$ |
0.80 |
$ |
0.71 |
||||
Reported net earnings per share: |
||||||||
Basic |
$ |
0.77 |
$ |
0.68 |
||||
Diluted |
$ |
0.77 |
$ |
0.67 |
||||
Nine Months ended |
||||||||
January 1, 2012 |
January 2, 2011 |
|||||||
(in millions, except share and per share amounts) |
||||||||
Net earnings reconciliation |
||||||||
As reported net earnings |
$ |
98.6 |
$ |
83.3 |
||||
Non-GAAP adjustments, net of tax: |
||||||||
Restructuring charge-Europe |
2.1 |
(1) |
4.1 |
(1) |
||||
Legal proceedings settlement income-Europe |
(0.6) |
(2) |
- |
|||||
Acquisition activity expense-Europe |
0.2 |
(3) |
0.6 |
(3) |
||||
Acquisition activity expense-Americas |
1.4 |
(3) |
0.4 |
(3) |
||||
Non-GAAP adjusted net earnings |
$ |
101.7 |
$ |
88.4 |
||||
Outstanding shares used in per share calculations |
||||||||
Basic |
49,075,629 |
49,168,320 |
||||||
Diluted |
49,507,047 |
49,840,357 |
||||||
Non-GAAP adjusted net earnings per share: |
||||||||
Basic |
$ |
2.07 |
$ |
1.80 |
||||
Diluted |
$ |
2.06 |
$ |
1.77 |
||||
Reported net earnings per share: |
||||||||
Basic |
$ |
2.01 |
$ |
1.69 |
||||
Diluted |
$ |
1.99 |
$ |
1.67 |
||||
(1) |
Resulting from pre-tax restructuring charges in Europe of approximately $1.4 million in the third quarter of fiscal 2012 and approximately $1.8 million in the third quarter of fiscal 2011, respectively and approximately $2.7 million for the nine months of fiscal 2012 and approximately $5.2 million for the nine months of fiscal 2011. |
|
(2) |
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. |
|
(3) |
Resulting from pre-tax charges for acquisition activity expense of approximately $0.2 million in Europe and $0.9 million in Americas in the third quarter of fiscal 2012 and approximately $0.5 million in Europe and $0.1 million in Americas in the third quarter of fiscal 2011. Pre-tax charges for acquisition activity expense for the nine months of fiscal 2012 was approximately $0.3 million in Europe and $2.2 million in Americas and $0.8 million in Europe and $0.5 million in Americas in the nine months of fiscal 2011. |
|
Summary of Earnings (Unaudited) (In millions, except share and per share data) |
||||||
Quarter ended |
||||||
January 1, 2012 |
January 2, 2011 |
|||||
Net sales |
$ |
574.2 |
$ |
508.6 |
||
Gross profit |
130.8 |
117.9 |
||||
Operating expenses |
75.7 |
67.8 |
||||
Restructuring charges |
1.4 |
1.8 |
||||
Operating earnings |
53.7 |
48.3 |
||||
Earnings before income taxes |
47.8 |
43.1 |
||||
Net earnings |
$ |
36.8 |
$ |
33.7 |
||
Net earnings per common share: |
||||||
Basic |
$ |
0.77 |
$ |
0.68 |
||
Diluted |
$ |
0.77 |
$ |
0.67 |
||
Weighted average shares outstanding: |
||||||
Basic |
47,704,567 |
49,564,495 |
||||
Diluted |
48,045,900 |
50,331,554 |
||||
Nine Months ended |
||||||
January 1, 2012 |
January 2, 2011 |
|||||
Net sales |
$ |
1,690.6 |
$ |
1,416.4 |
||
Gross profit |
367.2 |
325.2 |
||||
Operating expenses |
220.5 |
189.7 |
||||
Restructuring charges |
2.7 |
5.2 |
||||
Legal proceedings settlement income |
(0.9) |
- |
||||
Operating earnings |
144.9 |
130.3 |
||||
Earnings before income taxes |
130.3 |
112.0 |
||||
Net earnings |
$ |
98.6 |
$ |
83.3 |
||
Net earnings per common share: |
||||||
Basic |
$ |
2.01 |
$ |
1.69 |
||
Diluted |
$ |
1.99 |
$ |
1.67 |
||
Weighted average shares outstanding: |
||||||
Basic |
49,075,629 |
49,168,320 |
||||
Diluted |
49,507,047 |
49,840,357 |
||||
The call, scheduled for
The call will also be Webcast on
The conference call information is:
Date: |
Thursday, February 9, 2012 |
|
Time: |
9:00 a.m. Eastern Time |
|
Via Internet: |
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Domestic Dial-In Number: |
800-299-0148 |
|
International Dial-In Number: |
617-801-9711 |
|
Passcode: |
51262855 |
|
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: |
77051752 |
|
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, P.O. Box 14145, Reading, PA 19612-4145, USA. Tel: +1-800-538-3627