EnerSys Reports Fourth Quarter and Full Year Fiscal 2014 Results
Net earnings attributable to
The Net earnings of
Excluding these highlighted items, adjusted Net earnings per diluted share for the fourth quarter of fiscal 2014, on a non-GAAP basis were
Net sales for the fourth quarter of fiscal 2014 were
The Company's operating results for its business segments for the fourth quarters of fiscal 2014 and 2013 are as follows:
Quarter ended |
|||||
($ millions) |
|||||
March 31, 2014 |
March 31, 2013 |
||||
Net sales by segment |
|||||
Americas |
$ |
337.3 |
$ |
285.5 |
|
EMEA |
260.5 |
242.3 |
|||
Asia |
67.4 |
44.4 |
|||
Total net sales |
$ |
665.2 |
$ |
572.2 |
|
Operating earnings |
|||||
Americas |
$ |
46.1 |
$ |
38.4 |
|
EMEA |
32.2 |
18.0 |
|||
Asia |
5.1 |
2.4 |
|||
Restructuring charges and other exit costs-EMEA |
(12.8) |
(1.8) |
|||
Restructuring charges-Asia |
(0.1) |
— |
|||
Legal proceedings charge-Americas |
(58.2) |
— |
|||
Acquisition activity expense-Americas |
(0.4) |
— |
|||
Total operating earnings |
$ |
11.9 |
$ |
57.0 |
|
EMEA -
Net earnings for the twelve months of fiscal 2014 were
Net earnings for the twelve months of fiscal 2013 were
Adjusted net earnings for the twelve months of fiscal 2014, on a non-GAAP basis, were
Net sales for the twelve months of fiscal 2014 were
The Company's operating results for its business segments for the twelve months of fiscal years 2014 and 2013, respectively, are as follows:
Fiscal year ended |
|||||
($ millions) |
|||||
March 31, 2014 |
March 31, 2013 |
||||
Net sales by segment |
|||||
Americas |
$ |
1,267.6 |
$ |
1,126.9 |
|
EMEA |
966.1 |
926.2 |
|||
Asia |
240.7 |
224.5 |
|||
Total net sales |
$ |
2,474.4 |
$ |
2,277.6 |
|
Operating earnings |
|||||
Americas |
$ |
180.6 |
$ |
172.0 |
|
EMEA |
84.9 |
64.2 |
|||
Asia |
21.6 |
21.2 |
|||
Restructuring and other exit charges-EMEA |
(27.1) |
(4.5) |
|||
Restructuring charges-Asia |
(0.3) |
(2.7) |
|||
Legal proceedings charge-Americas |
(58.2) |
— |
|||
Goodwill impairment charge-Asia |
(5.2) |
— |
|||
Acquisition activity expense-Americas |
(1.5) |
(0.3) |
|||
Acquisition activity expense-Asia |
(0.4) |
— |
|||
Total operating earnings |
$ |
194.4 |
$ |
249.9 |
|
"We are pleased with our previously reported full year record earnings of
Mr. Craig added, "Our first quarter of fiscal 2015 guidance for non-GAAP adjusted net earnings per diluted share should be
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, 2014 |
March 31, 2013 |
||||||
(in millions, except share and per share amounts) |
|||||||
Net earnings reconciliation |
|||||||
As reported net earnings |
$ |
12.8 |
$ |
37.7 |
|||
Non-GAAP adjustments, net of tax: |
|||||||
Restructuring and other exit charges-EMEA |
10.5 |
(1) |
1.3 |
(1) |
|||
Restructuring charge-Asia |
0.1 |
(2) |
— |
||||
Legal proceedings charge-Americas |
35.7 |
(3) |
— |
||||
Acquisition activity expense-Americas |
0.4 |
(4) |
— |
||||
Non-GAAP adjusted net earnings |
$ |
59.5 |
$ |
39.0 |
|||
Weighted-average number of common shares used in per share calculations: |
|||||||
Basic |
47,100,531 |
47,822,281 |
|||||
Diluted |
50,227,076 |
48,712,542 |
|||||
Non-GAAP adjusted net earnings per share: |
|||||||
Basic |
$ |
1.26 |
$ |
0.82 |
|||
Diluted |
$ |
1.18 |
$ |
0.80 |
|||
Reported net earnings per share: |
|||||||
Basic |
$ |
0.27 |
$ |
0.79 |
|||
Diluted |
$ |
0.26 |
$ |
0.77 |
|||
Dividends per common share |
$ |
0.125 |
$ |
— |
|||
Fiscal year ended |
|||||||
March 31, 2014 |
March 31, 2013 |
||||||
(in millions, except share and per share amounts) |
|||||||
Net earnings reconciliation |
|||||||
As reported net earnings |
$ |
150.3 |
$ |
166.5 |
|||
Non-GAAP adjustments, net of tax: |
|||||||
Restructuring and other exit charges-EMEA |
22.8 |
(1) |
3.4 |
(1) |
|||
Restructuring charge-Asia |
0.2 |
(2) |
2.7 |
(2) |
|||
Legal proceedings charge-Americas |
35.7 |
(3) |
— |
||||
Acquisition activity expense-Americas |
1.3 |
(4) |
0.2 |
(4) |
|||
Acquisition activity expense-Asia |
0.3 |
(4) |
— |
||||
Goodwill impairment charge-Asia |
2.6 |
(5) |
— |
||||
Write-off of non-operating assets |
6.3 |
(6) |
— |
||||
Net tax benefit |
(22.1) |
(7) |
— |
||||
Non-GAAP adjusted net earnings |
$ |
197.4 |
$ |
172.8 |
|||
Weighted-average number of common shares used in per share calculations: |
|||||||
Basic |
47,473,690 |
48,022,005 |
|||||
Diluted |
49,788,155 |
48,635,449 |
|||||
Non-GAAP adjusted net earnings per share: |
|||||||
Basic |
$ |
4.16 |
$ |
3.60 |
|||
Diluted |
$ |
3.96 |
$ |
3.55 |
|||
Reported net earnings per share: |
|||||||
Basic |
$ |
3.17 |
$ |
3.47 |
|||
Diluted |
$ |
3.02 |
$ |
3.42 |
|||
Dividends per common share |
$ |
0.50 |
$ |
— |
(1) |
Resulting from pre-tax restructuring charges in EMEA of approximately $12.8 million and $1.8 million in the fourth quarter of fiscal 2014 and 2013, respectively and approximately $27.1 million and $4.5 million for the twelve months of fiscal 2014 and 2013, respectively. Included in the restructuring charges in EMEA for the fourth quarter and fiscal 2014 were exit costs related to certain operations in Europe of approximately $5.6 million. |
(2) |
Resulting from pre-tax restructuring charges in Asia of approximately $0.1 million in the fourth quarter and $0.3 million and $2.7 million for the twelve months of fiscal 2014 and 2013, respectively. |
(3) |
Resulting from pre-tax legal proceedings charge of $58.2 million as the result of our previously disclosed unfavorable arbitration ruling. |
(4) |
Resulting from pre-tax charges for acquisition activity expense of approximately $0.4 million in Americas in the fourth quarter of fiscal 2014. Pre-tax charges for acquisition activity expense were approximately $1.5 million in Americas and $0.4 million in Asia for the twelve months of fiscal 2014 and $0.3 million in Americas for the twelve months of fiscal 2013. |
(5) |
Resulting from goodwill impairment charge net of share attributable to noncontrolling interest, in Asia in the third quarter of fiscal 2014. |
(6) |
Resulting from pre-tax write off of non-operating assets of $5.0 million and other miscellaneous charges relating to a previous acquisition of $1.5 million in the third quarter of fiscal 2014. |
(7) |
Resulting from changes to certain valuation reserves in EMEA and Asia in the third quarter of fiscal 2014. |
Summary of Earnings (Unaudited) (In millions, except share and per share data) |
|||||
Quarter ended |
|||||
March 31, 2014 |
March 31, 2013 |
||||
Net sales |
$ |
665.2 |
$ |
572.2 |
|
Gross profit |
178.0 |
139.1 |
|||
Operating expenses |
95.0 |
80.3 |
|||
Restructuring and other exit charges |
12.9 |
1.8 |
|||
Legal proceedings charge |
58.2 |
— |
|||
Operating earnings |
11.9 |
57.0 |
|||
Earnings before income taxes |
5.2 |
52.4 |
|||
Net earnings attributable to EnerSys stockholders |
$ |
12.8 |
$ |
37.7 |
|
Net earnings per common share attributable to EnerSys stockholders: |
|||||
Basic |
$ |
0.27 |
$ |
0.79 |
|
Diluted |
$ |
0.26 |
$ |
0.77 |
|
Dividends per common share |
$ |
0.125 |
$ |
— |
|
Weighted-average number of common shares used in per share calculations: |
|||||
Basic |
47,100,531 |
47,822,281 |
|||
Diluted |
50,227,076 |
48,712,542 |
|||
Fiscal year ended |
|||||
March 31, 2014 |
March 31, 2013 |
||||
Net sales |
$ |
2,474.4 |
$ |
2,277.6 |
|
Gross profit |
629.6 |
569.4 |
|||
Operating expenses |
344.4 |
312.3 |
|||
Restructuring and other exit charges |
27.4 |
7.2 |
|||
Legal proceedings charge |
58.2 |
— |
|||
Goodwill impairment charge |
5.2 |
— |
|||
Operating earnings |
194.4 |
249.9 |
|||
Earnings before income taxes |
163.7 |
230.3 |
|||
Net earnings attributable to EnerSys stockholders |
$ |
150.3 |
$ |
166.5 |
|
Net earnings per common share attributable to EnerSys stockholders: |
|||||
Basic |
$ |
3.17 |
$ |
3.47 |
|
Diluted |
$ |
3.02 |
$ |
3.42 |
|
Dividends per common share |
$ |
0.50 |
$ |
— |
|
Weighted-average number of common shares used in per share calculations: |
|||||
Basic |
47,473,690 |
48,022,005 |
|||
Diluted |
49,788,155 |
48,635,449 |
|||
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, May 29, 2014 |
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Time: |
9:00 a.m. Eastern Time |
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Via Internet: |
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Domestic Dial-In Number: |
877-359-9508 |
|||||
International Dial-In Number: |
224-357-2393 |
|||||
Passcode: |
6927808 |
A replay of the conference call will be available from
The replay information is:
Via Internet: |
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Domestic Replay Number: |
855-859-2056 |
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International Replay Number: |
404-537-3406 |
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Passcode: |
6927808 |
For more information, contact
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