EnerSys Reports Preliminary Fourth Quarter and Full Year Results and Announces Quarterly Conference Call
Net earnings attributable to
The expected Net Earnings of
Excluding these highlighted items, adjusted Net Earnings per diluted share for the fourth quarter of fiscal 2015, on a non-GAAP basis, are expected to be
Net sales for the fourth quarter of fiscal 2015 were
Net earnings for the twelve months of fiscal 2015 are expected to be
Net Earnings for the twelve months of fiscal 2014 were
Adjusted Net Earnings per diluted share for the twelve months of fiscal 2015, on a non-GAAP basis, are expected to be
Net sales for the twelve months of fiscal 2015 were
"Our full year adjusted Net Earnings per diluted share of
Mr. Craig added, "Our first quarter of fiscal 2016 guidance for adjusted Net Earnings per diluted share is 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 preliminary 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, |
March 31, |
||||||||
(in millions, except share and per share amounts) |
|||||||||
Net Earnings reconciliation |
|||||||||
As reported Net Earnings |
$ |
26.5 |
12.8 |
||||||
Non-GAAP adjustments, net of tax: |
|||||||||
Restructuring and other exit charges - EMEA |
3.1 |
(1) |
10.5 |
(1) |
|||||
Restructuring charge - Asia |
2.0 |
(1) |
0.1 |
(1) |
|||||
Impairment of goodwill and indefinite lived intangibles - Americas |
19.9 |
(2) |
— |
||||||
Goodwill impairment charge - EMEA |
0.8 |
(2) |
— |
||||||
ERP system implementation - Americas |
0.4 |
(3) |
— |
||||||
Legal proceedings charge - Americas |
— |
35.7 |
(4) |
||||||
Acquisition activity expense - Americas |
— |
0.4 |
(6) |
||||||
Acquisition activity expense - Asia |
0.2 |
(6) |
— |
||||||
Net tax expense |
0.8 |
(8) |
— |
||||||
Non-GAAP adjusted Net Earnings |
$ |
53.7 |
$ |
59.5 |
|||||
Outstanding shares used in per share calculations |
|||||||||
Basic |
44,203,385 |
47,100,531 |
|||||||
Diluted |
46,579,230 |
50,227,076 |
|||||||
Non-GAAP adjusted Net Earnings per share: |
|||||||||
Basic |
$ |
1.21 |
$ |
1.26 |
|||||
Diluted |
$ |
1.15 |
$ |
1.18 |
|||||
Reported Net Earnings per share: |
|||||||||
Basic |
$ |
0.60 |
$ |
0.27 |
|||||
Diluted |
$ |
0.57 |
$ |
0.26 |
|||||
Dividends per common share |
$ |
0.175 |
$ |
0.125 |
EMEA - Europe, Middle East and Africa |
Fiscal year ended |
|||||||||
March 31, |
March 31, |
||||||||
(in millions, except share and per share amounts) |
|||||||||
Net Earnings reconciliation |
|||||||||
As reported Net Earnings |
$ |
181.2 |
$ |
150.3 |
|||||
Non-GAAP adjustments, net of tax: |
|||||||||
Restructuring and other exit charges - EMEA |
6.3 |
(1) |
22.8 |
(1) |
|||||
Restructuring charge - Asia |
3.4 |
(1) |
0.2 |
(1) |
|||||
Impairment of goodwill and indefinite lived intangibles - Americas |
19.9 |
(2) |
— |
||||||
Goodwill impairment charge - EMEA |
0.8 |
(2) |
— |
||||||
Goodwill impairment charge - Asia |
— |
2.6 |
(2) |
||||||
ERP system implementation - Americas |
1.3 |
(3) |
— |
||||||
Reversal of legal accrual, net of fees - Americas |
(9.9) |
(4) |
— |
||||||
Gain on disposal of equity interest in Altergy - Americas |
(2.0) |
(4) |
— |
||||||
Stock-based compensation of senior executives (Americas $2.8, EMEA $2.0, Asia $0.5) |
5.3 |
(5) |
— |
||||||
Legal proceedings charge - Americas |
— |
35.7 |
(4) |
||||||
Acquisition activity expense - Americas |
0.2 |
(6) |
1.3 |
(6) |
|||||
Acquisition activity expense - Asia |
0.4 |
(6) |
0.3 |
(6) |
|||||
Write-off of non-operating assets |
— |
6.3 |
(7) |
||||||
Net tax expense (benefit) |
0.8 |
(8) |
(22.1) |
(8) |
|||||
Non-GAAP adjusted Net Earnings |
$ |
207.7 |
$ |
197.4 |
|||||
Outstanding shares used in per share calculations |
|||||||||
Basic |
45,606,317 |
47,473,690 |
|||||||
Diluted |
48,052,729 |
49,788,155 |
|||||||
Non-GAAP adjusted Net Earnings per share: |
|||||||||
Basic |
$ |
4.55 |
$ |
4.16 |
|||||
Diluted |
$ |
4.32 |
$ |
3.96 |
|||||
Reported Net Earnings per share: |
|||||||||
Basic |
$ |
3.97 |
$ |
3.17 |
|||||
Diluted |
$ |
3.77 |
$ |
3.02 |
|||||
Dividends per common share |
$ |
0.70 |
$ |
0.50 |
|||||
(1) |
Resulting from pre-tax restructuring charges in EMEA of approximately $3.4 million and $12.8 million in the fourth quarter of fiscal 2015 and 2014, respectively, and approximately $7.5 million and $27.1 million for the twelve months of fiscal 2015 and 2014, respectively. Included in the restructuring charges in EMEA for the fourth quarter and fiscal 2015 were exit costs related to certain operations in Europe of approximately $2.5 million and approximately $5.6 million for the fourth quarter and twelve months of fiscal 2014. Resulting from pre-tax restructuring charges in Asia of approximately $2.0 million and $0.1 million in the fourth quarter of fiscal 2015 and 2014, respectively, and approximately $3.9 million and $0.3 million for the twelve months of fiscal 2015 and 2014, respectively. |
(2) |
Resulting from pre-tax charge relating to impairment of goodwill and indefinite lived assets in Americas of approximately $23.1 million and impairment of goodwill of $0.8 million in EMEA in the fourth quarter and twelve months of fiscal 2015, respectively. In the twelve months of fiscal 2014, goodwill impairment charge net of share attributable to noncontrolling interest in Asia was $2.6 million. |
(3) |
Resulting from pre-tax implementation costs of new ERP system in Americas of approximately $0.6 million and $2.0 million in the fourth quarter and twelve months of fiscal 2015, respectively. |
(4) |
Resulting from pre-tax reversal of legal accrual, net of fees of $16.2 million relating to Altergy and gain on disposition of our equity interest in Altergy of $2.0 million in the twelve months of fiscal 2015. In the twelve months of fiscal 2014, pre-tax legal proceedings charge of $58.2 million was recorded as the result of an unfavorable arbitration ruling relating to Altergy. |
(5) |
Resulting from pre-tax stock-based compensation of senior executives - Americas $3.7 million, EMEA $2.7 million and Asia $0.7 million in the twelve months of fiscal 2015. |
(6) |
Resulting from pre-tax charges for acquisition activity expense in Americas of approximately $0.2 million in the twelve months of fiscal 2015 and $0.4 million in the fourth quarter and $1.5 million for the twelve months of fiscal 2014. Pre-tax charges for acquisition activity expense in Asia were approximately $0.3 million and $0.5 million for the fourth quarter and twelve months of fiscal 2015, respectively, and $0.4 million for the twelve months of fiscal 2014. |
(7) |
Resulting from pre-tax write off non-operating assets of $5.0 million and other miscellaneous charges relating to a previous acquisition of $1.5 million in the twelve months of fiscal 2014. |
(8) |
Resulting from changes to certain tax valuation reserves associated with restructuring in Asia of $0.8 million in the fourth quarter and twelve months of fiscal 2015 and EMEA of ($24.9) million and Asia of $2.8 million in the twelve months of fiscal 2014. |
The call, scheduled for
The call will also be Webcast on
The conference call information is:
Date: |
Thursday, May 28, 2015 |
Time: |
9:00 a.m. Eastern Time |
Via Internet: |
http://www.enersys.com |
Domestic Dial-In Number: |
877-359-9508 |
International Dial-In Number: |
224-357-2393 |
Passcode: |
15360392 |
A replay of the conference call will be available from
The replay information is:
Via Internet: |
http://www.enersys.com |
Domestic Replay Number: |
855-859-2056 |
International Replay Number: |
404-537-3406 |
Passcode: |
15360392 |
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 press 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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