EnerSys Reports Preliminary Fourth Quarter and Full Year Fiscal 2016 Results and Announces Quarterly Conference Call
Please note that these results are preliminary and while management expects them to be our final results, they could change.
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 2016, on a non-GAAP basis, are expected to be
Net sales for the fourth quarter of fiscal 2016 were
Net Earnings for the twelve months of fiscal 2016 are expected to be
Net Earnings for the twelve months of fiscal 2015 were
Adjusted Net Earnings per diluted share for the twelve months of fiscal 2016, on a non-GAAP basis, are expected to be
Net sales for the twelve months of fiscal 2016 were
The impairment charges described above resulted from our annual goodwill impairment testing and these charges reflect that certain reporting units have projected cash flows that are insufficient to support their existing carrying values for goodwill and other indefinite-lived assets.
"Our full year adjusted Net Earnings per diluted share were
Mr. Shaffer added, "Our first quarter of fiscal 2017 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 |
$ |
9.3 |
$ |
26.5 |
||||||
Non-GAAP adjustments, net of tax: |
||||||||||
Restructuring charges |
5.3 |
(1) |
5.1 |
(1) |
||||||
Impairment of goodwill, indefinite-lived intangibles and fixed assets |
32.1 |
(2) |
20.7 |
(2) |
||||||
ERP system implementation |
0.8 |
(3) |
0.4 |
(3) |
||||||
Charges relating to sale of facility |
1.1 |
(6) |
— |
|||||||
Acquisition activity expense |
0.1 |
(7) |
0.2 |
(7) |
||||||
Net tax expense |
— |
0.8 |
(8) |
|||||||
Noncontrolling partner's share of impairment and exit charges |
(3.2) |
(9) |
— |
|||||||
Non-GAAP adjusted Net Earnings |
$ |
45.5 |
$ |
53.7 |
||||||
Outstanding shares used in per share calculations |
||||||||||
Basic |
43,533,985 |
44,203,385 |
||||||||
Diluted |
44,158,541 |
46,579,230 |
||||||||
Non-GAAP adjusted Net Earnings per share: |
||||||||||
Basic |
$ |
1.05 |
$ |
1.21 |
||||||
Diluted |
$ |
1.03 |
$ |
1.15 |
||||||
Reported Net Earnings per share: |
||||||||||
Basic |
$ |
0.21 |
$ |
0.60 |
||||||
Diluted |
$ |
0.21 |
$ |
0.57 |
||||||
Dividends per common share |
$ |
0.175 |
$ |
0.175 |
Quarter ended |
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March 31, |
March 31, 2015 |
|||||||||||||||
Pre-tax |
Net of tax |
Pre-tax |
Net of tax |
|||||||||||||
($ millions) |
($ millions) |
|||||||||||||||
(1) Restructuring charges - Americas |
$ |
0.6 |
$ |
0.4 |
$ |
— |
$ |
— |
||||||||
(1) Restructuring and other exit charges - EMEA |
4.8 |
4.5 |
3.4 |
3.1 |
||||||||||||
(1) Restructuring charges - Asia |
0.5 |
0.4 |
2.0 |
2.0 |
||||||||||||
(2) Impairment of goodwill and indefinite lived intangibles - Americas - (Purcell and Quallion) |
33.0 |
28.8 |
23.1 |
19.9 |
||||||||||||
(2) Goodwill and fixed assets impairment charge - EMEA - (South Africa joint venture) |
3.3 |
3.3 |
0.8 |
0.8 |
||||||||||||
(3) ERP system implementation - Americas |
1.3 |
0.8 |
0.6 |
0.4 |
||||||||||||
(6) Charges relating to sale of facility - Asia |
0.9 |
1.1 |
— |
— |
||||||||||||
(7) Acquisition activity expense - Americas |
0.1 |
— |
— |
— |
||||||||||||
(7) Acquisition activity expense - Asia |
0.1 |
0.1 |
0.3 |
0.2 |
||||||||||||
(8) Net tax expense - Asia |
— |
— |
0.8 |
0.8 |
||||||||||||
(9) Noncontrolling partner's share of impairment and exit charges - EMEA - (South Africa joint venture) |
— |
(3.2) |
— |
— |
||||||||||||
Total Non-GAAP adjustments |
$ |
44.6 |
$ |
36.2 |
$ |
31.0 |
$ |
27.2 |
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 |
$ |
136.2 |
$ |
181.2 |
|||||
Non-GAAP adjustments, net of tax: |
|||||||||
Restructuring charges |
10.6 |
(1) |
9.7 |
(1) |
|||||
Impairment of goodwill, indefinite-lived intangibles and fixed assets |
32.1 |
(2) |
20.7 |
(2) |
|||||
Legal proceedings charge / (reversal of legal accrual, net of fees) |
2.9 |
(3) |
(9.9) |
(3) |
|||||
Gain on disposition of equity interest in Altergy |
— |
(2.0) |
(3) |
||||||
ERP system implementation |
2.5 |
(4) |
1.3 |
(4) |
|||||
Stock-based compensation of senior executives |
— |
5.3 |
(5) |
||||||
Gain on sale of facility |
(2.2) |
(6) |
— |
||||||
Acquisition activity expense |
0.5 |
(7) |
0.6 |
(7) |
|||||
Net tax expense (benefit) |
(1.0) |
(8) |
0.8 |
(8) |
|||||
Noncontrolling partner's share of impairment and exit charges |
(3.2) |
(9) |
— |
||||||
Non-GAAP adjusted Net Earnings |
$ |
178.4 |
$ |
207.7 |
|||||
Outstanding shares used in per share calculations |
|||||||||
Basic |
44,276,713 |
45,606,317 |
|||||||
Diluted |
45,474,130 |
48,052,729 |
|||||||
Non-GAAP adjusted Net Earnings per share: |
|||||||||
Basic |
$ |
4.03 |
$ |
4.55 |
|||||
Diluted |
$ |
3.93 |
$ |
4.32 |
|||||
Reported Net Earnings per share: |
|||||||||
Basic |
$ |
3.08 |
$ |
3.97 |
|||||
Diluted |
$ |
2.99 |
$ |
3.77 |
|||||
Dividends per common share |
$ |
0.70 |
$ |
0.70 |
The following table provides the regional allocation of the non-GAAP adjustments shown in the reconciliation above:
Fiscal year ended |
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March 31, |
March 31, 2015 |
|||||||||||||||
Pre-tax |
Net of tax |
Pre-tax |
Net of tax |
|||||||||||||
($ millions) |
($ millions) |
|||||||||||||||
(1) Restructuring charges - Americas |
$ |
2.1 |
$ |
1.3 |
$ |
— |
$ |
— |
||||||||
(1) Restructuring and other exit charges - EMEA |
9.5 |
8.0 |
7.5 |
6.3 |
||||||||||||
(1) Restructuring charges - Asia |
1.4 |
1.3 |
3.9 |
3.4 |
||||||||||||
(2) Impairment of goodwill and indefinite lived intangibles - Americas - (Purcell & Quallion) |
33.0 |
28.8 |
23.1 |
19.9 |
||||||||||||
(2) Goodwill and fixed assets impairment charge - EMEA - (South Africa joint venture) |
3.3 |
3.3 |
0.8 |
0.8 |
||||||||||||
(3) Competition investigations and related legal charges - EMEA |
4.0 |
3.4 |
— |
— |
||||||||||||
(3) Reversal of legal accrual, net of fees - Americas |
(0.8) |
(0.5) |
(16.2) |
(9.9) |
||||||||||||
(3) Gain on disposition of equity interest in Altergy - Americas |
— |
— |
(2.0) |
(2.0) |
||||||||||||
(4) ERP system implementation - Americas |
4.1 |
2.5 |
2.0 |
1.3 |
||||||||||||
(5) Stock-based compensation of senior executives - Americas |
— |
— |
3.7 |
2.8 |
||||||||||||
(5) Stock-based compensation of senior executives - EMEA |
— |
— |
2.7 |
2.0 |
||||||||||||
(5) Stock-based compensation of senior executives - Asia |
— |
— |
0.7 |
0.5 |
||||||||||||
(6) Gain on sale of facility - Asia |
(3.4) |
(2.2) |
— |
— |
||||||||||||
(7) Acquisition activity expense - Americas |
0.3 |
0.2 |
0.2 |
0.2 |
||||||||||||
(7) Acquisition activity expense - Asia |
0.4 |
0.3 |
0.5 |
0.4 |
||||||||||||
(8) Tax benefit related to stock-based compensation of senior executives |
— |
(1.0) |
— |
— |
||||||||||||
(8) Net tax expense - Asia |
— |
— |
0.8 |
0.8 |
||||||||||||
(9) Noncontrolling partner's share of impairment and exit charges - EMEA - (South Africa joint venture) |
— |
(3.2) |
— |
— |
||||||||||||
Total Non-GAAP adjustments |
$ |
53.9 |
$ |
42.2 |
$ |
27.7 |
$ |
26.5 |
The call, scheduled for
The call will also be Webcast on
The conference call information is:
Date: |
Wednesday, June 1, 2016 |
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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 |
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International Dial-In Number: |
224-357-2393 |
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Passcode: |
60074442 |
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: |
60074442 |
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
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/enersys-reports-preliminary-fourth-quarter-and-full-year-fiscal-2016-results-and-announces-quarterly-conference-call-300264045.html
SOURCE
For more information, contact Thomas O'Neill, Vice President and Treasurer, EnerSys, P.O. Box 14145, Reading, PA 19612-4145, USA. Tel: 610-236-4040; Web site: www.enersys.com.