EnerSys Reports Preliminary Fourth Quarter and Full Year Fiscal 2021 Results
Please note that these results are preliminary, and they could change.
FY 21 Highlights | |
Q4 | Full Year |
|
|
Preliminary Key Results from Operations by Segments ($ in millions) | ||||||||||||
Q4 FY21 | Q4 FY20 | % Change | ||||||||||
Energy Systems | ||||||||||||
$ | 348.8 |
$ | 315.1 |
10.7 | % | |||||||
Operating Earnings | 3.6 | 7.6 | (52.2 | ) | ||||||||
Adjusted Operating Earnings * | 9.1 | 13.0 | (29.0 | ) | ||||||||
332.8 | 353.0 | (5.7 | ) | |||||||||
Operating Earnings | 51.9 | 44.2 | 17.1 | |||||||||
Adjusted Operating Earnings * | 51.9 | 44.7 | 15.9 | |||||||||
Specialty | ||||||||||||
131.9 | 113.7 | 16.1 | ||||||||||
Operating Earnings | 16.9 | 13.3 | 27.6 | |||||||||
Adjusted Operating Earnings * | 17.4 | 13.3 | 30.3 |
* This is a non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures” for more information.
Message from the CEO
Given the unprecedented challenges of the past year, we delivered excellent performance in fiscal 2021 with all of our lines of business poised to take advantage of tremendous market opportunities. We have emerged from the pandemic with fourth quarter revenue up 4% year over year and 8% sequentially. This is a tremendous testament to our ability to respond to market conditions while progressing the integration of recent acquisitions and advancing numerous new product offerings. Our record free cash flow generation, more than double the average of the prior three years, positions us to take advantage of opportunities in an evolving market place. With accelerating demand, our focus will be on mitigating global supply chain challenges while expanding our higher margin TPPL capacity. Our fourth quarter adjusted earnings per share of
Net earnings attributable to
Net loss for the fourth quarter of fiscal 2020 was
Excluding these highlighted items, adjusted Net earnings per diluted share for the fourth quarter of fiscal 2021, on a non-GAAP basis, are expected to be
The Company announced on
Net sales for the fourth quarter of fiscal 2021 were
On
The Company’s operating results for its business segments for the fourth quarters of fiscal 2021 and 2020 are as follows:
Quarter ended | |||||||||||||||
($ millions) | |||||||||||||||
(preliminary) |
|||||||||||||||
Energy Systems | Specialty | Total | |||||||||||||
$ | 348.8 | $ | 332.8 | $ | 131.9 | $ | 813.5 | ||||||||
Operating Earnings | $ | 3.1 | $ | 31.9 | $ | 16.7 | $ | 51.7 | |||||||
Restructuring and other exit charges | 0.5 | 20.0 | 0.2 | 20.7 | |||||||||||
Amortization of identified intangible assets from recent acquisitions | 5.5 | — | 0.5 | 6.0 | |||||||||||
Adjusted Operating Earnings | $ | 9.1 | $ | 51.9 | $ | 17.4 | $ | 78.4 | |||||||
Quarter ended | |||||||||||||||
($ millions) | |||||||||||||||
Energy Systems | Specialty | Total | |||||||||||||
$ | 315.1 | $ | 353.0 | $ | 113.7 | $ | 781.8 | ||||||||
Operating Earnings (Loss) | $ | (21.3 | ) | $ | 29.1 | $ | 12.3 | $ | 20.1 | ||||||
Inventory step up to fair value relating to recent acquisitions | (1.3 | ) | — | (0.6 | ) | (1.9 | ) | ||||||||
Restructuring and other exit charges | 1.0 | 0.5 | 1.2 | 2.7 | |||||||||||
Impairment of goodwill | 27.9 | 11.8 | — | 39.7 | |||||||||||
Impairment of indefinite-lived intangibles | 1.3 | 2.8 | 0.4 | 4.5 | |||||||||||
Amortization of identified intangible assets from recent acquisitions | 4.8 | — | (0.2 | ) | 4.6 | ||||||||||
ERP system implementation and other | 0.6 | 0.5 | 0.1 | 1.2 | |||||||||||
Acquisition activity expense | — | — | 0.1 | 0.1 | |||||||||||
Adjusted Operating Earnings | $ | 13.0 | $ | 44.7 | $ | 13.3 | $ | 71.0 | |||||||
Net earnings for the twelve months of fiscal 2021 are expected to be
Net earnings for the twelve months of fiscal 2020 were
Adjusted Net earnings per diluted share for the twelve months of fiscal 2021, on a non-GAAP basis, are expected to be
Net sales for the twelve months of fiscal 2021 were
The Company’s operating results for its business segments for the twelve months of fiscal 2021 and 2020 are as follows:
Twelve months ended | |||||||||||||||
($ millions) | |||||||||||||||
(preliminary) |
|||||||||||||||
Energy Systems | Specialty | Total | |||||||||||||
$ | 1,380.2 | $ | 1,163.8 | $ | 433.9 | $ | 2,977.9 | ||||||||
Operating Earnings | $ | 63.8 | $ | 106.7 | $ | 45.9 | $ | 216.4 | |||||||
Restructuring and other exit charges | 3.1 | 36.9 | 0.4 | 40.4 | |||||||||||
Amortization of identified intangible assets from recent acquisitions | 23.5 | — | 1.8 | 25.3 | |||||||||||
Other | 1.5 | 0.3 | — | 1.8 | |||||||||||
Acquisition activity expense | 0.2 | — | 0.1 | 0.3 | |||||||||||
Adjusted Operating Earnings | $ | 92.1 | $ | 143.9 | $ | 48.2 | $ | 284.2 | |||||||
Twelve months ended | |||||||||||||||
($ millions) | |||||||||||||||
Energy Systems | Specialty | Total | |||||||||||||
$ | 1,357.3 | $ | 1,348.2 | $ | 382.3 | $ | 3,087.8 | ||||||||
Operating Earnings | $ | 31.0 | $ | 124.7 | $ | 34.5 | $ | 190.2 | |||||||
Inventory step up to fair value relating to recent acquisitions | 0.3 | — | 1.6 | 1.9 | |||||||||||
Restructuring and other exit charges | 7.3 | 2.0 | 6.0 | 15.3 | |||||||||||
Fixed asset write-off relating to exit activities and other | 0.1 | 5.4 | — | 5.5 | |||||||||||
Impairment of goodwill | 27.9 | 11.8 | — | 39.7 | |||||||||||
Impairment of indefinite-lived intangibles | 1.3 | 2.8 | 0.4 | 4.5 | |||||||||||
Amortization of identified intangible assets from recent acquisitions | 22.2 | — | 0.9 | 23.1 | |||||||||||
ERP system implementation and other | 3.1 | 2.1 | 0.1 | 5.3 | |||||||||||
Acquisition activity expense | 1.1 | — | 0.7 | 1.8 | |||||||||||
Adjusted Operating Earnings | $ | 94.3 | $ | 148.8 | $ | 44.2 | $ | 287.3 | |||||||
Reconciliation of Non-GAAP Financial Measures
This press release contains financial information determined by methods other than in accordance with
Income tax effects of non-GAAP adjustments are calculated using the applicable statutory tax rate for the jurisdictions in which the charges (benefits) are incurred, while taking into consideration any valuation allowances. For those items which are non-taxable, the tax expense (benefit) is calculated at 0%.
These non-GAAP disclosures have limitations as an analytical tool, should not be viewed as a substitute for operating earnings or 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 are they 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.
A reconciliation of non-GAAP adjusted operating earnings is set forth in the table above, providing a reconciliation of non-GAAP adjusted operating earnings to the Company’s preliminary reported operating results for its business segments. Included below is a reconciliation of non-GAAP adjusted Net earnings to preliminary reported amounts. Non-GAAP adjusted operating earnings and 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 | ||||||||||
(in millions, except share and per share amounts) | ||||||||||
(preliminary) |
||||||||||
Net Earnings reconciliation | ||||||||||
As reported Net Earnings (Loss) | $ | 33.8 | $ | (1.5 | ) | |||||
Non-GAAP adjustments: | ||||||||||
Inventory step up to fair value relating to recent acquisitions | — | (1 | ) | (1.9 | ) | (1 | ) | |||
Restructuring and other exit charges | 20.7 | (2 | ) | 2.7 | (2 | ) | ||||
Impairment of goodwill and indefinite-lived intangibles | — | (3 | ) | 44.2 | (3 | ) | ||||
Amortization of identified intangible assets from recent acquisitions | 6.0 | (4 | ) | 4.6 | (4 | ) | ||||
ERP system implementation and other | — | (5 | ) | 1.2 | (5 | ) | ||||
Acquisition activity expense | — | (6 | ) | 0.1 | (6 | ) | ||||
Purchase accounting related tax | 2.2 | — | ||||||||
Income tax effect of above non-GAAP adjustments | (6.2 | ) | (1.9 | ) | ||||||
Non-GAAP adjusted Net Earnings | $ | 56.5 | $ | 47.5 | ||||||
Outstanding shares used in Non-GAAP adjusted Net Earnings per share calculations | ||||||||||
Basic | 42,686,413 | 42,312,315 | ||||||||
Diluted | 43,587,698 | 42,921,613 | ||||||||
Outstanding shares used in Reported Net Earnings per share calculations | ||||||||||
Basic | 42,686,413 | 42,312,315 | ||||||||
Diluted | 43,587,698 | 42,312,315 | ||||||||
Non-GAAP adjusted Net Earnings per share: | ||||||||||
Basic | $ | 1.33 | $ | 1.12 | ||||||
Diluted | $ | 1.30 | $ | 1.11 | ||||||
Reported Net Earnings (Loss) per share: | ||||||||||
Basic | $ | 0.79 | $ | (0.04 | ) | |||||
Diluted | $ | 0.78 | $ | (0.04 | ) | |||||
Dividends per common share | $ | 0.175 | $ | 0.175 | ||||||
The following table provides the line of business allocation of the non-GAAP adjustments shown in the reconciliation above:
Quarter ended | ||||||||
($ millions) | ||||||||
(preliminary) |
||||||||
Pre-tax | Pre-tax | |||||||
(1) Inventory step up to fair value relating to recent acquisitions - Energy Systems | $ | — | $ | (1.3 | ) | |||
(1) Inventory step up to fair value relating to recent acquisitions - Specialty | — | (0.6 | ) | |||||
(2) Restructuring charges - Energy Systems | 0.5 | 1.0 | ||||||
(2) Restructuring and other exit charges - |
20.0 | 0.5 | ||||||
(2) Restructuring and other exit charges - Specialty | 0.2 | 1.2 | ||||||
(3) Impairment of goodwill - Energy Systems | — | 27.9 | ||||||
(3) Impairment of goodwill - Motive | — | 11.8 | ||||||
(3) Impairment of indefinite-lived intangibles - Energy Systems | — | 1.3 | ||||||
(3) Impairment of indefinite-lived intangibles - Motive | — | 2.8 | ||||||
(3) Impairment of indefinite-lived intangibles - Specialty | — | 0.4 | ||||||
(4) Amortization of identified intangible assets from recent acquisitions - Energy Systems | 5.5 | 4.8 | ||||||
(4) Amortization of identified intangible assets from recent acquisitions - Specialty | 0.5 | (0.2 | ) | |||||
(5) ERP system implementation and other - Energy Systems | — | 0.6 | ||||||
(5) ERP system implementation and other - |
— | 0.5 | ||||||
(5) ERP system implementation and other - Specialty | — | 0.1 | ||||||
(6) Acquisition activity expense - Specialty | — | 0.1 | ||||||
Total Non-GAAP adjustments | $ | 26.7 | $ | 50.9 | ||||
Twelve months ended | ||||||||||
(in millions, except share and per share amounts) | ||||||||||
(preliminary) |
||||||||||
Net Earnings reconciliation | ||||||||||
As reported Net Earnings | $ | 143.3 | $ | 137.1 | ||||||
Non-GAAP adjustments: | ||||||||||
Inventory step up to fair value relating to recent acquisitions | — | (1 | ) | 1.9 | (1 | ) | ||||
Restructuring and other exit charges | 40.4 | (2 | ) | 20.8 | (2 | ) | ||||
Impairment of goodwill and indefinite-lived intangibles | — | (3 | ) | 44.2 | (3 | ) | ||||
Amortization of identified intangible assets from recent acquisitions | 25.3 | (4 | ) | 23.1 | (4 | ) | ||||
ERP system implementation and other | 1.8 | (5 | ) | 5.3 | (5 | ) | ||||
Acquisition activity expense | 0.3 | (6 | ) | 1.8 | (6 | ) | ||||
Purchase accounting related tax | 2.2 | — | ||||||||
Income tax effect of above non-GAAP adjustments | (17.3 | ) | (12.6 | ) | ||||||
Swiss Tax Reform | (1.9 | ) | (21.0 | ) | ||||||
Non-GAAP adjusted Net Earnings | $ | 194.1 | $ | 200.6 | ||||||
Outstanding shares used in per share calculations | ||||||||||
Basic | 42,548,449 | 42,411,834 | ||||||||
Diluted | 43,224,403 | 42,896,775 | ||||||||
Non-GAAP adjusted Net Earnings per share: | ||||||||||
Basic | $ | 4.56 | $ | 4.73 | ||||||
Diluted | $ | 4.49 | $ | 4.68 | ||||||
Reported Net Earnings per share: | ||||||||||
Basic | $ | 3.37 | $ | 3.23 | ||||||
Diluted | $ | 3.32 | $ | 3.20 | ||||||
Dividends per common share | $ | 0.70 | $ | 0.70 | ||||||
The following table provides the line of business allocation of the non-GAAP adjustments shown in the reconciliation above:
Twelve months ended | ||||||||
($ millions) | ||||||||
(preliminary) |
||||||||
Pre-tax | Pre-tax | |||||||
(1) Inventory step up to fair value relating to recent acquisitions - Energy Systems | $ | — | $ | 0.3 | ||||
(1) Inventory step up to fair value relating to recent acquisitions - Specialty | — | 1.6 | ||||||
(2) Restructuring charges - Energy Systems | 3.1 | 7.3 | ||||||
(2) Restructuring and other exit charges - |
36.9 | 2.0 | ||||||
(2) Restructuring and other exit charges - Specialty | 0.4 | 6.0 | ||||||
(2) Fixed asset write-off relating to exit activities and other - Energy Systems | — | 0.1 | ||||||
(2) Fixed asset write-off relating to exit activities and other - |
— | 5.4 | ||||||
(3) Impairment of goodwill - Energy Systems | — | 27.9 | ||||||
(3) Impairment of goodwill - Motive | — | 11.8 | ||||||
(3) Impairment of indefinite-lived intangibles - Energy Systems | — | 1.3 | ||||||
(3) Impairment of indefinite-lived intangibles - Motive | — | 2.8 | ||||||
(3) Impairment of indefinite-lived intangibles - Specialty | — | 0.4 | ||||||
(4) Amortization of identified intangible assets from recent acquisitions - Energy Systems | 23.5 | 22.2 | ||||||
(4) Amortization of identified intangible assets from recent acquisitions - Specialty | 1.8 | 0.9 | ||||||
(5) ERP system implementation and other - Energy Systems | 1.5 | 3.1 | ||||||
(5) ERP system implementation and other - |
0.3 | 2.1 | ||||||
(5) ERP system implementation and other - Specialty | — | 0.1 | ||||||
(6) Acquisition activity expense - Energy Systems | 0.2 | 1.1 | ||||||
(6) Acquisition activity expense - Specialty | 0.1 | 0.7 | ||||||
Total Non-GAAP adjustments | $ | 67.8 | $ | 97.1 | ||||
Summary of Earnings (Unaudited) (In millions, except share and per share data) |
|||||||
Quarter ended | |||||||
(preliminary) |
|||||||
Net sales | $ | 813.5 | $ | 781.8 | |||
Gross profit | 197.3 | 200.8 | |||||
Operating expenses | 124.9 | 133.8 | |||||
Restructuring and other exit charges | 20.7 | 2.7 | |||||
Impairment of goodwill | — | 39.7 | |||||
Impairment of indefinite-lived intangibles | — | 4.5 | |||||
Operating earnings | 51.7 | 20.1 | |||||
Earnings before income taxes | 43.2 | 7.4 | |||||
Income tax expense | 9.4 | 8.9 | |||||
Net earnings (loss) attributable to |
$ | 33.8 | $ | (1.5 | ) | ||
Net reported earnings (loss) per common share attributable to |
|||||||
Basic | $ | 0.79 | $ | (0.04 | ) | ||
Diluted | $ | 0.78 | $ | (0.04 | ) | ||
Dividends per common share | $ | 0.175 | $ | 0.175 | |||
Weighted-average number of common shares used in reported earnings per share calculations: | |||||||
Basic | 42,686,413 | 42,312,315 | |||||
Diluted | 43,587,698 | 42,312,315 | |||||
Twelve months ended | |||||||
(preliminary) |
|||||||
Net sales | $ | 2,977.9 | $ | 3,087.8 | |||
Gross profit | 739.1 | 784.9 | |||||
Operating expenses | 482.3 | 529.7 | |||||
Restructuring and other exit charges | 40.4 | 20.8 | |||||
Impairment of goodwill | — | 39.7 | |||||
Impairment of indefinite-lived intangibles | — | 4.5 | |||||
Operating earnings | 216.4 | 190.2 | |||||
Earnings before income taxes | 170.1 | 147.0 | |||||
Income tax expense | 26.8 | 9.9 | |||||
Net earnings attributable to |
$ | 143.3 | $ | 137.1 | |||
Net reported earnings per common share attributable to |
|||||||
Basic | $ | 3.37 | $ | 3.23 | |||
Diluted | $ | 3.32 | $ | 3.20 | |||
Dividends per common share | $ | 0.70 | $ | 0.70 | |||
Weighted-average number of common shares used in reported earnings per share calculations: | |||||||
Basic | 42,548,449 | 42,411,834 | |||||
Diluted | 43,224,403 | 42,896,775 | |||||
Consolidated Balance Sheets (In Thousands, Except Share and Per Share Data) |
||||||||
2021 (preliminary) |
2020 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 451,808 | $ | 326,979 | ||||
Accounts receivable, net of allowance for doubtful accounts (2021–$12,992; 2020–$15,246) |
603,581 | 595,873 | ||||||
Inventories | 518,247 | 519,460 | ||||||
Prepaid and other current assets | 117,681 | 120,593 | ||||||
Total current assets | 1,691,317 | 1,562,905 | ||||||
Property, plant, and equipment, net | 497,056 | 480,014 | ||||||
705,593 | 663,936 | |||||||
Other intangible assets, net | 430,898 | 455,685 | ||||||
Deferred taxes | 65,212 | 55,803 | ||||||
Other assets | 72,721 | 83,355 | ||||||
Total assets | $ | 3,462,797 | $ | 3,301,698 | ||||
Liabilities and Equity | ||||||||
Current liabilities: | ||||||||
Short-term debt | $ | 34,153 | $ | 46,544 | ||||
Current portion of finance leases | 236 | 162 | ||||||
Accounts payable | 323,876 | 281,873 | ||||||
Accrued expenses | 318,723 | 271,740 | ||||||
Total current liabilities | 676,988 | 600,319 | ||||||
Long-term debt, net of unamortized debt issuance costs | 969,618 | 1,104,731 | ||||||
Finance leases | 435 | 407 | ||||||
Deferred taxes | 76,412 | 78,363 | ||||||
Other liabilities | 195,768 | 213,816 | ||||||
Total liabilities | 1,919,221 | 1,997,636 | ||||||
Commitments and contingencies | ||||||||
Equity: | ||||||||
Preferred Stock, |
— | — | ||||||
Common Stock, |
555 | 551 | ||||||
Additional paid-in capital | 554,168 | 529,100 | ||||||
(563,481 | ) | (564,376 | ) | |||||
Retained earnings | 1,669,751 | 1,556,980 | ||||||
Accumulated other comprehensive loss | (115,883 | ) | (215,006 | ) | ||||
Contra equity - indemnification receivable | (5,355 | ) | (6,724 | ) | ||||
Total |
1,539,755 | 1,300,525 | ||||||
Nonredeemable noncontrolling interests | 3,821 | 3,537 | ||||||
Total equity | 1,543,576 | 1,304,062 | ||||||
Total liabilities and equity | $ | 3,462,797 | $ | 3,301,698 | ||||
Consolidated Statements of Cash Flows (In Thousands) |
||||||||||||
Fiscal year ended |
||||||||||||
2021 (preliminary) |
2020 | 2019 | ||||||||||
Cash flows from operating activities | ||||||||||||
Net earnings | $ | 143,374 | $ | 137,116 | $ | 160,627 | ||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 94,082 | 87,344 | 63,348 | |||||||||
Write-off of assets relating to restructuring and other exit charges | 10,231 | 10,986 | 26,308 | |||||||||
Impairment of goodwill | — | 39,713 | — | |||||||||
Impairment of indefinite-lived intangibles and fixed assets | — | 4,549 | — | |||||||||
Derivatives not designated in hedging relationships: | ||||||||||||
Net (gains) losses | (430 | ) | 178 | 1,856 | ||||||||
Cash (settlements) proceeds | 905 | (793 | ) | (1,802 | ) | |||||||
Provision for doubtful accounts | 178 | 4,821 | 1,385 | |||||||||
Deferred income taxes | (8,994 | ) | (16,486 | ) | (6,456 | ) | ||||||
Non-cash interest expense | 2,072 | 1,673 | 1,316 | |||||||||
Stock-based compensation | 19,817 | 20,780 | 22,608 | |||||||||
Gain on disposal of property, plant, and equipment | (3,883 | ) | (86 | ) | (258 | ) | ||||||
Changes in assets and liabilities, net of effects of acquisitions: | ||||||||||||
Accounts receivable | 8,713 | 26,486 | 5,974 | |||||||||
Inventories | 24,176 | (9,379 | ) | (46,614 | ) | |||||||
Prepaid and other current assets | 27,292 | (17,508 | ) | (20,195 | ) | |||||||
Other assets | 424 | 3,089 | (7,611 | ) | ||||||||
Accounts payable | 20,797 | (33,490 | ) | 9,944 | ||||||||
Legal proceedings accrual | — | — | 7,258 | |||||||||
Accrued expenses | 32,357 | 7,055 | (4,937 | ) | ||||||||
Other liabilities | (12,736 | ) | (12,650 | ) | (14,896 | ) | ||||||
Net cash provided by operating activities | 358,375 | 253,398 | 197,855 | |||||||||
Cash flows from investing activities | ||||||||||||
Capital expenditures | (70,020 | ) | (101,425 | ) | (70,372 | ) | ||||||
Purchase of businesses | — | (176,548 | ) | (654,614 | ) | |||||||
Proceeds from sale of facility | — | 720 | — | |||||||||
Insurance proceeds relating to property, plant and equipment | 4,800 | 403 | — | |||||||||
Proceeds from disposal of property, plant, and equipment | 176 | 2,031 | 1,103 | |||||||||
Net cash used in investing activities | (65,044 | ) | (274,819 | ) | (723,883 | ) | ||||||
Cash flows from financing activities | ||||||||||||
Net (repayments) borrowings on short-term debt | (15,934 | ) | (5,325 | ) | 37,424 | |||||||
Proceeds from Amended 2017 Revolver borrowings | 102,000 | 386,700 | 531,100 | |||||||||
Proceeds from 2027 Notes | — | 300,000 | — | |||||||||
Repayments of Amended 2017 Revolver borrowings | (210,000 | ) | (517,700 | ) | (427,600 | ) | ||||||
Proceeds from Amended 2017 Term Loan | — | — | 299,105 | |||||||||
Repayments of Amended 2017 Term Loan | (39,589 | ) | (28,138 | ) | (11,666 | ) | ||||||
Debt issuance costs | — | (4,607 | ) | (1,393 | ) | |||||||
Finance lease obligations and other | 650 | 995 | 368 | |||||||||
Option proceeds | 9,114 | 1,417 | 9,048 | |||||||||
Payment of taxes related to net share settlement of equity awards | (5,153 | ) | (6,393 | ) | (3,630 | ) | ||||||
Purchase of treasury stock | — | (34,561 | ) | (56,436 | ) | |||||||
Dividends paid to stockholders | (29,812 | ) | (29,705 | ) | (29,743 | ) | ||||||
Net cash (used in) provided by financing activities | (188,724 | ) | 62,683 | 346,577 | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 20,222 | (13,495 | ) | (43,455 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | 124,829 | 27,767 | (222,906 | ) | ||||||||
Cash and cash equivalents at beginning of year | 326,979 | 299,212 | 522,118 | |||||||||
Cash and cash equivalents at end of year | $ | 451,808 | $ | 326,979 | $ | 299,212 | ||||||
Supplemental disclosures: | ||||||||||||
Non-cash investing and financing activities: | ||||||||||||
Common stock issued as partial consideration for Alpha acquisition | $ | — | $ | — | $ | 93,268 |
The call, scheduled for
The call will also be webcast on
The conference call information is:
Date: | |
Time: | |
Via Internet: | http://www.enersys.com |
Domestic Dial-In Number: | 877-359-9508 |
International Dial-In Number: | 224-357-2393 |
Passcode: | 3579697 |
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: | 3579697 |
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 EnerSys’ earnings estimates, intention to pay quarterly cash dividends, return capital to stockholders, 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
Although
Source: EnerSys