Energizer Holdings 1st-quarter Profit Rises

ST. LOUIS (AP) — Battery maker Energizer Holdings Inc. said Monday first-quarter profit rose 26 percent, boosted by a one-time benefit, but revenue fell short of expectations due to the stronger dollar and cautious retailer ordering.

Quarterly profit rose to $77 million, or $1.30 per share, from $60.9 million, or $1.03 per share last year. However, excluding one-time items, net income was $1.12 per share. Analysts polled by Thomson Reuters, on average, expected a profit of $1.09 per share. Analyst estimates typically exclude one-time items. In this case, the one-time items include a 25 cents per share benefit from a change in how workers earn and vest in the company's paid time off benefit and a charge of 7 cents per share related to integration and business realignment costs.

Revenue fell 7 percent to $880.4 million from $951.0 million a year ago. Analysts expected a profit of $894.8 million.

"The continued weakness of most foreign currencies relative to the U.S. dollar, the general softness of consumer spending, and the resulting pullback in retail inventories all continue to weigh down top line results," said Ward Klein, company chief executive, in a statement.