EnerSys Plunges 14% on Listless Earnings

Plunging revenues and sinking sales blotted Enersys's(ENS Quote) fourth-quarter earnings announcement today. And investors weren't feeling energized by the industrial battery-maker, running down the stock in after-market action.

The company is one of the largest manufacturers of industrial batteries in the world, particularly in Europe. But its earnings this quarter came to a measly $3.3 million, or 7 cents per share. That's well off the $19.5 million and 39 cents per share earned in the same period last year.

The company was quick to note that adjusting the earnings by excluding a $13.8 million restructuring charge brought them to 36 cents per share.

Fourth-quarter sales also missed projections. The company posted revenue of $393.2 million, which was off more than 30% from a year-over-year total of $581.9 million. EnerSys, based in Reading, PA, said the drop was mostly due to a slip in organic volume sales, as well as reduced pricing from lower commodity costs.

The company's sales are split into two segments. There's motive power: a type of battery found in big, industrial vehicles. Then there's reserve power: back-up batteries for utilities and telecoms. At this time last year, motive power made up a larger share of net sales compared to reserve power. But this quarter saw reserves beat motives, with motive power sales slumping 40% since last year.