EnerSys Tops Forecasts With 4Q Earnings

READING, Pa. (AP) — EnerSys Inc., an industrial battery maker, said Monday that cost-cutting and lower commodity prices helped lift fiscal fourth-quarter adjusted profit above Wall Street expectations. But revenue came in slightly shy of analysts' estimate, and shares slipped 14 percent in after-hours trading.

The company reported earnings of $3.3 million, or 7 cents per share, for the quarter ended March 31, compared with $19.5 million, or 39 cents per share, in the year-earlier quarter. However, excluding a $13.8 million restructuring charge, the company said it earned 36 cents per share.

Sales dropped 32 percent to $393.2 million from $581.9 million.

Analysts, who typically exclude one-time losses or gains, expected earnings of 28 cents per share on slightly higher sales of $399.9 million, according to a Thomson Reuters poll.

For the full fiscal year, EnerSys said earnings came to $84.6 million, or $1.71 per share, compared with $59.7 million, or $1.22 per share, a year earlier. Excluding items, earnings totaled $1.98 per share.

Sales fell to $1.97 billion from $2.03 billion.

Analysts had expected profit of $1.90 per share on somewhat higher sales of $1.98 billion.

Looking ahead, the company reaffirmed its fiscal first-quarter earnings projection, saying it expects an adjusted profit of 13 cents to 17 cents per share. Analysts are looking for 17 cents, on average.

Shares rose $1.03, or 6.4 percent, to close earlier at $17.23, but tumbled $2.38, or 14 percent, to $14.85 after the results were announced.