Charges And Lower Revenue Hurt Energizer's Profit

ST. LOUIS (AP) — Consumer-goods company Energizer Holdings Inc. said Tuesday its fourth-quarter profit declined amid charges for staff reductions as revenue also took a hit.

The company, which makes Energizer batteries, Schick razors and Banana boat sun-care products, said earnings declined to $37.1 million, or 53 cents per share, compared with $99.1 million, or $1.67 per share, last year. Shares fell nearly 11 percent.

Earnings included 38 cents per share in charges for its previously announced voluntary enhanced retirement program, business realignment and integration initiatives. Results also included 4 cents per share for a tax provision and 3 cents per share for the sale of inventory purchased in the Edge and Skintimate shave preparation acquisition. It also had a higher average shares outstanding.

Sales declined 4 percent to $1.08 billion, with particular weakness in its household-products division, which dropped 14 percent.

Analysts surveyed by Thomson Reuters had expected a profit of $1.16 per share on $1.06 billion in sales. Analysts usually exclude one-time items from their estimates.

The company implemented implemented restructuring efforts and focused on reducing debt during the quarter, said CEO Ward Klein.