expects to run down in the coming year. The company, which posted a 26% jump in second-quarter earnings today, managed to beat expectations, but still forecast a glum outlook for the second-half of the year.
Shares of the company fell 3% to $55.83 in afternoon trading, after it announced that the stronger U.S. dollar may shave $90 million to $100 million off operating profit in the second half.
Energizer -- which makes batteries, Schick razors and Playtex tampons -- said earnings in second fiscal quarter reached $77 million, or $1.30 a share, from $60.9 million, or $1.03, in the year-ago period. Excluding one-time benefits, earnings were $1.12 a share. Analysts expected a profit of $1.09.
Revenue dropped 7% to $880.4 million from $951 million last year, hurt by the strength of the dollar.
"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," Chief Executive Ward Klein said in a statement. The company based its lowered expectations on the notion that consumers will continue to tighten their budgets by trading down on brand-names for items like batteries.
Sales of household products, which includes batteries, fell 12% to $417.1 million for the company, while its sales of personal care products, including razors and infant care products, fell 3% to $463.3 million.
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