Energizer Holdings' Profit Flickers

Restructuring and pension charges hurt the bottom line.
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Energizer Holdings (ENR) - Get Report said its fourth-quarter earnings fell 24.5% from the year-ago period, hurt by restructuring charges and foreign pension costs.

The company earned $39.1 million, or 66 cents a share in the quarter, compared with $51.8 million, or 72 cents a share, a year ago. The company said the quarter included favorable tax adjustments of $8 million, or 13 cents a share; a restructuring charge of $13.9 million, or 23 cents a share related to its European restructuring projects; and a charge of $3.7 million, or 6 cents a share to record foreign pension costs. Analysts polled by Thomson First Call were estimating EPS of 76 cents.

Revenue for the fourth quarter increased by 4.6% to $830.1 million as against analysts' estimate of $821.8 million.

Net sales in the North America battery division rose 7% in the fourth quarter to $343.4 million on higher volumes and pricing. Sales rose 6% to $231.7 million in the international battery division. Revenue was flat at $255 million in the razor and blades division.

Shares were trading down $5.34, or 6.9%, to $72.31 Thursday.

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