Battery and razor maker Energizer Holdings ( ENR) said its third-quarter earnings fell 1.9%. The company earned $51.3 million, or 83 cents a share, in the quarter, compared with $52.3 million or 71 cents a share, a year ago. The company said the quarter included favorable tax adjustments of $8.6 million, or 14 cents a share and restructuring charge of $7.9 million, or 13 cents a share related to the company's European supply chain. Analysts polled by Thomson First Call were estimating earnings of 65 cents a share. Revenue for the third quarter increased by 6% to $734.9 million as against analysts' estimate of $703.5 million. The company expects material and distribution costs to be higher by about $15 million for the fourth quarter, and estimates the impact of unfavorable currency movements to be $1 million to $2 million for the razors and blades segment, and roughly flat for batteries. The company also expects integration operations in certain European countries to result in a pretax charge of $25 to $35 million in the fourth quarter and 2007. The integration will help in $15 to $20 million of annualized cost savings, once fully implemented. "The new Schick Wilkinson Sword products: Quattro Titanium, Quattro for Women, Intuition Plus and Xtreme 3 Comfort Plus; are doing well in an extremely competitive environment. On the battery side, the near tripling cost of zinc since the announcement of last year's U.S. price increase is a negative on our current product cost, and this impact will accelerate in the future," the company said. Net sales in the North America battery division rose 9.1% in the third quarter to $275.7 million with higher volumes and pricing partially offset by an unfavorable product mix. Sales grew at 4.6% to $214.2 million in the international battery division. Unfavorable currency movements hurt sales by $2.1 million. Segment profit decreased $1.1 million as higher product costs, and selling, general and administrative expenses more than offset the higher sales and lower advertising and promotion expenses. Revenue increased 4.8% at $245 million in the razor and blades division, helped by incremental sales of newly launched products. The company repurchased 4.6 million shares of its common stock for $243.7 million in the quarter. The company's shares were trading at $60.24, up $4.7, or 8.4% Tuesday.