Energizer Holdings Swings To Profit In Q2

(RTTNews) - Energizer Holdings Inc. (ENR) Wednesday announced a profit of $16.4 million or $0.26 per share for the second quarter, compared to a loss of $69.2 million or $1.11 per share in the prior year. On an adjusted basis, earnings were $0.30 per share.

Net sales for the quarter declined 6.4 percent to $334 million from $356.9 million in the prior year. Organi sales were up 0.5 percent.

Looking ahead to the full year 2016, the company raised its earnings outlook in a range of $2.15 to $2.25 per share. The company expects organis sales for the full year to be up low-single digits, and sees negative foreign currency movement to reduce sales by $60 to $70 million, slightly up from its earlier outlook. Further, Energiser holdings said change in results, due to the previously announced deconsolidation, will reduce net sales by $8.5 million, or 0.5 percent consistent with the prior outlook. Gross margin is expected to decline up to 250 basis points, in line with its outlook.

Pre-tax income is expected to be negatively impacted due to the movement in foreign currencies by $50 to $60 million, a slight improvement from its prior outlook.