EnerSys Profit Falls On Expenses, But Tops Street - Update

(RTTNews) - Industrial batteries maker EnerSys (ENS), Wednesday reported a decline in fourth-quarter profit, hurt by restructuring and legal proceeding charges. Meanwhile, sales climbed sixteen percent, mainly aided by organic volume growth and acquisitions. Nonetheless, the company's earnings for the quarter topped Wall Street estimates, as did sales.

Reading, Pennsylvania-based EnerSys posted quarterly net earnings to stockholders of $12.8 million or $0.26 per share, compared with $37.7 million or $0.77 per share last year.

Results for the recent quarter included $10.6 million of restructuring charges and $35.7 million of legal proceedings charge.

Excluding items, adjusted earnings for the quarter were $59.5 million or $1.18 per share, compared with $39 million or $0.80 per share in the prior year.

On average, four analysts polled by Thomson Reuters projected earnings of $1.05 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the fourth quarter were $665.2 million, up 16 percent from $572.2 million a year ago. Analysts projected sales of $653.25 million for the quarter.

Sales growth was led by a 9 percent increase in organic volume, a 6 percent increase from acquisitions and a 1 percent increase due to pricing.

EnerSys stock closed Wednesday at $68.79, up $0.56 or 0.82%, on a volume of 338k shares on the NYSE.