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Enersys: Results For The Second QUARTER FISCAL 2016

The following excerpt is from the company's SEC filing.

EnerSys Reports Second

Quarter

Fiscal 2016 Results

the global leader in stored energy solutions for industrial applications, announced today results for its second quarter of fiscal 2016, which ended on September 27, 2015.

Net earnings attributable to EnerSys stockholders (“Net earnings”) for the second quarter of fiscal 2016 were $40.0 million, or $0.87 per diluted share, including an unfavorable highlighted net of tax impact of $0.10 per share from a charge of $2.0 million for restructuring plans, $2.9 million for l egal proceedings charge, net, $0.6 million for ERP system implementation and $0.2 million for fees related to acquisition activities, partially offset by a tax benefit of $1.0 million related to accelerated stock-based compensation of senior executives.

The Net earnings of $0.87 per diluted share compares to Net earnings of $1.16 per diluted share for the second quarter of fiscal 2015, which included a favorable highlighted net of tax impact of $0.10 per share impact from a legal accrual reversal, net of professional fees of $9.9 million and gain of $2.0 million in connection with the disposition of our equity interest in Altergy, pursuant to a legal settlement, offset by charges of $1.4 million for restructuring and other exit costs, $5.3 million for stock-based compensation of senior executives, $0.5 million for ERP system implementation and $0.1 million for fees related to acquisition activities.

Excluding these highlighted items, adjusted Net earnings per diluted share for the second quarter of fiscal 2016, on a non-GAAP basis were

$0.97, which exceeds the guidance of $0.92 to $0.96 per diluted share given by the Company on August 5, 2015. These earnings compare to the prior year second quarter adjusted Net earnings of $1.06 per diluted share. Please refer to the section included herein under the heading “Reconciliation of Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information.

Net sales for the second quarter of fiscal 2016 were $569.1 million, a decrease of 10% from the prior year second quarter net sales of $629.9 million and a 1% sequential quarterly increase from the first quarter of fiscal 2016 net sales of $562.1 million. The 10% decrease compared to prior year quarter was largely the result of a 9% decrease due to foreign currency translation impact and a 3% decrease in organic volume, partially offset by a 1% increase each from pricing and acquisitions. The 1% increase in the current quarter compared to the first quarter of fiscal 2016 was the result of a 1% increase each from pricing and acquisitions, partially offset by a 1% foreign currency translation impact.

The Company’s operating results for its business segments for the second quarters of fiscal 2016 and 2015 are as follows:

Quarter ended

($ millions)

September 28, 2014

Net sales by segment

Americas

Total net sales

Operating earnings

Restructuring and other exit charges - EMEA

Restructuring charges - Asia

Competition investigations and related legal charges - EMEA

Reversal of legal accrual, net of fees - Americas

ERP system implementation - Americas

Stock-based compensation of senior executives (Americas $3.7, EMEA $2.7, Asia $0.7)

Acquisition activity expense - Americas

Acquisition activity expense - Asia

Total operating earnings

Europe, Middle East and Africa

Net earnings for the six months of fiscal 2016 were $88.4 million, or $1.91 per diluted share, including an unfavorable net of tax impact of $0.06 per share from a charge of $2.9 million for restructuring plans, $2.9 million for legal proceedings charge, net, $1.1 million for ERP system implementation and $0.4 million for fees related to acquisition activities, partially offset by a gain of $3.3 million relating to the sale of a facility in our Asia segment and a tax benefit of $1.0 million related to accelerated stock-based compensation of senior executives.

Net earnings for the six months of fiscal 2015 were $105.5 million, or $2.15 per diluted share, including a favorable net of tax impact of $0.07 per share from a legal accrual reversal, net of professional fees of $9.9 million and gain of $2.0 million in connection with the disposition of our equity interest in Altergy, pursuant to a legal settlement, offset by charges of $2.7 million for restructuring and other exit costs, $5.3 million for stock-based compensation of senior executives, $0.5 million for ERP system implementation and $0.3 million for fees related to acquisition activities.

Adjusted Net earnings for the six months of fiscal 2016, on a non-GAAP basis, were $1.97 per diluted share. This compares to the prior year six months adjusted Net earnings of $2.08 per diluted share. Please refer to the section included herein under the heading “Reconciliation of...


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