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30.05.2017 22:40
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EnerSys Reports Fourth Quarter and Full Year Fiscal 2017 Results
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PR Newswire
READING, Pa., May 30, 2017
READING, Pa., May 30, 2017 /PRNewswire/ -- EnerSys (NYSE: ENS) the global leader in stored energy solutions for industrial applications, announced today results for its fourth quarter and full year of fiscal 2017, which ended on March 31, 2017.
Net earnings attributable to EnerSys stockholders ("Net earnings") for the fourth quarter of fiscal 2017 were $33.8 million, or $0.76 per diluted share, including an unfavorable highlighted net of tax impact of $22.8 million or $0.52 per share from cash and non-cash charges from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.
Net earnings for the fourth quarter of fiscal 2016 were $9.3 million, or $0.21 per diluted share, which included an unfavorable highlighted net of tax impact of $36.2 million or $0.82 per share from cash and non-cash charges and credits from highlighted items.
Excluding these highlighted items, adjusted Net earnings per diluted share for the fourth quarter of fiscal 2017, on a non-GAAP basis, were $1.28, which exceeded the guidance of $1.19 to $1.23 per diluted share given by the Company on February 8, 2017. These earnings compare to the prior year fourth quarter adjusted Net earnings of $1.03 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 which include tables reconciling GAAP and non-GAAP adjusted financial measures for the quarters and twelve months ended March 31, 2017 and 2016.
Net sales for the fourth quarter of fiscal 2017 were $626.8 million, an increase of 3% from the prior year fourth quarter net sales of $611.4 million and an 11% sequential quarterly increase from the third quarter of fiscal 2017 net sales of $563.7 million. The 3% increase compared to the prior year quarter was the result of a 2% increase each from organic volume and pricing and a 1% increase from acquisitions, partially offset by a 2% foreign currency translation impact. The 11% sequential quarterly increase was largely due to a 10% increase in organic volume and a 1% increase in pricing.
The Company's operating results for its business segments for the fourth quarters of fiscal 2017 and 2016 are as follows:
| | Quarter ended | ||||||
| | ($ millions) | ||||||
| | March 31, 2017 | | March 31, 2016 | ||||
| Net sales by segment | | | | ||||
| Americas | $ | 363.8 | | | $ | 330.2 | |
| EMEA | 199.3 | | | 204.5 | | ||
| Asia | 63.7 | | | 76.7 | | ||
| | | | | ||||
| Total net sales | $ | 626.8 | | | $ | 611.4 | |
| | | | | ||||
| Operating earnings | | | | ||||
| Americas | $ | 53.5 | | | $ | 49.8 | |
| EMEA | 19.3 | | | 21.4 | | ||
| Asia | 3.3 | | | (0.7) | | ||
| Restructuring and other exit charges - Americas | — | | | (0.6) | | ||
| Restructuring and other exit charges - EMEA | (1.8) | | | (4.8) | | ||
| Restructuring charges - Asia | (0.3) | | | (0.5) | | ||
| Impairment of goodwill and indefinite-lived intangibles - Americas | (9.3) | | | (33.0) | | ||
| Impairment of goodwill, indefinite-lived intangibles and fixed assets - EMEA | (4.7) | | | (3.3) | | ||
| Competition investigations and related legal charges - EMEA * | (6.7) | | | — | | ||
| ERP system implementation - Americas | (1.1) | | | (1.3) | | ||
| Charges relating to sale of facility - Asia | — | | | (0.9) | | ||
| Acquisition activity expense - Americas | (0.1) | | | (0.1) | | ||
| Acquisition activity expense - EMEA | (0.2) | | | — | | ||
| Acquisition activity expense - Asia | — | | | (0.1) | | ||
| | | | | ||||
| Total operating earnings | $ | 51.9 | | | $ | 25.9 | |
|
EMEA - Europe, Middle East and Africa | |||||||
| * See Litigation and Other Legal Matters in Note 18 - Commitments, Contingencies and Litigation to the Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended March 31, 2017 for more details. | |||||||
Net earnings for the twelve months of fiscal 2017 were $160.2 million, or $3.64 per diluted share, including an unfavorable net of tax impact of $48.9 million or $1.11 per share from cash and non-cash charges and credits from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.
Net earnings for the twelve months of fiscal 2016 were $136.2 million, or $2.99 per diluted share, including an unfavorable net of tax impact of $42.2 million or $0.94 per share from cash and non-cash charges and credits from highlighted items.
Adjusted Net earnings for the twelve months of fiscal 2017, on a non-GAAP basis, were $4.75 per diluted share. This compares to the prior year twelve months adjusted Net earnings of $3.93 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 twelve months of fiscal 2017 were $2,367.1 million, an increase of 2% from the net sales of $2,316.2 million in the comparable period in fiscal 2016. This increase was the result of a 2% increase in organic volume and a 1% increase each from pricing and acquisitions, partially offset by a 2% decrease due to foreign currency translation impact.
The Company's operating results for its business segments for the twelve months of fiscal years 2017 and 2016 are as follows:
| | Fiscal year ended | ||||||
| | ($ millions) | ||||||
| | March 31, 2017 | | March 31, 2016 | ||||
| Net sales by segment | | | | ||||
| Americas | $ | 1,332.3 | | | $ | 1,276.0 | |
| EMEA | 763.1 | | | 787.4 Werbung Mehr Nachrichten zur Enersys Aktie kostenlos abonnieren
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