- Energizer Holdings Inc's ENR second-quarter FY23 sales inched down by 0.2% year-on-year to $684.10 million, marginally missing the consensus of $685.25 million.
- The household and specialty batteries manufacturer reported an adjusted EPS of $0.64 (+36.2% Y/Y), beating the analyst consensus of $0.52.
- The continued benefit of global pricing actions and gross margin improvement in battery and auto care businesses bolstered quarterly earnings performance.
- Adjusted gross margin was 37.9%, up 300 basis points Y/Y, driven by the continued benefit of the pricing initiatives, project Momentum savings of $10.7 million and the benefit of exiting lower margin battery business.
- Adjusted EBITDA of $139.5 million increased 21.7% Y/Y.
- At quarter end, the company held cash and equivalents worth $193.7 million.
- Dividend: On May 1, the company declared a dividend on its common stock of $0.30 per share. The dividend will be payable on June 13, 2023.
- "While the macro environment remains uncertain, our strategies and investments in the business position us to deliver growth and value creation, and we remain on track to deliver on our outlook for the full year," said CEO Mark LaVigne.
- Outlook: Energizer maintained its forecast for FY23 organic revenue to increase low single digits.
- The company continues to see FY23 Adjusted EPS of $3.00 - $3.30 versus the Street view of $3.05.
- ENR expects Adjusted EBITDA of $585 million - $615 million.
- Price Action: ENR shares are trading higher by 5.68% at $34.60 premarket on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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