EnerSys, Inc. announced today net earnings for its fourth quarter and full year of fiscal 2014, which ended on March 31, 2014, are expected to be $48.5 million, or $0.97 per diluted share, including an unfavorable highlighted net of tax impact of $0.21 per share from a charge of $10.6 million for restructuring plans and $0.4 million for fees related to acquisition activities. The expected Net earnings of $0.97 per diluted share compares to diluted Net earnings per share of $0.77 for the fourth quarter of fiscal 2013, which included an unfavorable highlighted $0.03 per share impact from a charge of $1.3 million for restructuring plans. Net sales for the fourth quarter of fiscal 2014 were $665.2 million, an increase of 16% from the prior year fourth quarter net sales of $572.2 million and a 3% sequential quarterly increase from the third quarter of fiscal 2014 net sales of $643.1 million. The 16% increase was the result of a 9% increase in organic volume, a 6% increase from acquisitions and a 1% increase due to pricing.
“Our full year adjusted net earnings per diluted share of $3.96 are the best annual earnings in our company’s history,” stated John D. Craig, chairman, president and chief executive officer of EnerSys. “This was our fourth consecutive year of achieving record earnings. I am also pleased with our record fourth quarter results, especially EMEA’s operating earnings percentage performance which exceeded our minimum operating profit target of 10% for the first time. The increased profitability affords the company the ability to increase shareholder returns by raising our quarterly dividend payments by 40% to 17.5Â¢ per share and continue our stock repurchase program in fiscal 2015.”
Excluding the items highlighted above, adjusted Net earnings per diluted share for the fourth quarter of fiscal 2014, on a non-GAAP basis, are expected to be $1.18, which would exceed the guidance of $1.08 to $1.12 per diluted share given by the company on February 5, 2014. These earnings compare to the prior year fourth quarter adjusted Net earnings of $0.80 per diluted share.
Net earnings for the twelve months of fiscal 2014 are expected to be $186.0 million, or $3.74 per diluted share, and includes an unfavorable impact from highlighted charges of $0.22 per share. Highlighted charges include $23.0 million for restructuring plans, write-off of goodwill and other non-operating assets of $8.9 million and $1.6 million for fees related to acquisition activities partially offset by a net tax credit for $22.1 million.
Net earnings for the twelve months of fiscal 2013 were $166.5 million, or $3.42 per diluted share, and included an unfavorable net of tax impact from highlighted charges of $0.13 per share. Highlighted charges included $6.1 million for restructuring plans and $0.2 million for fees related to acquisition activities.
Net sales for the twelve months of fiscal 2014 were $2,474.4 million, an increase of 9% compared to the net sales of $2,277.6 million in fiscal 2013. The 9% increase was the result of a 5% increase in organic volume, a 3% increase from acquisitions and a 1% increase due to pricing.
Mr. Craig concluded, “Our first quarter of fiscal 2015 guidance for adjusted net earnings per diluted share is between $1.02 and $1.06, which excludes an expected charge of $0.07 from our ongoing restructuring programs and acquisition expenses. Historically, we experience a sequential decline in revenue and earnings in our first fiscal quarter, which we expect will be the case this year. However, our earnings guidance represents a first quarter record and a 25% increase versus last year’s first quarter.”