Industrial battery company EnerSys 1Q net income nearly triples, revenue soars

EnerSys 1Q net income triples, revenue jumps

READING, Pa. — EnerSys nearly tripled its first-quarter net income as revenue soared and the industrial battery maker recorded a smaller restructuring charge than it did a year ago.

EnerSys earned $23 million, or 47 cents per share, in the three-month period ending July 4. That’s up from earnings of $8.4 million, or 17 cents per share, in the same period last year.

The results include a charge of 1 cent per share for restructuring.

Analysts expected earnings of 49 cents per share on revenue of $449.8 million, according to Thomson Reuters. Analysts typically exclude one-time items from their estimates.

Revenue increased 28 percent to $435 million. The company sold 19 percent more product on an organic basis, and revenue was also helped by 6 percent each due to pricing and acquisitions. Foreign currency results dragged down revenue by 3 percent. International sales translate into smaller revenue in U.S. dollar when foreign currencies are stronger.

Results were released after the market closed Wednesday.

The company expects to earn between 49 cents to 53 cents per share on an adjusted basis in the second quarter. That excludes an expected charge of 6 cents per share on restructuring and acquisition expenses.

Analysts expect the company to earn 51 cents per share in the quarter, according to Thomson.