Energizer Holdings, Inc. announced results for the third fiscal quarter, which ended June 30, 2014. The Company reported adjusted net earnings per diluted share of $1.46, a decrease of 7.0% and net earnings per diluted share of $1.03, a decrease of 25.4%, compared to the prior year third fiscal quarter.
Third Fiscal Quarter Highlights (Unaudited)
-Following is a summary of key third fiscal quarter 2014 results. All comparisons are with the third fiscal quarter of 2013, unless otherwise stated.
-Net sales of $1,130.0 million, up 1.7% (down 2.8% on an organic basis) (b)
-Gross Margin increase of 180 basis points
-A&P spending increased $40.4 million, or 340 basis points as a percent of net sales
-SG&A as a percent of net sales increased 10 basis points (exclusive of acquisition, spin-off transaction and restructuring related charges; SG&A as a percent of net sales decreased 60 basis points)
-Adjusted net earnings per diluted share of $1.46, down 7.0% (a)
-Net earnings per diluted share of $1.03, down 25.4%
"Third quarter adjusted net earnings per diluted share were in-line with our expectations," said Ward M. Klein, Chief Executive Officer. "A&P spending increased significantly in the third quarter, our Personal Care Division achieved top-line growth and this is the last full quarter of cycling through the impact of the distribution losses that the Household Products Division experienced at the end of the last year's third fiscal quarter.
“In addition, we continue to make excellent progress with our Restructuring Project and Working Capital Initiative. We believe these results will help us achieve a strong finish to the fiscal year and position both businesses for future success as we work towards separating the businesses in 2015. We are reaffirming our adjusted earnings per share outlook of $7.00 to $7.25," continued Mr. Klein.
Energizer reported third fiscal quarter net earnings of $64.5 million, or $1.03 per diluted share. This compares to net earnings of $87.2 million, or $1.38 per diluted share in the prior year quarter. Included within the current quarter reported results are restructuring related pre-tax costs of approximately $30.6 million, including certain information technology enablement costs (included in SG&A), $7.0 million of pre-tax spin-off related costs (included in SG&A) and $2.0 million of pre-tax acquisition/integration related expenses ($1.3 million included in SG&A and $0.7 million included in Cost of products sold).
Adjusted net earnings per diluted share were $1.46 for the third fiscal quarter as compared to $1.57 in the prior year quarter. Third fiscal quarter results reflect the impact of increased A&P investments across both businesses.
Source:
http://www.fibre2fashion.com/news/textile-news/newsdetails.aspx?news_id=166431
