EnerSys, a global leader in stored energy solutions for industrial applications, announced the results for its fourth quarter and full year of fiscal 2018, which ended on March 31, 2018.
Net earnings attributable to EnerSys stockholders for the fourth quarter of fiscal 2018 were $54 million, or $1.27 per diluted share, which included a favorable highlighted net of tax impact of $1.5 million or 3 cents per share, reconciling non-GAAP adjusted financial measures to reported amounts. The $1.5 million net of tax impact included a tax benefit of $9.6 million for the release of a foreign valuation allowance, partially offset by a $4.1 million tax expense related to the recently enacted Tax Cuts and Jobs Act.
Net earnings attributable to EnerSys stockholders for the fourth quarter of fiscal 2017 were $33.8 million, or 76 cents per diluted share, which included an unfavorable highlighted net of tax impact of $22.8 million or 52 cents per share.
Excluding these items, adjusted net earnings per diluted share for the fourth quarter of fiscal 2018, on a non-GAAP basis, were $1.24 which met the guidance of $1.20 to $1.24 per diluted share given by the company on Feb. 7. These earnings compare to the prior year fourth quarter adjusted Net earnings of $1.28 per diluted share.
Net sales for the fourth quarter of fiscal 2018 were $683 million, an increase of 9 percent from the prior year fourth quarter net sales of $626.8 million and a 4 percent sequential quarterly increase from the third quarter of fiscal 2018 net sales of $658.9 million. The increase in the current quarter compared to the prior year quarter was the result of a 5 percent increase in foreign currency translation impact, 3 percent increase in pricing and a 1 percent increase in organic volume. The 4 percent sequential quarterly increase was due to a 2 percent increase in foreign currency translation impact and a 1 percent increase each in organic volume and pricing.
“Our global business opportunities are stronger than ever,” said David Shaffer, president and CEO of EnerSys. “Our customers are recognizing our premium products deliver a lower total cost of ownership and are anxiously awaiting the launch of our new maintenance free modular products at the end of this year.
“We maintain our previously announced guidance for our first quarter of fiscal 2019 for adjusted net earnings per diluted share of $1.15 to $1.19, which excludes an expected charge of 6 cents from our restructuring programs, ERP system implementation and acquisition expenses,” he said.
