SPB - Why Energizer Holdings' Stock Jumped 19% This Morning
Shares of Energizer Holdings (NYSE: ENR) surged as much as 19.1% higher on Wednesday morning, lifted by an impressive fourth-quarter earnings report. By 10:35 a.m. EST, the stock had settled down to a milder 12.1% gain. As a reminder, this is the maker of well-known battery brands like Energizer and Rayovac, as well as car-care products under names such as Armor All and STP.
Energizer's fourth-quarter sales rose 57% year over year, mostly thanks to the buyouts of Spectrum Brands' (NYSE: SPB) battery and car-care operations in two separate deals, both of which closed in January of 2019, with a combined price tag of $3.25 billion. Adjusted earnings increased by 12% to $0.93 per share. Your average Wall Street analyst would have settled for earnings near $0.81 per share on sales in the neighborhood of $713 million.
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