2023-08-09 16:29:13 ET
- EnerSys press release ( NYSE: ENS ): Q1 Non-GAAP EPS of $1.89 beats by $0.09 .
- Revenue of $909M (+1.1% Y/Y) misses by $54.62M .
- Achieved record GM of 26.4%, +580 bps, including $19M benefit from Inflation Reduction Act IRC 45X tax credits
- Generated operating earnings of $89M, +78%, and record adjusted operating earnings (2) of $107.2M, +65%
- Realized record diluted EPS of $1.60, +113%, and record adjusted diluted EPS (1) of $1.89, +64%
- Reduced net leverage (a) to 1.5X EBITDA on operating cash flow of $75M, +$147M
- On August 9, 2023, the Board of Directors declared a 29% increase in the company's quarterly dividend to $0.225 per share for the second quarter of 2024, up from $0.175 per share for the first quarter of 2024.
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Second Quarter 2024 Outlook
In the second quarter of fiscal 2024, we expect:
- Adjusted diluted earnings per share in the range of $1.77 to $1.87, inclusive of $0.42 to $0.52 from IRC 45X tax benefits. Excluding the IRA credits, this represents an increase of approximately 22% over the prior year, at the midpoint, reflecting stable demand trends and a healthy backlog. Note that the IRS has not yet issued additional clarification guidance related to section 45X which could materially increase or decrease the quantity of our U.S. produced batteries that qualify for this credit.
- Gross margin in the range of 25.0% to 27.0%, including 150bps to 250bps from IRA credits.
- For the full year of fiscal 2024, we expect capital expenditures to be approximately $120 million.
For further details see:
EnerSys Non-GAAP EPS of $1.89 beats by $0.09, revenue of $909M misses by $54.62M