Energizer swings to a net loss, but adjusted profit and sales top expectations

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Energizer Holdings Inc. ENR, +0.58% swung to a net fourth-quarter loss, but reported Tuesday an adjusted profit and sales that rose above expectations, as higher pricing offset declines in battery and auto care volumes. The battery and auto care company’s stock was still inactive in premarket trading. The net loss for the quarter to Sept. 30 was $362.9 million, or $5.09 a share, after net income of $79.1 million, or $1.14 a share, in the year-ago period. Excluding nonrecurring items, such as a $541.9 million impairment charge, adjusted earnings per share rose to 82 cents from 79 cents, and beat the FactSet consensus of 78 cents. Sales grew 3.2% to $790.4 million, above the FactSet consensus of $774.9 million. Cost of sales rose more than sales, up 3.8% to $504.9 million, as gross margin contracted to 36.1% from 36.5%. For fiscal 2023, the company expects adjusted EPS of $3.00 to $3.30, surrounding the FactSet consensus of $3.16. The stock has lost 7.3% over the past three months, while the S&P 500 SPX, -0.89% has declined 7.9%.

This article was originally published by Marketwatch.com. Read the original article here.

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