NEW YORK - Energizer Holdings Inc. (NYSE:ENR) shares gained 1.29% in premarket trading Tuesday after the battery maker reported fourth quarter results that beat analyst expectations and provided in-line guidance for fiscal 2025.
The St. Louis-based company posted adjusted earnings per share of $1.22 for the quarter ended September 30, exceeding the consensus estimate of $1.17. Revenue came in at $805.7 million, slightly above Wall Street's forecast of $805.59 million.
"We finished fiscal 2024 with solid performances across both Battery and Auto Care, driving adjusted earnings growth above our initial expectations," said Mark LaVigne, President and Chief Executive Officer.
For the full fiscal year 2024, Energizer reported adjusted EPS of $3.32, up 7% from $3.09 in fiscal 2023. Revenue declined 2.5% to $2.89 billion.
Looking ahead, the company expects fiscal 2025 adjusted earnings per share in the range of $3.45 to $3.65, bracketing the analyst consensus of $3.52. Energizer forecasts organic revenue growth of 1% to 2% for the new fiscal year.
The company said it reduced net leverage to 4.9 times in fiscal 2024, driven by $200 million of debt pay down and adjusted EBITDA growth. Free cash flow was 11.7% of net sales for the fiscal year.
Energizer's gross margin expanded to 38.3% for the full year, up from 38% in fiscal 2023. On an adjusted basis, gross margin improved 190 basis points to 40.9%, which the company attributed largely to benefits from its Project Momentum cost savings initiatives.
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