EnerSys Inc. announced its financial results for the first fiscal quarter of 2007. Net earnings for the company's first fiscal quarter of 2007 were $12.2 million, or $0.26 per basic and diluted share, including $0.04 per share favorable impact from a previously disclosed legal settlement, compared to net earnings of $8.8 million, or $0.19 per basic and diluted share in the first fiscal quarter of the prior year. These results exceed the range of $0.17 - $0.21 diluted EPS guidance previously provided on June 14, 2006, which also included the $0.04 favorable impact.
Net sales for the first fiscal quarter of 2007 were $359.0 million compared to $303.8 million in the comparable period of the prior year, or an increase of 18.2%. The results reflect the acquisition of FIAMM SpA's motive power business, which occurred on June 1, 2005, and GAZ GmbH's reserve power business, which occurred on October 11, 2006. These two acquisitions contributed sales of approximately $18 million in the first fiscal quarter of 2007 as compared to $7 million in the comparable period of the prior year, or approximately 3 percentage points of the 18.2% increase compared to the prior year. Additionally, foreign currency translation (primarily from the Euro) had a 2 percentage point favorable impact on the first fiscal quarter of 2007 net sales, compared to the comparable period in the prior year. Net sales, excluding the effect of foreign currency translation and acquisitions, increased 12.7% in the first fiscal quarter of 2007 over the same period of 2006. Approximately 3 % of the increase in EnerSys' first fiscal quarter of 2007 sales growth is attributable to selling price recovery actions.
"We continue to experience strong demand for our products, which we believe is due in large part to the value we bring to our customers," said John D. Craig, Chairman, President & CEO of the company. "We have experienced growth in our market share while we continue to increase the selling price of our products to offset the impact of commodity costs. We remain committed to our strategic direction and believe that our first quarter results are reflective of our efforts."
