EnerSys announced today results for its first quarter of fiscal 2011, which ended on July 4, 2010. Net earnings for the first quarter of fiscal 2011 were $23.0 million or $0.47 per diluted share, including an unfavorable highlighted $0.01 per share impact from the $0.5 million, $0.7 million pre-tax, charge for restructuring plans. This compares to diluted net earnings per share of $0.17 for the first quarter of fiscal 2010, which included an unfavorable highlighted charge of $0.06 per share impact from the $2.5 million, $3.5 million pre-tax, charge for restructuring plans and the $0.3 million, $0.4 million pre-tax, expense related to activities for potential acquisitions.
Net sales for the first quarter of fiscal 2011 were $435.0 million, an increase of 28% from the prior year first quarter net sales of $340.3 million and a 3% sequential quarterly decrease from the fourth quarter of fiscal 2010’s net sales of $450.5 million. The 28% increase was the result of a 19% increase in organic volume, 6% from acquisitions, and 6% due to pricing, which was partially offset by a 3% decrease from weaker foreign currencies, primarily the euro and British pound. The sequential revenue decline of $15.5 million in the first quarter was due primarily to the effect of weaker foreign currencies.
Adjusted net earnings for the first quarter of fiscal 2011, on a non-GAAP basis, were $0.48 per diluted share. This compares to the prior year first quarter net earnings of $0.23 per diluted share on an adjusted, non-GAAP basis. Please refer to the section included herein under the heading "Reconciliation of Non-GAAP Financial Measures" for a discussion of the company’s use of non-GAAP adjusted financial information.
