EnerSys Inc. announced today preliminary results for its fourth quarter and full year of fiscal 2013, which ended on March 31, 2013, included net earnings attributable to EnerSys stockholders ("Net earnings") for the fourth quarter that are expected to be $37.7 million, or $0.77 per diluted share, including an unfavorable net of tax impact of $0.03 per share from a charge of $1.3 million for restructuring plans.
The expected Net earnings of $0.77 per diluted share compares to diluted Net earnings per share of $0.94 for the fourth quarter of fiscal 2012, which included an unfavorable highlighted $0.04 per share impact from a charge of $1.7 million for restructuring plans and $0.2 million for fees related to acquisition activities.
Excluding these highlighted items, adjusted Net earnings per diluted share for the fourth quarter of fiscal 2013, on a non-GAAP basis, are expected to be $0.80, which would exceed the guidance of $0.73 to $0.77 per diluted share given by the company on February 6, 2013. These earnings compare to the prior year fourth quarter adjusted Net earnings of $0.98 per diluted share.
Net sales for the fourth quarter of fiscal 2013 were $572.2 million, a decrease of 4% from the prior year fourth quarter net sales of $592.8 million and a 3% sequential quarterly increase from the third quarter of fiscal 2013's net sales of $557.3 million. The 4% decrease was the result of a 2% decrease in both organic volume and foreign currency translation impact, a 1% decrease due to pricing, partially offset by a 1% increase from acquisitions.
Net earnings for the twelve months of fiscal 2013 are expected to be $166.5 million, or $3.42 per diluted share, and includes an unfavorable impact from highlighted charges of $0.13 per share. Highlighted charges include $6.1 million for restructuring plans and $0.2 million for fees related to acquisition activities.
Net earnings for the twelve months of fiscal 2012 were $144.0 million, or $2.93 per diluted share, and included an unfavorable net of tax impact from highlighted charges of $0.10 per share. Highlighted charges included $3.8 million for restructuring plans and $1.8 million for fees related to acquisition activities partially offset by a $0.6 million legal settlement in favor of the company.
Adjusted Net earnings per diluted share for the twelve months of fiscal 2013, on a non-GAAP basis, are expected to be $3.55 and compares to $3.03 per diluted share for the comparable period of fiscal 2012. Net sales for the twelve months of fiscal 2013 were relatively flat at $2,277.6 million compared to the net sales of $2,283.4 million in fiscal 2012. A 2% increase from acquisitions and a 1% increase in organic volume were offset by a 3% decrease from foreign currency translation impact.
"Our full year adjusted Net earnings per diluted share of $3.55 are the best annual earnings in our Company's history," stated John D. Craig, chairman, president and chief executive officer of EnerSys. "This was our third straight year of achieving record earnings and validates our strategy of being the best value in the energy storage industry. I would like to thank our customers for their ongoing support and our employees for their continued dedication and hard work. During fiscal year 2014 we will continue to implement our global growth and cost reduction strategies while expanding our premium product offerings."
Mr. Craig added, "Our first quarter of fiscal 2014 guidance for adjusted net earnings per diluted share is between $0.78 and $0.82, which excludes an expected charge of $0.07 from our ongoing restructuring programs and acquisition expenses."
