EnerSys announced results for its second quarter of fiscal 2013, which ended on September 30, 2012. Net earnings attributable to EnerSys stockholders ("Net earnings") for the second quarter of fiscal 2013 were $43.8 million, or $0.90 per diluted share, including an unfavorable net of tax impact of $0.02 per share from a charge of $1.0 million for restructuring plans. The net earnings of $0.90 per diluted share, compares to diluted net earnings per share of $0.57 for the second quarter of fiscal 2012, which included an unfavorable net of tax impact of $0.01 per share from a charge of $0.7 million for restructuring plans and $0.4 million for fees related to acquisition activities, partially offset by a $0.6 million legal settlement income.
Adjusted net earnings per diluted share for the second quarter of fiscal 2013, on a non-GAAP basis was $0.92, which exceeds the guidance of $0.85 to $0.89 per diluted share given by the Company on August 8, 2012. These earnings compare to the prior year second quarter adjusted net earnings of $0.58 per diluted share.
Net sales for the second quarter of fiscal 2013 were a second quarter record $554.2 million, an increase of 1% from the prior year second quarter net sales of $547.2 million. The 1% increase was the result of a 2% increase in organic volume, 4% increase from acquisitions, a 4% decrease from foreign currency translation impact and a 1% decrease due to pricing. Sequential quarterly sales decreased 7% from the first quarter of fiscal 2013 net sales of $593.9 million due to a 6% decrease in organic volume and a 1% decrease due to pricing.
Net earnings for the six months of fiscal 2013 were $89.6 million or $1.84 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 and $0.1 million for fees related to acquisition activities.
Net earnings for the six months of fiscal 2012 were $61.8 million or $1.23 per diluted share, and included an unfavorable net of tax impact of $0.03 per share from a charge of $1.0 million for restructuring plans and $0.9 million for fees related to acquisition activities partially offset by a $0.6 million legal settlement in favor of the Company.
Adjusted net earnings for the six months of fiscal 2013, on a non-GAAP basis, were $1.87 per diluted share. This compares to the prior year six months adjusted net earnings of $1.26 per diluted share. 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.
Net sales for the six months of fiscal 2013 were $1,148.1 million, an increase of 3% from the net sales of $1,116.4 million in the comparable period in fiscal 2012. The 3% increase was the result of a 4% increase in organic volume and a 4% increase from acquisitions partially offset by a 5% decrease from foreign currency translation impact.
"During our second quarter we achieved record second quarter sales and operating earnings and reached our gross profit percentage target of 25% for the second consecutive quarter," stated John D. Craig, chairman, president and chief executive officer of EnerSys. "I am very pleased with our second quarter adjusted earnings of $0.92 per diluted share."
Mr. Craig added, "Our third quarter guidance for adjusted net earnings per diluted share is between $0.77 to $0.81, which excludes the expected charge of $0.08 from our restructuring programs and acquisition expenses. Recently, we experienced a slowing in our order intake which we expect will lead to a sequential reduction in our third quarter sales. If we continue to experience softness in our global markets we plan to take actions similar to those we took in 2009 to take costs out of our businesses, including additional restructuring programs, with the objective of improving longer term profitability."
