EnerSys announced its financial results for the third fiscal quarter of 2007. Net earnings for the quarter were $11.0 million, or $0.24 per basic share and $0.23 per diluted share. This compares to net earnings of $7.8 million, or $0.17 per basic and diluted share in the third fiscal quarter of the prior year, and exceeds the previous guidance of $0.16 - $0.20 per diluted share provided on November 8, 2006.
The results for the third fiscal quarter of 2007, and the guidance, included a non-recurring tax benefit of $0.04 per share. Excluding this non-recurring tax benefit, adjusted net earnings for the company’s third fiscal quarter of 2007 were $ 9.0 million, or $0.19 per basic and diluted share. The results for the third fiscal quarter of 2006 included a $2.6 million, $1.8 million net of tax charge primarily related to restructuring activities. Excluding this restructuring charge, adjusted net earnings for this quarter were $9.6 million or $0.21 per basic and $0.20 per diluted share.
Net sales for the third fiscal quarter of 2007 were $377.9 million compared to $321.8 million in the comparable period of the prior year, or an increase of 17.4%. Net earnings for the nine fiscal months of 2007 were $34.6 million or $0.74 per share basic and $0.73 per share diluted, including $0.06 per share favorable impact from two legal settlements, the $0.04 per share non-recurring tax benefit and the $0.01 per share unfavorable impact of legal and professional fees related to a shelf registration statement and secondary offering and an abandoned acquisition. This compares to net earnings of $19.0 million or $0.41 per basic and diluted share in the prior year period, which included an $8.6 million, $5.9 million net of tax, charge primarily related to restructuring activities.
Excluding the highlighted charges and credits, adjusted net earnings for the nine fiscal months of 2007 were $30.6 million or $0.66 per basic and $0.64 per diluted share, compared to adjusted net earnings for the nine fiscal months of 2006 of $24.9 million or $0.54 per basic and $0.53 per diluted share. Net sales for the nine fiscal months of 2007 were $1,090.8 million compared to $930.1 million in the prior year, or an increase of 17.3%.
