Tuesday, Energizer Holdings, Inc. (ENR), reported a plunge in the fourth quarter profit as revenues declined on lower battery sales.
The St. Louis, Missouri-based company's net income for the quarter fell to $37.1 million or $0.53 per share from $99.1 million or $1.67 per share in the year ago period.
On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of $1.16 per share for the quarter. Analysts' estimates typically exclude one-time items.
Fourth quarter earnings per share was negatively impacted by $0.10 per share as compared to the prior year quarter due to higher average shares outstanding. Results also included charges related to the previously announced voluntary enhanced retirement option and reduction in force, and other business realignment and integration charges of $25.8 million after-tax or $0.38 per share.
In addition, the results included an additional tax provision of $2.9 million or $0.04 per share and an after-tax expense of $2.3 million or $0.03 per share.
Net sales declined to $1.08 billion from $1.12 billion in the comparable quarter last year. Analysts expected revenue of $1.06 billion for the quarter.
Segment-wise, sales for household products segment was down 14%, mainly affected by low battery sales specially in the U.S. while sales in personal care segment, including shave preparation acquisition, rose 12% in the quarter.
For the current quarter, the company reported gross profit of $473.7 million, compared with $534.7 million in the prior year quarter. Interest income reduced to $35 million from $43.3 million in the same quarter last year.
For the twelve months, net income was down to $297.8 million or $4.72 per share from $329.3 million or $5.59 per share in the prior year. Net sales declined to $4.0 billion from $4.3 billion last year.
Analysts expected the company to post earnings of $5.29 per share, on revenues of $3.98 billion for the full year.
The company believes low double digit growth in net earnings excluding unusual items is possible in fiscal 2010. The company said such a result would deliver low single digit earnings per share growth as higher average shares outstanding of approximately 70.8 million are expected to reduce earnings per share by $0.30-$0.40, net of benefits from the shave preparation acquisition and lower interest expense.
ENR is currently trading at $53.77, down $6.48 or 10.76% on a volume of 4.10 million shares on the NYSE.
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