Business News: Energizer Holdings, Inc. Announces Fiscal 2019 Third Quarter Results

– Reaffirming Adjusted Diluted EPS from continuing operations, Adjusted EBITDA and Adjusted Free Cash Flow
– Reported Net sales increased 64.8% to $647.2 million due to the impact of acquisitions and organic revenue growth of 3.6%
– Adjusting Net sales outlook for fiscal 2019 to $2.48 to $2.50 billion as strength in the battery business is offset by softness in the auto care business
– Increasing synergy realization target by approximately $25 million to $100 million

ST. LOUIS, MO (STL.News) – Energizer Holdings, Inc. (NYSE: ENR) today announced results for the third fiscal quarter, which ended June 30, 2019.  For the third fiscal quarter, net earnings from continuing operations were $9.2 million, or $0.07 per diluted common share, compared to net earnings of $23.8 million, or $0.39 per diluted common share, in the prior year third quarter.  Adjusted net earnings from continuing operations in the third quarter were $30.5 million, or $0.37 per diluted common share, compared to adjusted net earnings from continuing operations of $33.2 million, or $0.54 per diluted common share, in the prior year third quarter.

“Our third quarter results reflect the strength of our brands and growth within our combined battery and lighting business, as well as the continued progress we are making in our transformative efforts across the company,” said Alan Hoskins, Chief Executive Officer.  “During the quarter, we delivered organic revenue growth, which drove strong overall profitability and cash flow generation in our legacy business while partially offsetting the negative impact of weather on our auto refrigerant business.”

“We remain on track to deliver our full year fiscal 2019 outlook for adjusted earnings per share, EBITDA and free cash flow, and are adjusting our expectation for Net sales to reflect performance of our acquired businesses in the quarter and expectations for the balance of the year,” continued Hoskins.  “We continue to make progress integrating both acquisitions with synergies to date tracking ahead of our original synergy target for the first full year.  Additionally, we have increased our expected synergy realization to approximately $100 million, which we expect to benefit our bottom line results. Separately, we have line of sight to incremental synergies above this amount, which will allow us to invest in these businesses to drive growth and profitability over the long-term.”

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