Reported Net sales increased 1.7% to $658.0 million driven by strong performance in batteries and auto leading to organic growth of 3.4%(1).
Diluted net earnings from continuing operations per common share was $0.37 in the third fiscal quarter compared to $0.07 in the prior year third quarter, and Adjusted Diluted net earnings from continuing operations per common share was $0.50 compared to $0.37 in the prior year third quarter(1). Incremental net COVID-19 costs and interest reduced reported and adjusted earnings per share by $0.11.
Adjusted free cash flow in the current quarter increased $136.4 million, or 20.7% of Net sales, for a year-to-date adjusted free cash flow(1) of $243.7 million, or 12.3% of Net sales.
Providing fiscal 2020 Guidance(1) on Net Sales growth of 9% to 10%, including organic growth of 1% to 1.5%, and Adjusted Diluted EPS from continuing operations of $2.45 to $2.55, inclusive of the impacts of COVID-19.
ST. LOUIS, MO (STL.News) Energizer Holdings, Inc. (NYSE: ENR) today announced results for the third fiscal quarter, which ended June 30, 2020. Net earnings from continuing operations were $29.0 million, or $0.37 per diluted common share, compared to net earnings from continuing operations of $9.2 million, or $0.07 per diluted common share, in the prior year third quarter. Adjusted Net earnings from continuing operations in the third quarter were $38.5 million, or $0.50 per diluted common share, compared to Adjusted Net earnings from continuing operations of $30.5 million, or $0.37 per diluted common share, in the third quarter of 2019.
Net earnings in the quarter were negatively impacted by the pandemic, which included approximately $9 million of operational costs incurred to maintain business continuity and approximately $4 million of higher interest to strengthen liquidity. These incremental costs in Cost of products sold and Interest expense were offset by lower net SG&A costs of approximately $4 million as we reduced travel related costs due to restrictions caused by the pandemic.
“Our colleagues around the globe continue to perform at an exceptionally high level with unwavering teamwork, focus and agility
necessary during these challenging times,” said Alan Hoskins, Chief Executive Officer. “As I said last quarter, the safety and well-being of our colleagues is our number one priority, while also maintaining business continuity with our customers to serve our consumers. During the quarter, we flawlessly executed new distribution gains and continued to make significant progress on our integration initiatives. Reflecting on the great work by our team, adjusted earnings per share grew 35 percent, which included overcoming significant incremental costs caused by COVID-19. We are also well-positioned in the fourth quarter to continue our momentum and expect to achieve full-year organic net sales growth of 1% to 1.5%.”
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