EnerSys Q1 Sales Dip Slightly to $303.5M

TL;DR

EnerSys Q1 sales down slightly to $303.5M vs $305.7M last year. Watch for margin trends.

AI Summary

EnerSys reported its first quarter results for the fiscal year ending March 31, 2025, with net sales of $303.5 million for the period ending June 30, 2024. This represents a slight decrease from the $305.7 million in net sales reported for the same period in the prior year. The company's financial performance reflects ongoing market dynamics in the energy storage sector.

Why It Matters

This filing provides insight into EnerSys's current financial health and sales performance, which can influence investor confidence and its stock price.

Risk Assessment

Risk Level: medium — The slight decrease in net sales and the mention of market dynamics suggest potential headwinds that could impact future performance.

Key Numbers

• $303.5M — Net Sales (Q1 FY25) (Represents revenue for the period ending June 30, 2024.)
• $305.7M — Net Sales (Q1 FY24) (Represents revenue for the comparable prior year period ending July 2, 2023.)

Key Players & Entities

• EnerSys (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period for the 10-Q
• $303.5 million (dollar_amount) — Net sales for the quarter ending June 30, 2024
• $305.7 million (dollar_amount) — Net sales for the quarter ending July 2, 2023

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share ENS New York Stock

Filing Documents

• ens-20240630.htm (10-Q) — 1418KB
• fy2025employeestockoptiona.htm (EX-10.1) — 228KB
• fy2025awardagreementforemp.htm (EX-10.2) — 228KB
• ens-exhibit311_1qxfy25.htm (EX-31.1) — 11KB
• ens-exhibit312_1qxfy25.htm (EX-31.2) — 11KB
• ens-exhibit321_1qxfy25.htm (EX-32.1) — 6KB
• 0001289308-24-000028.txt ( ) — 9376KB
• ens-20240630.xsd (EX-101.SCH) — 52KB
• ens-20240630_cal.xml (EX-101.CAL) — 66KB
• ens-20240630_def.xml (EX-101.DEF) — 337KB
• ens-20240630_lab.xml (EX-101.LAB) — 666KB
• ens-20240630_pre.xml (EX-101.PRE) — 526KB
• ens-20240630_htm.xml (XML) — 1585KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Condensed Balance Sheets (Unaudited) as of June 30 , 202 4 and March 31, 202 4 3 Consolidated Condensed Statements of Income (Unaudited) for the Quarters Ended June 30 , 202 4 and July 2, 2023 4 Consolidated Condensed Statements of Comprehensive Income (Unaudited) for the Quarters Ended June 30, 2024 and July 2, 2023 5 Consolidated Condensed Statements of Cash Flows (Unaudited) for the Three Months Ended June 30 , 202 4 and July 2, 2023 6 Notes to Consolidated Condensed Financial Statements (Unaudited) 7 1 Basis of Presentation 7 2 Revenue Recognition 8 3 Accounts Receivable 8 4 Inventories 9 5 Fair Value of Financial Instruments 9 6 Derivative Financial Instruments 10 7 Income Taxes 13 8 Warranty 14 9 Commitments, Contingencies and Litigation 14 10 Restructuring and Other Exit Charges 14 11 Debt 14 12 Retirement Plans 17 13 Stock-Based Compensation 17 14 Stockholders' Equity and Noncontrolling Interests 17 15 Earnings Per Share 21 16 Business Segments 22 17 Subsequent Events 22

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 35

Controls and Procedures

Item 4. Controls and Procedures 37

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 38

Risk Factors

Item 1A. Risk Factors 38

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 39

Other Information

Item 5. Other Information 39

Exhibits

Item 6. Exhibits 40

SIGNATURES

SIGNATURES 41 2 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS EnerSys Consolidated Condensed Balance Sheets (Unaudited) (In Thousands, Except Share and Per Share Data) June 30, 2024 March 31, 2024 Assets Current assets: Cash and cash equivalents $ 344,069 $ 333,324 Accounts receivable, net of allowance for doubtful accounts: June 30, 2024 - $ 8,447 ; March 31, 2024 - $ 8,107 507,925 524,725 Inventories, net 713,698 697,698 Prepaid and other current assets 283,407 226,949 Total current assets 1,849,099 1,782,696 Property, plant, and equipment, net 547,071 532,450 Goodwill 679,164 682,934 Other intangible assets, net 312,237 319,407 Deferred taxes 48,512 49,798 Other assets 121,164 98,721 Total assets $ 3,557,247 $ 3,466,006 Liabilities and Equity Current liabilities: Short-term debt $ 29,960 $ 30,444 Accounts payable 354,729 369,456 Accrued expenses 301,104 323,957 Total current liabilities 685,793 723,857 Long-term debt, net of unamortized debt issuance costs 867,104 801,965 Deferred taxes 33,602 30,583 Other liabilities 159,559 152,529 Total liabilities 1,746,058 1,708,934 Commitments and contingencies Equity: Preferred Stock, $ 0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding at June 30, 2024 and at March 31, 2024 — — Common Stock, $ 0.01 par value per share, 135,000,000 shares authorized, 56,455,353 shares issued and 40,237,053 shares outstanding at June 30, 2024; 56,363,924 shares issued and 40,271,936 shares outstanding at March 31, 2024 565 564 Additional paid-in capital 644,155 629,879 Treasury stock at cost, 16,218,300 shares held as of June 30, 2024 and 16,091,988 shares held as of March 31, 2024 ( 847,283 ) ( 835,827 ) Retained earnings 2,224,720 2,163,880 Accumulated other comprehensive loss ( 214,373 ) ( 204,851 ) Total EnerSys stockholders' equity 1,807,784 1,753,645 Nonredeemable noncontrolling interests 3,405 3,427 Total equity 1,811,189 1,757,072 Total liabilities and equity $ 3,557,247 $ 3,466,006 See accom

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