ST. LOUIS (AP) — Energizer Holdings Inc. said Thursday that its first-quarter net income fell 10 percent due to restructuring costs. Adjusted results beat expectations, helped partly by increased demand in batteries during Superstorm Sandy and its aftermath.

But shares fell in morning trading as the company said demand for batteries continued to decline, excluding the effect of the storm.

Energizer and other disposable battery makers are facing a decline in demand with more reusable, cost-effective products on the market. The global battery category fell 2 percent in volume during the quarter, excluding the impact of Sandy, according to Energizer.

The company is in the midst of a restructuring plan that includes job cuts and lowering overhead spending as part of its efforts to reduce costs and improve earnings.

Net income for the three months ended Dec. 31 fell to $129.8 million, or $2.07 per share, from $143.8 million, or $2.15 per share in the year-ago quarter. Excluding restructuring costs and a pension curtailment benefit, net income was $2.20 per share, topping analysts' expectations of $2.15 per share, according to FactSet.

Revenue edged down less than 1 percent to $1.19 billion from nearly $2 billion in the prior year. Analysts expected $1.21 billion.

Personal care revenue, which includes Energizers Schick Hydro razors, fell 2 percent to $554.3 million. Household products, which include batteries, rose nearly 1 percent to $638.2 million. Energizer estimates it got an $18 million boost in sales from people stocking up on batteries during Superstorm Sandy in October.

The company reaffirmed guidance for 2013 net income of $6.75 to $7 per share, excluding restructuring costs. Analysts expect $6.79 per share.

Energizer shares fell $2.97, or 3.4 percent, to $85.28 in morning trading. The stock has ranged from $64.36 to $88.84 over the past 52 weeks.

About News.net

Publishing Services International Limited (PSIL) is the publisher and operator of a worldwide network of online news sites dedicated to delivering fair, accurate and relevant reporting from a variety of the world’s most trusted sources – from the biggest cities to the smallest towns.

We deliver positive and powerful messages to our readers, providing up‑to‑the‑second news that matters to the individual.

Our promise is to serve communities and individuals worldwide, delivering information that hasn’t always been available to them. We will give them back a voice – a voice that’s empowering because it is theirs – and provide a platform to communicate between themselves and the world.

We believe people are not just generic demographics; they are individuals with their own preferences and curiosities. We are about understanding these individuals, listening to them, and serving them.

We are the new pioneering spirit of news – we’re not talking to everyone, we’re talking with every one.

If you want your news, your voice, your way, on your time – we’ve got news for you.

 

FAQs

Email

If you have any questions or concerns please email us on support@news.net

Phone

  • Australia, Toll Free 1-800-983-421
  • Hong Kong, Toll Free 800-906-187
  • Singapore, Toll Free 800-852-3871
  • USA/Canada, Toll Free 1-800-830-4132

Advertise With Us

Interested in being awesome?
Contact us by email or phone.

Cancel