Exhibit 99.1 PRESS RELEASE, DATED MAY 24, 2023, OF ENERSYS REGARDING FINANCIAL
RESULTS FOR THE FOURTH QUARTER FISCAL 2023
ENERSYS REPORTS FOURTH QUARTER AND FULL YEAR FISCAL 2023 RESULTS
DELIVERS RECORD NET SALES AND EARNINGS FOR THE FOURTH QUARTER AND FULL YEAR
Fourth Quarter Fiscal 2023 Highlights
(All comparisons against the fourth quarter of fiscal year 2022 unless otherwise noted)
•Delivered record net sales of $990M, +9%
•Achieved 24.9% GM, +340 bps, including $17M reduction to COGS from Inflation Reduction Act (IRA) tax credits under IRC 45X
•Generated record operating earnings of $95M, +114%, and adjusted operating earnings of $107 million, +60%
•$1.3B backlog eased slightly, -7%, 2X pre-COVID levels with stable demand trends
•Realized record diluted EPS of $1.59, +137%, and adjusted diluted EPS of $1.82, +52%
•Reduced net leverage(b) to 1.8X EBITDA
•Earned the Better Practice Award from the U.S. Department of Energy Better Plants Program
•Announced the appointment of Shannon Thomas as Chief Human Resources Officer
•Published 2022 Sustainability Update and achieved 4% reduction in our global greenhouse gas emissions vs 2021
Full Year Fiscal 2023 Highlights
(All comparisons against 2022 unless otherwise noted)
• Delivered record net sales of $3.7B, +10%
• Generated record operating earnings of $278M, +35% and adjusted operating earnings of $322M, +22%
• Hit record operating earnings, adjusted operating earnings, diluted EPS, and adjusted diluted EPS, before recording the $17M of IRC 45X tax credits, even after including FX and interest headwinds in excess of $1 per diluted share
• Realized record diluted EPS of $4.25, +26% and adjusted diluted EPS of $5.34, +19%
• Reported operating cash flow of $280M, +$346M and free cash flow(a) of $191M, +$331M
• Returned $51M to shareholders through share repurchases and dividends
READING, Pa., May 24, 2023 (GLOBE NEWSWIRE) -- EnerSys (NYSE: ENS), the global leader in stored energy solutions for industrial applications, announced today results for its fourth quarter of fiscal 2023, which ended on March 31, 2023.
EnerSys delivered an outstanding fourth quarter, with record revenue of $990 million, up 9% year-over-year, driven primarily by strong price realization and organic growth, partially offset by foreign currency. We achieved significant gross margin improvement, despite continued margin pressure from inflation and even before a $17 million benefit to cost of goods sold from tax credits related to Internal Revenue Code section 45X created by the Inflation Reduction Act. We realized record GAAP diluted EPS of $1.59 and adjusted diluted EPS of $1.82, up $0.62 versus prior year, including $0.42 benefit from IRA. While further guidance may be forthcoming from the IRS, we believe EnerSys's eligibility for Section 45X credits reinforces the critical nature of the products and services we provide.
In fiscal 2023, we delivered sales and earnings growth in excess of our expectations. The EnerSys team performed remarkably well in a challenging environment, mitigating continued inflation, rising interest rates, foreign exchange headwinds, and operational challenges, while executing collaboratively to deliver record results. Our impressive net earnings combined with effective management of operating capital resulted in $280 million of operating cash flow, $191 million of free cash flow and $51 million of capital returned to shareholders through repurchases and dividends.
We continue to deliver on our innovation roadmap with strategic investments in proprietary technology solutions that are defining the future of the energy transition. We continue to progress toward full commercialization of our proprietary and revolutionary EV Fast Charge and Storage system (FC&S) which combines energy storage, backup power and EV fast charging capabilities in a single solution.
The following information was filed by Enersys (ENS) on Wednesday, May 24, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.