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Enersys (ENS) SEC Filing 10-K Annual report for the fiscal year ending Sunday, March 31, 2019

Enersys

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CIK: 766829 Ticker: ENS

Exhibit 99.1 PRESS RELEASE, DATED MAY 16, 2019, OF ENERSYS REGARDING PRELIMINARY FINANCIAL
RESULTS FOR THE FOURTH QUARTER AND FULL YEAR FISCAL 2019

EnerSys Reports Preliminary Fourth Quarter and Full Year Fiscal 2019 Results 

Reading, PA, USA, May 16, 2019 – EnerSys (NYSE: ENS), the global leader in stored energy solutions for industrial applications, announced today preliminary results for its fourth quarter and full year of fiscal 2019, which ended on March 31, 2019.

Please note that these results are preliminary, and, while management expects them to be our final results, they could change.

Net earnings attributable to EnerSys stockholders (“Net earnings”) for the fourth quarter of fiscal 2019 are expected to be $18.5 million, or $0.42 per diluted share, including an unfavorable highlighted net of tax impact of $43.6 million, or $1.01 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts. Included in the $43.6 million are $27.3 million which were previously disclosed in our recent filings.

Net earnings attributable to EnerSys stockholders for the fourth quarter of fiscal 2018 were $54.0 million, or $1.27 per diluted share, which included a favorable highlighted net of tax impact of $1.5 million or $0.03 per share from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts. The $1.5 million net of tax impact included a tax benefit of $9.6 million for the release of a foreign valuation allowance, partially offset by a $4.1 million tax expense related to the recently enacted Tax Cuts and Jobs Act (“Tax Act”).

Excluding these highlighted items, adjusted Net earnings per diluted share for the fourth quarter of fiscal 2019, on a non-GAAP basis, are expected to be $1.43 which compares to guidance of $1.41 to $1.45 per diluted share for the fourth fiscal quarter given by the Company on February 6, 2019. These earnings compare to the prior year fourth quarter adjusted Net earnings of $1.24 per diluted share. Please refer to the section included herein under the heading “Reconciliation of Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information, which include tables reconciling GAAP and non-GAAP adjusted financial measures for the quarters and twelve months ended March 31, 2019 and 2018.

Net sales for the fourth quarter of fiscal 2019 were $796.6 million, an increase of 17% from the prior year fourth quarter net sales of $683.0 million and a 17% sequential quarterly increase from the third quarter of fiscal 2019 net sales of $680.0 million. The increase in the current quarter compared to the prior year quarter was the result of a 20% increase due to the Alpha acquisition and a 1% increase each in pricing and organic volume, partially offset by a 5% decrease in foreign currency translation impact. The 17% sequential quarterly increase was primarily due to a 16% increase due to acquisitions and a 2% increase in organic volume, partially offset by a 1% decrease in pricing.

As previously disclosed, EnerSys completed the acquisition of subsidiaries and assets from the Alpha Group on December 7, 2018. For the period ended March 31, 2019 that EnerSys owned Alpha, the contribution of the acquisition is expected to be $162.5 million to net sales and $(1.3) million to Net earnings. Excluding the one-time transaction costs, purchase accounting related temporary impacts on inventory valuation, integration and restructuring costs, as well as the amortization of intangible assets, the contribution to net earnings would have been $6.4 million.

Net earnings for the twelve months of fiscal 2019 are expected to be $160.2 million, or $3.73 per diluted share, including an unfavorable net of tax impact of $51.9 million, or $1.20 per diluted share, from cash and non-cash charges from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.

Net earnings for the twelve months of fiscal 2018 were $119.6 million, or $2.77 per diluted share, which included an unfavorable net of tax impact of $80.9 million or $1.88 per diluted share from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts. The $80.9 million net of tax impact includes an estimated net tax expense of $81.4 million comprised of a one-time transition tax expense of $97.5 million, a tax benefit related to the remeasurement of U.S deferred taxes of $14.1 million, and a tax benefit of $2.0 million related to the reduction of the fiscal 2018 effective federal tax rate of 31.5%, on account of the Tax Act.

Adjusted Net earnings for the twelve months of fiscal 2019, on a non-GAAP basis, are expected to be $4.93 per diluted share. This compares to the prior year twelve months adjusted Net earnings of $4.65 per diluted share. Please refer to the section included herein under the heading “Reconciliation of Non-GAAP Financial Measures” for a discussion of the Company's use of non-GAAP adjusted financial information.


The following information was filed by Enersys (ENS) on Thursday, May 16, 2019 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.

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Inside Enersys's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts Valuation And Qualifying Accounts (Details)
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Accrued Expenses
Accrued Expenses (Detail)
Accrued Expenses (Tables)
Acquisition (Tables)
Acquisitions
Acquisitions - Additional Information (Detail)
Acquisitions - Pro Forma Information (Details)
Acquisitions - Summary Of Intangible Assets (Details)
Acquisitions Acquisitions - Assets And Liabilities Acquired (Details)
Business Segments
Business Segments (Tables)
Business Segments - Additional Information (Detail)
Business Segments - Schedule Of Summarized Financial Information By Reportable Segments Segments (Detail)
Change In Number Of Shares Of Common Stock Outstanding (Detail)
Commitments, Contingencies And Litigation
Commitments, Contingencies And Litigation - Additional Information (Detail)
Components Of Accumulated Other Comprehensive Income (Detail)
Debt
Debt (Tables)
Debt - Additional Information (Detail)
Debt - Long Term Debt (Detail)
Debt - Long Term Debt (Phantom) (Detail)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Additional Information (Detail)
Derivative Financial Instruments - Effect Of Derivative Instruments (Detail)
Derivative Financial Instruments - Effect Of Derivative Instruments On Consolidated Condensed Statements Of Income (Detail)
Derivative Financial Instruments - Fair Value Of Derivative Instruments (Detail)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Detail)
Earnings Per Share - Weighted Average Common Shares Basic And Common Shares Diluted (Detail)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Additional Information (Detail)
Fair Value Of Financial Instruments - Carrying Amounts And Estimated Fair Values Of Company Financial Instruments (Detail)
Fair Value Of Financial Instruments - Financial Assets And Liabilities Measured At Fair Value On Recurring Basis (Detail)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Additional Information (Detail)
Goodwill And Other Intangible Assets - Schedule Of Changes In Carrying Amount Of Goodwill By Business Segment (Detail)
Goodwill And Other Intangible Assets - Schedule Of Companys Other Intangible Assets (Detail)
Goodwill And Other Intangible Assets - Schedule Of Goodwill And Goodwill Impairment Losses (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Reconciliation Of Income Taxes At Statutory Rate (Detail)
Income Taxes - Reconciliation Of Unrecognized Tax Benefits (Detail)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Detail)
Income Taxes - Schedule Of Earning Before Income Taxes (Detail)
Income Taxes - Schedule Of Income Tax Expense (Detail)
Inventories
Inventories (Tables)
Inventories - Summary Of Inventories (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Schedule Of Capital And Operating Leases (Detail)
Other (Income) Expense, Net
Other (Income) Expense, Net (Detail)
Other (Income) Expense, Net (Tables)
Other Liabilities
Other Liabilities (Detail)
Other Liabilities (Tables)
Prepaid And Other Current Assets
Prepaid And Other Current Assets (Detail)
Prepaid And Other Current Assets (Tables)
Property, Plant, And Equipment
Property, Plant, And Equipment (Tables)
Property, Plant, And Equipment - Additional Information (Detail)
Property, Plant, And Equipment - Summary Of Ppe (Detail)
Quarterly Financial Data (Additional Information) (Detail)
Quarterly Financial Data (Detail)
Quarterly Financial Data (Tables)
Quarterly Financial Data (Unaudited)
Redeemable Noncontrolling Interests (Detail)
Restructuring Plans And Other Exit Charges
Restructuring Plans And Other Exit Charges (Tables)
Restructuring Plans And Other Exit Charges - Acquisition And Non-Acquisition Related Restructuring Reserve (Details)
Restructuring Plans And Other Exit Charges - Additional Information (Detail)
Retirement Plans
Retirement Plans (Tables)
Retirement Plans - Additional Information (Detail)
Retirement Plans - Amounts Recognized In Consolidated Balance Sheets (Detail)
Retirement Plans - Change In Projected Benefit Obligations And Change In Plan Assets (Detail)
Retirement Plans - Net Periodic Pension Costs (Detail)
Retirement Plans - Pension Components Before Tax And Related Changes Net Of Tax Recognized In Aoci (Detail)
Retirement Plans - Significant Assumptions Used To Determine Net Periodic Benefit Cost (Detail)
Retirement Plans - Significant Assumptions Used To Determine Projected Benefit Obligations (Detail)
Retirement Plans - Summary Changes In Plan Assets And Benefit Obligations (Detail)
Retirement Plans - Summary Of Accumulated Benefit Obligation Related To All Defined Pension Plans (Detail)
Retirement Plans - Summary Of Estimated Future Benefit Payments (Detail)
Retirement Plans - Summary Of Pension Plan Investments Measured At Fair Value (Detail)
Retirement Plans - Summary Of Recognized Components Of Net Periodic Pension Cost Included In Accumulated Other Comprehensive Income (Detail)
Stock Based Compensation Stock-Based Compensation - Summary Of Assumptions Used For Market Share Units (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Detail)
Stock-Based Compensation - Summary Of Changes In Restricted Stock Units And Market Share Units (Detail)
Stock-Based Compensation - Summary Of Information Regarding Stock Options Outstanding And Exercisable (Detail)
Stock-Based Compensation - Summary Of Stock Option Activity (Detail)
Stockholders Equity And Noncontrolling Interests Reclassification From Accumulated Other Comprehensive Income (Details)
Stockholders' Equity And Noncontrolling Interests
Stockholders' Equity And Noncontrolling Interests (Tables)
Stockholders' Equity And Noncontrolling Interests - Additional Information (Detail)
Subsequent Events
Subsequent Events - Additional Information (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Summary Of Significant Accounting Policies - Remaining Performance Obligation (Detail)
Warranty
Warranty (Detail)
Warranty (Tables)
Ticker: ENS
CIK: 1289308
Form Type: 10-K Annual Report
Accession Number: 0001289308-19-000028
Submitted to the SEC: Wed May 29 2019 1:12:05 PM EST
Accepted by the SEC: Wed May 29 2019
Period: Sunday, March 31, 2019
Industry: Wholesale Electrical Apparatus And Equipment Wiring Supplies

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