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Enersys (ENS) SEC Filing 10-Q Quarterly Report for the period ending Sunday, July 3, 2022

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ENS Quarterly Reports

Enersys

CIK: 1289308 Ticker: ENS

Exhibit 99.1 PRESS RELEASE, DATED AUGUST 10, 2022, OF ENERSYS REGARDING FINANCIAL
RESULTS FOR THE FIRST QUARTER FISCAL 2023
enersys_logoa.jpg
ENERSYS REPORTS FIRST QUARTER FISCAL 2023 RESULTS

$899 million net sales +10.3% y/y, second highest quarterly revenue and volume
Thin Plate Pure Lead (TPPL) revenue up 13% y/y
>$1B record Q1 orders; backlog grew to $1.5B
Announced closure of Ooltewah plant; ~$8 million annual cost savings
Opened new expanded Richmond distribution center to increase efficiency and lower lead times
Board appointed Rudolph Wynter as a director effective August 1, 2022
Committed to being Scope 1 carbon neutral by 2040 and Scope 2 carbon neutral by 2050

READING, Pa., August 10, 2022 (GLOBE NEWSWIRE) -- EnerSys (NYSE: ENS), the global leader in stored energy solutions for industrial applications, announced today results for its first quarter of fiscal 2023, which ended on July 3, 2022.

Key Financial Results and Metrics
First Quarter ended
In millions, except per share amounts
July 3, 2022July 4, 2021Change
Net Sales$899.0 $814.9 10.3 %
Diluted EPS (GAAP)$0.75 $1.01 $(0.26)
Adjusted Diluted EPS (non-GAAP)$1.15 $1.25 $(0.10)
Operating Earnings (GAAP)$50.1 $60.9 $(10.8)
Adjusted Operating Earnings (Non-GAAP)(1)
$64.8 $75.1 $(10.3)
EBITDA (Non-GAAP)(2)
$72.0 $85.8 $(13.8)
Adjusted EBITDA (Non-GAAP)(2)
$85.5 $93.6 $(8.1)
Share Repurchases$22.9 $31.5 $(8.6)
Dividend per share$0.175 $0.175 $— 
Total Capital Returned to Stockholders$30.0 $38.9 $(8.9)
(1) Operating Earnings are adjusted for charges that the Company incurs as a result of restructuring and exit activities, impairment of goodwill and indefinite-lived intangibles and other assets, acquisition activities and those charges and credits that are not directly related to operating unit performance. A reconciliation of operating earnings to Non-GAAP adjusted earnings are provided in tables under the section titled Business Segment Operating Results.

(2) Net Earnings are adjusted for depreciation, amortization, interest and income taxes to arrive at Non-GAAP EBITDA. Non-GAAP Adjusted EBITDA is further adjusted for certain charges such as restructuring and exit activities, impairment of goodwill and indefinite-lived intangibles and other assets, acquisition activities and other charges and credits as discussed under Reconciliations of GAAP to Non-GAAP Financial Measures.
Message from the CEO

EnerSys had a solid first quarter of fiscal 2023, with revenue of $899 million up 10% year-over-year, the second highest quarterly revenue and volume in our history, even after absorbing ~$30 million of FX headwinds. Demand remained robust across all segments with a third consecutive quarter of over $1 billion of orders (a record for Q1) growing backlog to $1.5 billion. Against a backdrop of persisting global supply constraints, inflation, and foreign exchange headwinds, we have demonstrated proactive pricing discipline to recover costs, achieving the midpoint of our adjusted diluted EPS guidance of $1.15.

We achieved multiple milestones on our operating efficiency initiatives which enabled our Ooltewah facility closure which we expect to yield $8 million of annual cost savings beginning in the second half of fiscal 2023. We also announced the opening of


The following information was filed by Enersys (ENS) on Wednesday, August 10, 2022 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Condensed Balance Sheets (Parenthetical)
Consolidated Condensed Balance Sheets (Unaudited)
Consolidated Condensed Statements Of Cash Flows (Unaudited)
Consolidated Condensed Statements Of Comprehensive Income (Unaudited)
Consolidated Condensed Statements Of Income (Unaudited)
Basis Of Presentation
Basis Of Presentation (Policies)
Business Segments
Business Segments - (Details)
Business Segments Business Segments (Tables)
Commitments, Contingencies And Litigation
Debt
Debt (Tables)
Debt - (Additional Information) (Details)
Debt - (Long-Term Debt Including Capital Lease Obligations) (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - (Additional Information) (Details)
Derivative Financial Instruments - (Derivatives Effect On Statements Of Income) (Details)
Derivative Financial Instruments - (Derivatives Not Designated As Hedging Instruments) (Details)
Derivative Financial Instruments - (Location And Amounts Of Derivative Fair Values) (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - (Reconciliation From Basic To Diluted Average Common Shares) (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - (Additional Information) (Details)
Fair Value Of Financial Instruments - (Carrying Amounts And Estimated Fair Values) (Details)
Fair Value Of Financial Instruments - (Financial Assets And Liabilities) (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - (Goodwill) (Details)
Goodwill And Other Intangible Assets - Narrative (Details)
Goodwill And Other Intangible Assets - Schedule Of Intangible Assets (Details)
Income Taxes
Income Taxes - (Additional Information) (Details)
Inventories
Inventories (Tables)
Inventories - (Details)
Leases
Leases (Tables)
Leases - (Additional Information Related To Leases) (Details)
Leases - (Additional Information) (Details)
Leases - (Balance Sheet Classification) (Details)
Leases - (Finance And Operating Lease Maturity Schedules) (Details)
Leases - (Lease Cost) (Details)
Leases - (Supplemental Cash Flow Information) (Details)
Restructuring And Other Exit Charges
Restructuring And Other Exit Charges (Tables)
Restructuring And Other Exit Charges - (Additional Information) (Details)
Restructuring And Other Exit Charges - (Roll-Forward Of Restructuring Reserve) (Details)
Retirement Plans
Retirement Plans (Tables)
Retirement Plans - (Net Periodic Benefit Cost) (Details)
Revenue Recognition
Revenue Recognition - (Additional Information) (Details)
Revenue Recognition - (Remaining Performance Obligation) (Details)
Stock-Based Compensation
Stock-Based Compensation - (Additional Information) (Details)
Stockholders' Equity And Noncontrolling Interests
Stockholders' Equity And Noncontrolling Interests (Tables)
Stockholders' Equity And Noncontrolling Interests - (Change In The Number Of Shares Of Common Stock Outstanding) (Details)
Stockholders' Equity And Noncontrolling Interests - (Components Of Accumulated Other Comprehensive Income) (Details)
Stockholders' Equity And Noncontrolling Interests - (Other Disclosures) (Details)
Stockholders' Equity And Noncontrolling Interests - (Reclassifications From Aoci) (Details)
Stockholders' Equity And Noncontrolling Interests - (Treasury Stock) (Details)
Subsequent Events
Subsequent Events - (Additional Information) (Details)
Warranty
Warranty (Tables)
Warranty - (Analysis Of Changes In The Liability) (Details)
Ticker: ENS
CIK: 1289308
Form Type: 10-Q Quarterly Report
Accession Number: 0001289308-22-000060
Submitted to the SEC: Wed Aug 10 2022 4:15:05 PM EST
Accepted by the SEC: Wed Aug 10 2022
Period: Sunday, July 3, 2022
Industry: Wholesale Electrical Apparatus And Equipment Wiring Supplies

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