EnerSys Reports Second Quarter Fiscal Year 2026 Results
Delivers Q2'26 Net Sales up
Second Quarter Fiscal 2026 Highlights
(All comparisons against the second quarter of fiscal 2025 unless otherwise noted)
-
Delivered net sales of
$951M 8% , driven by improving demand across the majority of our end markets -
Achieved GM of
29.1% , +60 bps and GM ex 45X(1) of24.9% , in line with prior year -
Realized diluted EPS of
$1.80 10% ), adjusted diluted EPS(1) of$2.56 21% , and adjusted diluted EPS ex IRC 45X(1) of$1.51 15% -
Returned
$78M $37M $958M - Maintained net leverage ratio(a) below low end of target range at 1.3 X EBITDA
- Published our fiscal year 2025 Sustainability Report including early European Sustainability Reporting Standards (ESRS) disclosures
EnerSys FY’26 Earnings | Image (right): NASA/Cory Huston
“Our strong performance in the quarter reflects solid execution and our commitment to continuous improvement and collaboration across the organization,” said Shawn O’Connell, President and Chief Executive Officer of EnerSys. “We delivered net sales up
“We are beginning to realize the impact of our EnerGize strategic framework that we introduced last quarter. We expect these benefits to accelerate as we are increasing our rigor around R&D and CapEx investments, reallocating resources to focus on higher-return opportunities and executing with greater speed. At the same time, we are right-sizing the organization in order to generate meaningful reductions in operating expenses,” O’Connell added.
“We expect to see increasing benefits from our cost reduction initiatives and targeted new product introductions in the coming quarters. As we navigate the current environment of mixed end-market demand trends, we are optimistic but cautious about the near-term outlook. We remain focused on optimizing our core, invigorating our operating model, and accelerating growth through our strategic framework, EnerGize. We are positioning EnerSys for long-term sustainable success in delivering for our customers and generating value for our shareholders,” O’Connell concluded.
Key Financial Results and Metrics |
Second quarter ended |
|
Six months ended |
||||||||||||||||
In millions, except per share amounts |
September 28, 2025 |
|
September 29, 2024 |
|
Change |
|
September 28, 2025 |
|
September 29, 2024 |
|
Change |
||||||||
Net Sales |
$ |
951.3 |
|
$ |
883.7 |
|
|
7.7 |
% |
|
$ |
1,844.3 |
|
$ |
1,736.6 |
|
|
6.2 |
% |
Diluted EPS (GAAP) |
$ |
1.80 |
|
$ |
2.01 |
|
$ |
(0.21 |
) |
|
$ |
3.26 |
|
$ |
3.72 |
|
$ |
(0.46 |
) |
Adjusted Diluted EPS (Non-GAAP)(1) |
$ |
2.56 |
|
$ |
2.12 |
|
$ |
0.44 |
|
|
$ |
4.62 |
|
$ |
4.09 |
|
$ |
0.53 |
|
Gross Profit (GAAP) |
$ |
277.2 |
|
$ |
252.1 |
|
$ |
25.1 |
|
|
$ |
530.4 |
|
$ |
490.5 |
|
$ |
39.9 |
|
Operating Earnings (GAAP) |
$ |
92.0 |
|
$ |
99.4 |
|
$ |
(7.4 |
) |
|
$ |
178.5 |
|
$ |
190.7 |
|
$ |
(12.2 |
) |
Adjusted Operating Earnings (Non-GAAP)(2) |
$ |
129.5 |
|
$ |
114.6 |
|
$ |
14.9 |
|
|
$ |
243.8 |
|
$ |
220.3 |
|
$ |
23.5 |
|
Net Earnings (GAAP) |
$ |
68.4 |
|
$ |
82.3 |
|
$ |
(13.9 |
) |
|
$ |
125.9 |
|
$ |
152.4 |
|
$ |
(26.5 |
) |
EBITDA (Non-GAAP)(3) |
$ |
116.6 |
|
$ |
122.0 |
|
$ |
(5.4 |
) |
|
$ |
220.5 |
|
$ |
235.8 |
|
$ |
(15.3 |
) |
Adjusted EBITDA (Non-GAAP)(3) |
$ |
146.0 |
|
$ |
129.0 |
|
$ |
17.0 |
|
|
$ |
269.3 |
|
$ |
250.3 |
|
$ |
19.0 |
|
Share Repurchases |
$ |
67.7 |
|
$ |
63.5 |
|
$ |
4.2 |
|
|
$ |
217.8 |
|
$ |
75.1 |
|
$ |
142.7 |
|
Dividend per share |
$ |
0.26 |
|
$ |
0.24 |
|
$ |
0.02 |
|
|
$ |
0.50 |
|
$ |
0.47 |
|
$ |
0.04 |
|
Total Capital Returned to Stockholders |
$ |
77.5 |
|
$ |
73.1 |
|
$ |
4.4 |
|
|
$ |
236.7 |
|
$ |
93.8 |
|
$ |
142.9 |
|
(a) Net leverage ratio is a non-GAAP financial measure as defined pursuant to our credit agreement and discussed under Reconciliations of GAAP to Non-GAAP Financial Measures. |
|||||||||||||||||||
(1) GM (Gross Margin) excluding 45X , Adjusted Diluted EPS and Adjusted Diluted EPS excluding IRC 45X benefit are non-GAAP financial measures and discussed under Reconciliations of GAAP to Non-GAAP Financial Measures. |
|||||||||||||||||||
(2) 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. |
|||||||||||||||||||
(3) Non-GAAP EBITDA is calculated as net earnings adjusted for depreciation, amortization, interest and income taxes. 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. |
|||||||||||||||||||
Second Quarter 2026
Net sales for the second quarter of fiscal 2026 were
Net earnings attributable to EnerSys stockholders (“Net earnings”) for the second quarter of fiscal 2026 were
Net earnings for the second quarter of fiscal 2025 were
Excluding these highlighted items, adjusted Net earnings per diluted share for the second quarter of fiscal 2026, on a non-GAAP basis, were
Fiscal Year to Date 2026
Net sales for the six months of fiscal 2026 were
Net earnings for the six months of fiscal 2026 were
Net earnings for the six months of fiscal 2025 were
Adjusted Net earnings per diluted share for the six months of fiscal 2026, on a non-GAAP basis, were
Quarterly Dividend
The Company announced today that its Board of Directors has approved a quarterly cash dividend
Balance Sheet and Cash Flow
As of September 28, 2025, cash and cash equivalents were
The Company also returned approximately
Third Quarter and Full Year 2026 Outlook
In the third quarter of fiscal 2026, EnerSys expects:
-
Net sales in the range of
$920M $960M -
IRC 45X benefits to cost of sales of
$35M $40M -
Adjusted diluted EPS in the range of
$2.71 $2.81 -
Adjusted diluted EPS, ex 45X benefits, in the range of
$1.64 $1.74
For the full year fiscal 2026, EnerSys expects:
-
Capital expenditures
~ $80M
“We are pleased with our second quarter results and trajectory, and remain confident in the earnings power of our business and our ability to navigate through evolving policy and macroeconomic conditions,” said Andrea Funk, EnerSys Chief Financial Officer.
“Our diversified business model continues to be a source of resilience. Operational efficiencies aligned with our EnerGize strategic framework are beginning to take hold, with early wins in process optimization, capital allocation discipline, and manufacturing performance. These initiatives are laying the groundwork for additional long-term top-line growth and margin expansion,” added Funk.
“While we are pleased with EnerSys’s overall trajectory and are seeing positive momentum across several key growth areas, we believe it remains prudent to keep full-year quantitative guidance paused due to the dynamic macro environment and its downstream effect on customer buying patterns. That said, we reaffirm our expectation that full-year adjusted operating earnings growth, excluding 45X benefits, will outpace revenue growth. We look forward to sharing details of our strategic roadmap and longer-term financial targets at our 2026 Investor Day on June 11, 2026,” concluded Funk.
*Inclusive of IRC 45X Advanced Manufacturing Production Credits.
Please refer to the section included herein under the heading “Reconciliations of GAAP to Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information.
Conference Call and Webcast Details
The Company will host a conference call to discuss its second quarter results at 9:00 AM (ET) Thursday, November 6, 2025. A live broadcast as well as a replay of the call can be accessed via this webcast registration link or the Investor Relations section of the company’s website at https://investor.enersys.com.
If you cannot join via webcast, please reach out to investorrelations@enersys.com for dial-in details.
About EnerSys
EnerSys is a global leader in stored energy solutions for industrial applications and designs, manufactures and distributes energy systems solutions and motive power batteries, specialty batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure solutions to customers worldwide. The company goes to market through four lines of business: Energy Systems, Motive Power, Specialty and New Ventures. Energy Systems, which combine power conversion, power distribution, energy storage, and enclosures, are used in the telecommunication, broadband, and utility industries, uninterruptible power supplies, and numerous applications requiring stored energy solutions. Motive power batteries and chargers are utilized in electric forklift trucks and other industrial electric powered vehicles. Specialty batteries are used in aerospace and defense applications, portable power solutions for soldiers in the field, large over-the-road trucks, premium automotive, medical and security systems applications. New Ventures provides energy storage and management systems for various applications including demand charge reduction, utility back-up power, and dynamic fast charging for electric vehicles. EnerSys also provides aftermarket and customer support services to its customers in over 100 countries through its sales and manufacturing locations around the world. To learn more about EnerSys please visit https://www.enersys.com/.
Caution Concerning Forward-Looking Statements
This press release, and oral statements made regarding the subjects of this release, contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, or the Reform Act, which may include, but are not limited to, statements regarding EnerSys’ earnings estimates, intention to pay quarterly cash dividends, return capital to stockholders, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts, including statements identified by words such as “believe,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “will,” and similar expressions. All statements addressing operating performance, events, or developments that EnerSys expects or anticipates will occur in the future, including statements relating to sales growth, earnings or earnings per share growth, order intake, backlog, payment of future cash dividends, commodity prices, execution of its stock buyback program, judicial or regulatory proceedings, ability to identify and realize benefits in connection with acquisition and disposition opportunities, and market share, as well as statements expressing optimism or pessimism about future operating results or benefits from its cash dividend, its stock buyback programs, application of Section 45X of the Internal Revenue Code, funding, development and construction of the Company's gigafactory in
Although EnerSys does not make forward-looking statements unless it believes it has a reasonable basis for doing so, EnerSys cannot guarantee their accuracy. The foregoing factors, among others, could cause actual results to differ materially from those described in these forward-looking statements. For a list of other factors which could affect EnerSys’ results, including earnings estimates, see EnerSys’ filings with the Securities and Exchange Commission, including “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations,” and “Forward-Looking Statements,” set forth in EnerSys’ Annual Report on Form 10-K for the fiscal year ended March 31, 2025. No undue reliance should be placed on any forward-looking statements.
EnerSys |
|||||||||||
Consolidated Condensed Statements of Income (Unaudited) |
|||||||||||
(In millions, except share and per share data) |
|||||||||||
|
Quarter ended |
|
Six months ended |
||||||||
|
September 28, 2025 |
|
September 29, 2024 |
|
September 28, 2025 |
|
September 29, 2024 |
||||
Net sales |
$ |
951.3 |
|
$ |
883.7 |
|
$ |
1,844.3 |
|
$ |
1,736.6 |
Gross profit |
|
277.2 |
|
$ |
252.1 |
|
$ |
530.4 |
|
$ |
490.5 |
Operating expenses |
|
164.1 |
|
$ |
150.5 |
|
$ |
324.9 |
|
$ |
291.7 |
Restructuring and other exit charges |
|
21.1 |
|
$ |
2.2 |
|
$ |
27.0 |
|
$ |
8.1 |
Operating earnings |
|
92.0 |
|
$ |
99.4 |
|
$ |
178.5 |
|
$ |
190.7 |
Earnings before income taxes |
|
76.4 |
|
$ |
84.2 |
|
$ |
142.1 |
|
$ |
163.5 |
Income tax expense |
|
8.0 |
|
$ |
1.9 |
|
$ |
16.2 |
|
$ |
11.1 |
Net earnings attributable to EnerSys stockholders |
$ |
68.4 |
|
$ |
82.3 |
|
$ |
125.9 |
|
$ |
152.4 |
|
|
|
|
|
|
|
|
||||
Net reported earnings per common share attributable to EnerSys stockholders: |
|
|
|
|
|
|
|
||||
Basic |
$ |
1.83 |
|
$ |
2.05 |
|
$ |
3.30 |
|
$ |
3.79 |
Diluted |
$ |
1.80 |
|
$ |
2.01 |
|
$ |
3.26 |
|
$ |
3.72 |
Dividends per common share |
$ |
0.2625 |
|
$ |
0.240 |
|
$ |
0.5025 |
|
$ |
0.465 |
Weighted-average number of common shares used in reported earnings per share calculations: |
|
|
|
|
|
|
|
||||
Basic |
|
37,436,456 |
|
|
40,165,080 |
|
|
38,113,597 |
|
|
40,184,546 |
Diluted |
|
37,977,855 |
|
|
40,863,205 |
|
|
38,645,031 |
|
|
40,924,660 |
EnerSys |
||||||||
Consolidated Condensed Balance Sheets (Unaudited) |
||||||||
(In Thousands, Except Share and Per Share Data) |
||||||||
|
|
September 28, 2025 |
|
March 31, 2025 |
||||
Assets |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
388,606 |
|
|
$ |
343,131 |
|
Accounts receivable, net of allowance for doubtful accounts: September 28, 2025 - |
|
|
570,623 |
|
|
|
597,942 |
|
Inventories, net |
|
|
804,922 |
|
|
|
739,994 |
|
Prepaid and other current assets |
|
|
379,811 |
|
|
|
408,747 |
|
Total current assets |
|
|
2,143,962 |
|
|
|
2,089,814 |
|
Property, plant, and equipment, net |
|
|
607,601 |
|
|
|
592,433 |
|
Goodwill |
|
|
754,318 |
|
|
|
721,073 |
|
Other intangible assets, net |
|
|
359,912 |
|
|
|
375,430 |
|
Deferred taxes |
|
|
89,074 |
|
|
|
74,793 |
|
Other assets |
|
|
117,283 |
|
|
|
117,705 |
|
Total assets |
|
$ |
4,072,150 |
|
|
$ |
3,971,248 |
|
Liabilities and Equity |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Short-term debt |
|
$ |
29,253 |
|
|
$ |
28,502 |
|
Accounts payable |
|
|
368,156 |
|
|
|
405,694 |
|
Accrued expenses |
|
|
377,472 |
|
|
|
340,872 |
|
Total current liabilities |
|
|
774,881 |
|
|
|
775,068 |
|
Long-term debt, net of unamortized debt issuance costs |
|
|
1,184,040 |
|
|
|
1,083,541 |
|
Deferred taxes |
|
|
15,972 |
|
|
|
17,641 |
|
Other liabilities |
|
|
230,287 |
|
|
|
175,510 |
|
Total liabilities |
|
|
2,205,180 |
|
|
|
2,051,760 |
|
Commitments and contingencies |
|
|
|
|
||||
Equity: |
|
|
|
|
||||
Preferred Stock, |
|
|
— |
|
|
|
— |
|
Common Stock, |
|
|
572 |
|
|
|
568 |
|
Additional paid-in capital |
|
|
694,098 |
|
|
|
662,725 |
|
Treasury stock at cost, 20,014,721 shares held as of September 28, 2025 and 17,647,529 shares held as of March 31, 2025 |
|
|
(1,206,205 |
) |
|
|
(988,936 |
) |
Retained earnings |
|
|
2,595,689 |
|
|
|
2,489,200 |
|
Accumulated other comprehensive loss |
|
|
(220,653 |
) |
|
|
(247,479 |
) |
Total EnerSys stockholders’ equity |
|
|
1,863,501 |
|
|
|
1,916,078 |
|
Nonredeemable noncontrolling interests |
|
|
3,469 |
|
|
|
3,410 |
|
Total equity |
|
|
1,866,970 |
|
|
|
1,919,488 |
|
Total liabilities and equity |
|
$ |
4,072,150 |
|
|
$ |
3,971,248 |
|
EnerSys |
||||||||
Consolidated Condensed Statements of Cash Flows (Unaudited) |
||||||||
(In Thousands) |
||||||||
|
|
Six months ended |
||||||
|
|
September 28, 2025 |
|
September 29, 2024 |
||||
Cash flows from operating activities |
|
|
|
|
||||
Net earnings |
|
$ |
125,884 |
|
|
$ |
152,377 |
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
54,889 |
|
|
|
48,757 |
|
Write-off of assets relating to exit activities |
|
|
(619 |
) |
|
|
244 |
|
Derivatives not designated in hedging relationships: |
|
|
|
|
||||
Net losses (gains) |
|
|
(498 |
) |
|
|
(1,783 |
) |
Cash (settlements) proceeds |
|
|
2,070 |
|
|
|
1,320 |
|
Provision for doubtful accounts |
|
|
404 |
|
|
|
1,124 |
|
Deferred income taxes |
|
|
(68 |
) |
|
|
114 |
|
Non-cash interest expense |
|
|
1,212 |
|
|
|
969 |
|
Stock-based compensation |
|
|
22,036 |
|
|
|
12,187 |
|
(Gain) loss on disposal of property, plant, and equipment |
|
|
284 |
|
|
|
64 |
|
Changes in assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
|
43,652 |
|
|
|
(9,323 |
) |
Inventories |
|
|
(48,664 |
) |
|
|
(12,401 |
) |
Prepaid and other current assets |
|
|
69,493 |
|
|
|
(26,201 |
) |
Other assets |
|
|
560 |
|
|
|
968 |
|
Accounts payable |
|
|
(34,650 |
) |
|
|
(40,104 |
) |
Accrued expenses |
|
|
(21,393 |
) |
|
|
(83,963 |
) |
Other liabilities |
|
|
4,423 |
|
|
|
(303 |
) |
Net cash provided by (used in) operating activities |
|
|
219,015 |
|
|
|
44,046 |
|
Cash flows from investing activities |
|
|
|
|
||||
Capital expenditures |
|
|
(53,922 |
) |
|
|
(66,486 |
) |
Purchase of business |
|
|
(12,662 |
) |
|
|
(205,276 |
) |
Proceeds from disposal of property, plant, and equipment |
|
|
4,189 |
|
|
|
89 |
|
Investment in Equity Securities |
|
|
— |
|
|
|
(10,852 |
) |
Net cash (used in) provided by investing activities |
|
|
(62,395 |
) |
|
|
(282,525 |
) |
Cash flows from financing activities |
|
|
|
|
||||
Net (repayments) borrowings on short-term debt |
|
|
(143 |
) |
|
|
(434 |
) |
Proceeds from Second Amended Revolver borrowings |
|
|
467,563 |
|
|
|
476,600 |
|
Repayments of Second Amended Revolver borrowings |
|
|
(155,000 |
) |
|
|
(76,600 |
) |
Repayments of Third Amended Term Loan |
|
|
(210,000 |
) |
|
|
— |
|
Option proceeds, net |
|
|
16,948 |
|
|
|
7,445 |
|
Payment of taxes related to net share settlement of equity awards |
|
|
(8,192 |
) |
|
|
(7,984 |
) |
Purchase of treasury stock |
|
|
(217,784 |
) |
|
|
(75,187 |
) |
Dividends paid to stockholders |
|
|
(18,916 |
) |
|
|
(18,598 |
) |
Debt Issuance Costs Sixth Amended Credit Facility |
|
|
(3,276 |
) |
|
|
— |
|
Other |
|
|
587 |
|
|
|
12 |
|
Net cash provided by (used in) financing activities |
|
|
(128,213 |
) |
|
|
305,254 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
$ |
17,068 |
|
|
$ |
7,820 |
|
Net increase (decrease) in cash and cash equivalents |
|
|
45,475 |
|
|
|
74,595 |
|
Cash and cash equivalents at beginning of period |
|
|
343,131 |
|
|
|
333,324 |
|
Cash and cash equivalents at end of period |
|
$ |
388,606 |
|
|
$ |
407,919 |
|
Reconciliations of GAAP to Non-GAAP Financial Measures
This press release contains financial information determined by methods other than in accordance with
Income tax effects of non-GAAP adjustments are calculated using the applicable statutory tax rate for the jurisdictions in which the charges (benefits) are incurred, while taking into consideration any valuation allowances. For those items which are non-taxable, the tax expense (benefit) is calculated at
EnerSys does not provide a quantitative reconciliation of the Company’s projected range for adjusted diluted EPS and adjusted diluted EPS excluding (ex) IRC 45X benefit for the third quarter of fiscal 2026 to diluted earnings per share, which is the most directly comparable GAAP measure, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. EnerSys' adjusted diluted EPS and adjusted diluted EPS without IRC 45X benefit guidance for the third quarter of fiscal 2026 excludes certain items, including but not limited to certain non-cash, large and/or unpredictable charges and benefits, charges from restructuring and exit activities, impairment of goodwill and indefinite-lived intangibles, acquisition and disposition activities, legal judgments, settlements, or other matters, and tax positions, that are inherently uncertain and difficult to predict, can be dependent on future events that are less capable of being controlled or reliably predicted by management and are not part of the Company's routine operating activities can be dependent on future events that are less capable of being controlled or reliably predicted by management and are not part of the Company's routine operating activities. Due to the uncertainty of the occurrence or timing of these future excluded items, management cannot accurately forecast many of these items for internal use and therefore cannot create a quantitative adjusted diluted EPS and adjusted diluted EPS excluding (ex) IRC 45X benefit for the third quarter of fiscal 2026 to diluted earnings per share reconciliation without unreasonable efforts.
These non-GAAP disclosures have limitations as an analytical tool, should not be viewed as a substitute for operating earnings, Net earnings or net income determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Management believes that this non-GAAP supplemental information will be helpful in understanding the Company's ongoing operating results. This supplemental presentation should not be construed as an inference that the Company's future results will be unaffected by similar adjustments to Net earnings determined in accordance with GAAP.
A reconciliation of non-GAAP adjusted operating earnings is set forth in the table below, providing a reconciliation of non-GAAP adjusted operating earnings to the Company’s reported operating results for its business segments. Corporate and other includes amounts managed on a company-wide basis and not directly allocated to any reportable segments, primarily relating to IRA production tax credits. Also, included are start up costs for exploration of a new lithium plant as well as start-up operating expenses from the New Ventures operating segment.
Business Segment Operating Results
|
Quarter ended |
||||||||||||||||||
|
($ millions) |
||||||||||||||||||
|
September 28, 2025 |
||||||||||||||||||
|
Energy Systems |
|
Motive Power |
|
Specialty |
|
Corporate and other |
|
Total |
||||||||||
Net Sales |
$ |
434.7 |
|
|
$ |
359.7 |
|
|
$ |
156.9 |
|
|
$ |
— |
|
|
$ |
951.3 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Earnings |
|
14.4 |
|
|
|
36.3 |
|
|
|
8.0 |
|
|
|
33.3 |
|
|
$ |
92.0 |
|
Restructuring and other exit charges |
|
9.3 |
|
|
|
9.3 |
|
|
|
2.4 |
|
|
|
0.1 |
|
|
|
21.1 |
|
Amortization of intangible assets |
|
5.8 |
|
|
|
0.1 |
|
|
|
2.4 |
|
|
|
— |
|
|
|
8.3 |
|
Other |
|
4.1 |
|
|
|
2.2 |
|
|
|
1.8 |
|
|
|
— |
|
|
|
8.1 |
|
Adjusted Operating Earnings |
$ |
33.6 |
|
|
$ |
47.9 |
|
|
$ |
14.6 |
|
|
$ |
33.4 |
|
|
$ |
129.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Margin |
|
3.3 |
% |
|
|
10.1 |
% |
|
|
5.1 |
% |
|
|
3.5 |
% |
|
|
9.7 |
% |
Adjusted Operating Margin |
|
7.7 |
% |
|
|
13.3 |
% |
|
|
9.2 |
% |
|
|
3.5 |
% |
|
|
13.6 |
% |
|
Quarter ended |
||||||||||||||||||
|
($ millions) |
||||||||||||||||||
|
September 29, 2024 |
||||||||||||||||||
|
Energy Systems |
|
Motive Power |
|
Specialty |
|
Corporate and other |
|
Total |
||||||||||
Net Sales |
$ |
382.1 |
|
|
$ |
366.7 |
|
|
$ |
134.9 |
|
|
$ |
— |
|
|
$ |
883.7 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Earnings |
|
17.5 |
|
|
|
56.3 |
|
|
|
0.3 |
|
|
|
25.3 |
|
|
$ |
99.4 |
|
Inventory step up to fair value relating to recent acquisitions |
|
— |
|
|
|
— |
|
|
|
1.9 |
|
|
|
— |
|
|
|
1.9 |
|
Restructuring and other exit charges |
|
0.7 |
|
|
|
1.1 |
|
|
|
0.4 |
|
|
|
— |
|
|
|
2.2 |
|
Amortization of intangible assets |
|
6.0 |
|
|
|
0.2 |
|
|
|
2.0 |
|
|
|
— |
|
|
|
8.2 |
|
Other |
|
— |
|
|
|
— |
|
|
|
2.9 |
|
|
|
— |
|
|
|
2.9 |
|
Adjusted Operating Earnings |
$ |
24.2 |
|
|
$ |
57.6 |
|
|
$ |
7.5 |
|
|
$ |
25.3 |
|
|
$ |
114.6 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Margin |
|
4.6 |
% |
|
|
15.4 |
% |
|
|
0.2 |
% |
|
|
2.9 |
% |
|
|
11.2 |
% |
Adjusted Operating Margin |
|
6.4 |
% |
|
|
15.7 |
% |
|
|
5.4 |
% |
|
|
2.9 |
% |
|
|
13.0 |
% |
Increase (Decrease) as a % from prior year quarter |
Energy Systems |
|
Motive Power |
|
Specialty |
|
Corporate and other |
|
Total |
||||
Net Sales |
13.8 |
% |
|
(1.9 |
)% |
|
16.3 |
% |
|
NM |
|
7.7 |
% |
Operating Earnings |
(17.7 |
) |
|
(35.6 |
) |
|
NM |
|
|
31.9 |
|
(7.4 |
) |
Adjusted Operating Earnings |
37.8 |
|
|
(16.7 |
) |
|
97.7 |
|
|
32.4 |
|
13.0 |
|
NM = Not Meaningful |
|||||||||||||
|
Six months ended |
||||||||||||||||||
|
($ millions) |
||||||||||||||||||
|
September 28, 2025 |
||||||||||||||||||
|
Energy Systems |
|
Motive Power |
|
Specialty |
|
Corporate and other |
|
Total |
||||||||||
Net Sales |
$ |
826.1 |
|
|
$ |
708.8 |
|
|
$ |
305.4 |
|
|
$ |
4.0 |
|
|
$ |
1,844.3 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Earnings |
$ |
28.3 |
|
|
$ |
74.1 |
|
|
$ |
12.2 |
|
|
$ |
63.9 |
|
|
$ |
178.5 |
|
Restructuring and other exit charges |
|
10.4 |
|
|
|
14.1 |
|
|
|
2.4 |
|
|
|
0.1 |
|
|
|
27.0 |
|
Amortization of intangible assets |
|
11.7 |
|
|
|
0.2 |
|
|
|
4.8 |
|
|
|
— |
|
|
|
16.7 |
|
Accelerated stock compensation expense |
|
5.4 |
|
|
|
3.4 |
|
|
|
1.4 |
|
|
|
— |
|
|
|
10.2 |
|
Other |
|
5.2 |
|
|
|
2.8 |
|
|
|
3.4 |
|
|
|
— |
|
|
|
11.4 |
|
Adjusted Operating Earnings |
$ |
61.0 |
|
|
$ |
94.6 |
|
|
$ |
24.2 |
|
|
$ |
64.0 |
|
|
$ |
243.8 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Margin |
|
3.4 |
% |
|
|
10.4 |
% |
|
|
4.0 |
% |
|
|
3.5 |
% |
|
|
9.7 |
% |
Adjusted Operating Margin |
|
7.4 |
% |
|
|
13.3 |
% |
|
|
7.9 |
% |
|
|
3.5 |
% |
|
|
13.2 |
% |
|
Six months ended |
||||||||||||||||||
|
($ millions) |
||||||||||||||||||
|
September 29, 2024 |
||||||||||||||||||
|
Energy Systems |
|
Motive Power |
|
Specialty |
|
Corporate and other |
|
Total |
||||||||||
Net Sales |
$ |
743.1 |
|
|
$ |
732.9 |
|
|
$ |
260.6 |
|
|
$ |
— |
|
|
$ |
1,736.6 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Earnings |
$ |
26.5 |
|
|
$ |
110.7 |
|
|
$ |
2.4 |
|
|
$ |
51.1 |
|
|
$ |
190.7 |
|
Inventory step up to fair value relating to recent acquisitions |
|
— |
|
|
|
— |
|
|
|
1.9 |
|
|
|
— |
|
|
|
1.9 |
|
Restructuring and other exit charges |
|
4.5 |
|
|
|
2.5 |
|
|
|
1.1 |
|
|
|
— |
|
|
|
8.1 |
|
Amortization of intangible assets |
|
12.0 |
|
|
|
0.4 |
|
|
|
2.7 |
|
|
|
— |
|
|
|
15.1 |
|
Other |
|
0.2 |
|
|
|
— |
|
|
|
4.3 |
|
|
|
— |
|
|
|
4.5 |
|
Adjusted Operating Earnings |
$ |
43.2 |
|
|
$ |
113.6 |
|
|
$ |
12.4 |
|
|
$ |
51.1 |
|
|
$ |
220.3 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Margin |
|
3.6 |
% |
|
|
15.1 |
% |
|
|
0.9 |
% |
|
|
2.9 |
% |
|
|
11.0 |
% |
Adjusted Operating Margin |
|
5.8 |
% |
|
|
15.5 |
% |
|
|
4.7 |
% |
|
|
2.9 |
% |
|
|
12.7 |
% |
Increase (Decrease) as a % from prior year |
Energy Systems |
|
Motive Power |
|
Specialty |
|
Corporate and other |
|
Total |
||||
Net Sales |
11.2 |
% |
|
(3.3 |
)% |
|
17.2 |
% |
|
NM |
|
6.2 |
% |
Operating Earnings |
6.5 |
|
|
(33.1 |
) |
|
NM |
|
|
25.1 |
|
(6.4 |
) |
Adjusted Operating Earnings |
40.5 |
|
|
(16.7 |
) |
|
97.3 |
|
|
25.3 |
|
10.7 |
|
The table below presents a reconciliation of Net Earnings to EBITDA and Adjusted EBITDA: |
|||||||||||
|
Quarter ended |
|
Six months ended |
||||||||
|
($ millions) |
|
($ millions) |
||||||||
|
September 28, 2025 |
|
September 29, 2024 |
|
September 28, 2025 |
|
September 29, 2024 |
||||
Net Earnings |
$ |
68.4 |
|
$ |
82.3 |
|
$ |
125.9 |
|
$ |
152.4 |
Depreciation |
|
19.7 |
|
|
17.1 |
|
|
38.2 |
|
|
33.7 |
Amortization |
|
8.3 |
|
|
8.2 |
|
|
16.7 |
|
|
15.1 |
Interest |
|
12.2 |
|
|
12.5 |
|
|
23.5 |
|
|
23.5 |
Income Taxes |
|
8.0 |
|
|
1.9 |
|
|
16.2 |
|
|
11.1 |
EBITDA |
|
116.6 |
|
|
122.0 |
|
|
220.5 |
|
|
235.8 |
Non-GAAP adjustments |
|
29.4 |
|
|
7.0 |
|
|
48.8 |
|
|
14.5 |
Adjusted EBITDA |
$ |
146.0 |
|
$ |
129.0 |
|
$ |
269.3 |
|
$ |
250.3 |
The following table provides the non-GAAP adjustments shown in the reconciliation above: |
|||||||||||
|
Quarter ended |
|
Six months ended |
||||||||
|
($ millions) |
|
($ millions) |
||||||||
|
September 28, 2025 |
|
September 29, 2024 |
|
September 28, 2025 |
|
September 29, 2024 |
||||
Inventory step up to fair value relating to recent acquisitions |
|
— |
|
|
1.9 |
|
|
— |
|
|
1.9 |
Restructuring and other exit charges |
|
21.1 |
|
|
2.2 |
|
|
27.0 |
|
|
8.1 |
Accelerated Stock Compensation Expense |
|
— |
|
|
— |
|
$ |
10.2 |
|
|
— |
Other |
|
8.3 |
|
|
2.9 |
|
$ |
11.6 |
|
|
4.5 |
Non-GAAP adjustments |
$ |
29.4 |
|
$ |
7.0 |
|
$ |
48.8 |
|
$ |
14.5 |
The table below presents a reconciliation of Gross Profit and Gross Margin to Adjusted Gross Profit and Adjusted Gross Margin and Gross Profit and Gross Margin to Gross Profit excluding (ex) IRC 45X and Gross Margin excluding (ex) IRC 45X: |
|||||||||||||||
|
Quarter ended |
|
Six months ended |
||||||||||||
|
($ millions) |
|
($ millions) |
||||||||||||
|
September 28, 2025 |
|
September 29, 2024 |
|
September 28, 2025 |
|
September 29, 2024 |
||||||||
Gross Profit as reported |
$ |
277.2 |
|
|
$ |
252.1 |
|
|
$ |
530.4 |
|
|
$ |
490.5 |
|
Inventory step up to fair value relating to recent acquisitions |
|
— |
|
|
|
1.9 |
|
|
|
— |
|
|
|
1.9 |
|
Adjusted Gross Profit |
|
277.2 |
|
|
|
254.0 |
|
|
|
530.4 |
|
|
|
492.4 |
|
|
|
|
|
|
|
|
|
||||||||
Gross Margin |
|
29.1 |
% |
|
|
28.5 |
% |
|
|
28.8 |
% |
|
|
28.2 |
% |
Adjustment |
|
— |
% |
|
|
0.2 |
% |
|
|
— |
% |
|
|
0.2 |
% |
Adjusted Gross Margin |
|
29.1 |
% |
|
|
28.7 |
% |
|
|
28.8 |
% |
|
|
28.4 |
% |
|
|
|
|
|
|
|
|
||||||||
Gross Profit |
$ |
277.2 |
|
|
$ |
252.1 |
|
|
$ |
530.4 |
|
|
$ |
490.5 |
|
IRC 45X Benefit |
|
39.6 |
|
|
|
32.8 |
|
|
|
77.7 |
|
|
|
65.3 |
|
Gross Profit ex 45X |
|
237.6 |
|
|
|
219.3 |
|
|
|
452.7 |
|
|
|
425.2 |
|
|
|
|
|
|
|
|
|
||||||||
Gross Margin |
|
29.1 |
% |
|
|
28.5 |
% |
|
|
28.8 |
% |
|
|
28.2 |
% |
IRC 45X Benefit |
|
4.2 |
% |
|
|
3.7 |
% |
|
|
4.2 |
% |
|
|
3.8 |
% |
Gross Margin ex 45X |
|
24.9 |
% |
|
|
24.8 |
% |
|
|
24.6 |
% |
|
|
24.4 |
% |
The table below presents a reconciliation of Operating Cash Flow to Free Cash Flow and Free Cash Flow Conversion percentages: |
|||||||||||||||
|
Quarter ended |
|
Six months ended |
||||||||||||
|
($ millions) |
|
($ millions) |
||||||||||||
|
September 28, 2025 |
|
September 29, 2024 |
|
September 28, 2025 |
|
September 29, 2024 |
||||||||
Net cash provided by (used in) operating activities |
$ |
218.0 |
|
|
$ |
33.6 |
|
|
$ |
219.0 |
|
|
$ |
44.0 |
|
Less Capital Expenditures |
|
(20.9 |
) |
|
|
(30.4 |
) |
|
|
(53.9 |
) |
|
|
(66.5 |
) |
Free Cash Flow |
|
197.1 |
|
|
|
3.2 |
|
|
|
165.1 |
|
|
|
(22.5 |
) |
|
Quarter ended |
|
Six months ended |
||||||||||||
|
($ millions) |
|
($ millions) |
||||||||||||
|
September 28, 2025 |
|
September 29, 2024 |
|
September 28, 2025 |
|
September 29, 2024 |
||||||||
Net cash provided by (used in) operating activities |
$ |
218.0 |
|
|
$ |
33.6 |
|
|
$ |
219.0 |
|
|
$ |
44.0 |
|
Net earnings |
|
68.4 |
|
|
|
82.3 |
|
|
|
125.9 |
|
|
|
152.4 |
|
Operating cash flow conversion % |
|
318.7 |
% |
|
|
40.8 |
% |
|
|
173.9 |
% |
|
|
28.9 |
% |
|
|
|
|
|
|
|
|
||||||||
Free Cash Flow |
|
197.1 |
|
|
|
3.2 |
|
|
|
165.1 |
|
|
|
(22.5 |
) |
Net earnings |
|
68.4 |
|
|
|
82.3 |
|
|
|
125.9 |
|
|
|
152.4 |
|
Free cash flow conversion % |
|
288.2 |
% |
|
|
3.9 |
% |
|
|
131.1 |
% |
|
|
(14.8 |
)% |
The following table provides a reconciliation of Net earnings to EBITDA (non-GAAP) and adjusted EBITDA (non-GAAP) per credit agreement for September 28, 2025 and September 29, 2024 to calculate our net leverage ratio, in connection with the Fourth Amended Credit Facility: |
||||||
|
|
Last twelve months |
||||
|
|
September 28, 2025 |
|
September 29, 2024 |
||
|
|
(in millions, except ratios) |
||||
Net earnings as reported |
|
$ |
337.2 |
|
$ |
289.5 |
Add back: |
|
|
|
|
||
Depreciation and amortization |
|
|
107.0 |
|
$ |
95.6 |
Interest expense |
|
|
47.0 |
|
$ |
46.0 |
Income tax expense |
|
|
52.1 |
|
|
19.3 |
EBITDA (non-GAAP) |
|
$ |
543.3 |
|
$ |
450.4 |
Adjustments per credit agreement definitions(1) |
|
|
84.3 |
|
|
79.9 |
Adjusted EBITDA (non-GAAP) per credit agreement(1) |
|
$ |
627.6 |
|
|
530.3 |
Total net debt(2) |
|
$ |
842.0 |
|
|
839.6 |
Leverage ratios: |
|
|
|
|
||
Total net debt/credit adjusted EBITDA ratio |
|
1.3 X |
|
1.6 X |
||
(1) |
|
The |
(2) |
|
Debt includes finance lease obligations and letters of credit and is net of all |
Included below is a reconciliation of historical non-GAAP adjusted Net earnings to reported amounts. Non-GAAP adjusted operating earnings and historical Net earnings are calculated excluding restructuring and other highlighted charges and credits. The following tables provide additional information regarding certain non-GAAP measures: |
||||||||
|
Quarter ended |
|
||||||
|
(in millions, except share and per share amounts) |
|
||||||
|
September 28, 2025 |
|
September 29, 2024 |
|
||||
Net earnings reconciliation |
|
|
|
|
||||
As reported Net Earnings |
$ |
68.4 |
|
|
$ |
82.3 |
|
|
Non-GAAP adjustments: |
|
|
|
|
||||
Inventory step up to fair value relating to recent acquisitions |
|
— |
|
|
|
1.9 |
|
(1) |
Restructuring and other exit charges |
|
21.1 |
|
(2) |
|
2.2 |
|
(2) |
Amortization of identified intangible assets |
|
8.3 |
|
(3) |
|
8.2 |
|
(3) |
Other |
|
8.3 |
|
|
|
2.9 |
|
|
Income tax adjustment of benefit from tax law changes and litigation |
|
— |
|
|
|
(6.8 |
) |
|
Income tax effect of above non-GAAP adjustments |
|
(9.1 |
) |
|
|
(4.2 |
) |
|
Non-GAAP adjusted Net earnings |
$ |
97.0 |
|
|
$ |
86.5 |
|
|
|
|
|
|
|
||||
Net Earnings excluding (ex) IRC 45X benefit |
|
|
|
|
||||
As Reported Net Earnings |
$ |
68.4 |
|
|
$ |
82.3 |
|
|
IRC 45X Benefit |
|
39.6 |
|
|
|
32.8 |
|
|
Reported Net Earnings excluding (ex) IRC 45X benefit |
$ |
28.8 |
|
|
$ |
49.5 |
|
|
|
|
|
|
|
||||
Non-GAAP adjusted Net Earnings excluding (ex) IRC 45X benefit |
|
|
|
|
||||
Non-GAAP Adjusted Net Earnings |
$ |
97.0 |
|
|
$ |
86.5 |
|
|
IRC 45X Benefit |
|
39.6 |
|
|
|
32.8 |
|
|
Non-GAAP adjusted Net Earnings excluding (ex) IRC 45X benefit |
$ |
57.4 |
|
|
$ |
53.7 |
|
|
|
|
|
|
|
||||
Outstanding shares used in per share calculations |
|
|
|
|
||||
Basic |
|
37,436,456 |
|
|
|
40,165,080 |
|
|
Diluted |
|
37,977,855 |
|
|
|
40,863,205 |
|
|
|
|
|
|
|
||||
Reported Net earnings (Loss) per share: |
|
|
|
|
||||
Basic |
$ |
1.83 |
|
|
$ |
2.05 |
|
|
Diluted |
$ |
1.80 |
|
|
$ |
2.01 |
|
|
Dividends per common share |
$ |
0.2625 |
|
|
$ |
0.24 |
|
|
|
|
|
|
|
||||
Non-GAAP adjusted Net earnings per share: |
|
|
|
|
||||
Basic |
$ |
2.59 |
|
|
$ |
2.15 |
|
|
Diluted |
$ |
2.56 |
|
|
$ |
2.12 |
|
|
|
|
|
|
|
||||
Reported Net Earnings (Loss) per share excluding (ex) IRC 45X benefit |
|
|
|
|
||||
Basic |
$ |
0.77 |
|
|
$ |
1.23 |
|
|
Diluted |
$ |
0.76 |
|
|
$ |
1.21 |
|
|
|
|
|
|
|
||||
Non-GAAP adjusted Net Earnings (Loss) per share excluding (ex) IRC 45X benefit |
|
|
|
|
||||
Basic |
$ |
1.53 |
|
|
$ |
1.34 |
|
|
Diluted |
$ |
1.51 |
|
|
$ |
1.31 |
|
|
The following table provides the line of business allocation of the non-GAAP adjustments of items relating operating earnings (that are allocated to lines of business) shown in the reconciliation above: |
||||||
|
|
Quarter ended |
||||
|
|
($ millions) |
||||
|
|
September 28, 2025 |
|
September 29, 2024 |
||
|
|
Pre-tax |
|
Pre-tax |
||
(1) Inventory step up to fair value relating to recent acquisitions - Specialty |
|
|
— |
|
|
1.9 |
(2) Restructuring and other exit charges - Energy Systems |
|
|
9.3 |
|
|
0.7 |
(2) Restructuring and other exit charges - Motive Power |
|
|
9.3 |
|
|
1.1 |
(2) Restructuring and other exit charges - Specialty |
|
|
2.4 |
|
|
0.4 |
(2) Restructuring and other exit charges - Corporate Other |
|
|
0.1 |
|
|
— |
(3) Amortization of identified intangible assets - Energy Systems |
|
|
5.8 |
|
|
6.0 |
(3) Amortization of identified intangible assets - Motive Power |
|
|
0.1 |
|
|
0.2 |
(3) Amortization of identified intangible assets - Specialty |
|
|
2.4 |
|
|
2.0 |
Total Non-GAAP adjustments |
|
$ |
29.4 |
|
$ |
12.3 |
|
Six months ended |
|
||||||
|
(in millions, except share and per share amounts) |
|
||||||
|
September 28, 2025 |
|
September 29, 2024 |
|
||||
Net Earnings reconciliation |
|
|
|
|
||||
As reported Net Earnings |
$ |
125.9 |
|
|
$ |
152.4 |
|
|
Non-GAAP adjustments: |
|
|
|
|
||||
Inventory step up to fair value relating to recent acquisitions |
|
— |
|
|
|
1.9 |
|
(1) |
Restructuring and other exit charges |
|
27.0 |
|
(2) |
|
8.1 |
|
(2) |
Amortization of identified intangible assets |
|
16.7 |
|
(3) |
|
15.1 |
|
(3) |
Accelerated Stock Compensation Expense |
|
10.2 |
|
(4) |
|
— |
|
|
Other |
|
11.6 |
|
|
|
4.5 |
|
|
Income tax adjustment of benefit from tax law changes and litigation |
|
|
|
(6.8 |
) |
|
||
Income tax effect of above non-GAAP adjustments |
|
(12.7 |
) |
|
|
(7.7 |
) |
|
Non-GAAP adjusted Net Earnings |
$ |
178.7 |
|
|
$ |
167.5 |
|
|
|
|
|
|
|
||||
Net Earnings without IRC 45X |
|
|
|
|
||||
As Reported Net Earnings |
$ |
125.9 |
|
|
$ |
152.4 |
|
|
IRC 45X Benefit |
|
77.7 |
|
|
|
65.3 |
|
|
Reported Net Earnings without IRC 45X Benefit |
$ |
48.2 |
|
|
$ |
87.1 |
|
|
|
|
|
|
|
||||
Non-GAAP adjusted Net Earnings without IRC 45X |
|
|
|
|
||||
Non-GAAP Adjusted Net Earnings |
$ |
178.7 |
|
|
$ |
167.5 |
|
|
IRC 45X Benefit |
|
77.7 |
|
|
|
65.3 |
|
|
Non-GAAP adjusted Net Earnings without IRC 45X Benefit |
$ |
101.0 |
|
|
$ |
102.2 |
|
|
|
|
|
|
|
||||
Outstanding shares used in per share calculations |
|
|
|
|
||||
Basic |
|
38,113,597 |
|
|
|
40,184,546 |
|
|
Diluted |
|
38,645,031 |
|
|
|
40,924,660 |
|
|
|
|
|
|
|
||||
Reported Net Earnings (Loss) per share: |
|
|
|
|
||||
Basic |
$ |
3.30 |
|
|
$ |
3.79 |
|
|
Diluted |
$ |
3.26 |
|
|
$ |
3.72 |
|
|
Dividends per common share |
$ |
0.5025 |
|
|
$ |
0.465 |
|
|
|
|
|
|
|
||||
Non-GAAP adjusted Net Earnings per share: |
|
|
|
|
||||
Basic |
$ |
4.69 |
|
|
$ |
4.17 |
|
|
Diluted |
$ |
4.62 |
|
|
$ |
4.09 |
|
|
|
|
|
|
|
||||
Reported Net Earnings (Loss) per share without IRC 45X benefit |
|
|
|
|
||||
Basic |
$ |
1.26 |
|
|
$ |
2.17 |
|
|
Diluted |
$ |
1.25 |
|
|
$ |
2.13 |
|
|
|
|
|
|
|
||||
Non-GAAP adjusted Net Earnings (Loss) per share without IRC 45X benefit |
|
|
|
|
||||
Basic |
$ |
2.65 |
|
|
$ |
2.54 |
|
|
Diluted |
$ |
2.61 |
|
|
$ |
2.50 |
|
|
The following table provides the line of business allocation of the non-GAAP adjustments of items relating operating earnings (that are allocated to lines of business) shown in the reconciliation above: |
||||||
|
|
Six months ended |
||||
|
|
($ millions) |
||||
|
|
September 28, 2025 |
|
September 29, 2024 |
||
|
|
Pre-tax |
|
Pre-tax |
||
(1) Inventory step up to fair value relating to recent acquisitions - Specialty |
|
|
— |
|
|
1.9 |
(2) Restructuring and other exit charges - Energy Systems |
|
|
10.4 |
|
|
4.5 |
(2) Restructuring and other exit charges - Motive Power |
|
|
14.1 |
|
|
2.5 |
(2) Restructuring and other exit charges - Specialty |
|
|
2.4 |
|
|
1.1 |
(2) Restructuring and other exit charges - Corporate Other |
|
|
0.1 |
|
|
— |
(3) Amortization of identified intangible assets - Energy Systems |
|
|
11.7 |
|
|
12.0 |
(3) Amortization of identified intangible assets - Motive Power |
|
|
0.2 |
|
|
0.4 |
(3) Amortization of identified intangible assets - Specialty |
|
|
4.8 |
|
|
2.7 |
(4) Accelerated Stock Compensation Expense - Energy Systems |
|
|
5.4 |
|
|
— |
(4) Accelerated Stock Compensation Expense - Motive Power |
|
|
3.4 |
|
|
— |
(4) Accelerated Stock Compensation Expense - Specialty |
|
|
1.4 |
|
|
— |
Total Non-GAAP adjustments |
|
$ |
53.9 |
|
$ |
25.1 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20251105561317/en/
Lisa Langell
Vice President, Investor Relations and Corporate Communications
EnerSys
610-236-4040
E-mail: investorrelations@enersys.com
Source: EnerSys
