• EnerSys Reports Third Quarter Fiscal 2022 Results

    ソース: Nasdaq GlobeNewswire / 09 2 2022 16:15:01   America/New_York

    READING, Pa., Feb. 09, 2022 (GLOBE NEWSWIRE) -- EnerSys (NYSE: ENS), the global leader in stored energy solutions for industrial applications, announced today results for its third quarter of fiscal 2022, which ended on January 2, 2022.

    Third Quarter FY 22 Highlights
    • Record net sales of $844M up 12% vs. Q3'21
    • Strong demand across all LoBs
    • Backlog grew to $1.2B
    • Supply chain slowed Q3 shipments, impacting mix / earnings
    • Aggressive price / mix offsetting record sequential inflation
    • Energy Systems margin recovery initiatives progressing
    • Continued progress on technology, new products and on-shoring
    • $116M share buybacks from start of Q3 through Feb 9, 2022


    Key Results from Operations by Segments ($ in millions) 
      Q3 FY22 Q3 FY21 % Change 
    Energy Systems       
    Net Sales $385.2 $337.2 14.2% 
    Operating Earnings   3.5  18.5 (80.8) 
    Adjusted Operating Earnings *  9.8  24.8 (60.3) 
    Motive Power       
    Net Sales  339.5  304.4 11.5  
    Operating Earnings  39.0  40.2 (3.1) 
    Adjusted Operating Earnings *  39.0  40.5 (3.6) 
    Specialty       
    Net Sales  119.3  109.5 9.0  
    Operating Earnings  11.1  12.6 (12.1) 
    Adjusted Operating Earnings *  11.5  13.1 (11.9) 

    * This is a non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures” for more information.

    Message from the CEO

    We achieved the midpoint of our Q3 guidance on 10% organic volume growth and aggressive price actions that offset cost increases. Revenue in the quarter was well above pre-COVID levels, up 12% over Q3’21 and 11% above Q3’20, despite the full potential being suppressed by lingering supply chain disruptions. Our order rates are very strong, with our backlog growing to a record $1.2B, 2x normalized levels. While sequential costs spiked in excess of $30M in Q3, over $0.50 / share and our largest quarterly increase, I am pleased to say that our aggressive pricing actions are catching up, as our 3% sequential price / mix improvement offset this quarter’s immense inflationary impact.

    In Q3, we published our EnerSys Sustainability Update, which provided environmental baseline data. We have continued to make substantial progress on our strategic technology and business development initiatives including 5G powering, transportation market share, and next generation Motive Power products, which collectively account for the majority of our backlog growth. Our lithium technology continues to gain traction as we now have several lithium variants available to Motive Power and Energy Systems, we released our Outback Mojave home energy storage lithium battery system, and $46 million of the $117 million of Energy Systems orders so far received for the California Public Utilities Commission backup power mandate were for lithium batteries. Demand is robust across all of our lines of businesses, and we expect this strength to continue well into our next fiscal year. Motive Power order rates have returned to normalized levels and the business will benefit as forklift electrification efforts continue, shortages abate, and we work down our backlog. Energy Systems margin improvements through pricing, contract manufacturing on-shoring, product redesign, and volume will continue to accelerate over the upcoming quarters with further demand growth in network powering. Finally, Specialty’s significant growth in Q3 was actually stymied by supply shortages which should set the business up for an even stronger Q4.

    As such, we anticipate the benefit of our robust demand, pricing actions, technology developments, and supply mitigation strategies to show continued improvement over the upcoming quarters. We bought back 1.5M shares for $116M since the beginning of Q3, bringing our year-to-date repurchases to 1.9M shares for $148M and have $42M left in authorizations. We expect our adjusted diluted earnings per share to be between $1.11 and $1.21 in our fourth fiscal quarter.

    David M. Shaffer, President and Chief Executive Officer, EnerSys

    Net earnings attributable to EnerSys stockholders (“Net earnings”) for the third quarter of fiscal 2022 was $36.3 million, or $0.85 per diluted share, which included an unfavorable highlighted net of tax impact of $6.7 million, or $0.16 per diluted share, 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 third quarter of fiscal 2021 was $38.6 million, or $0.89 per diluted share, which included an unfavorable highlighted net of tax impact of $16.4 million, or $0.38 per diluted share from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.

    Excluding these highlighted items, adjusted Net earnings per diluted share for the third quarter of fiscal 2022, on a non-GAAP basis, were $1.01, compared to the guidance of $0.96 to $1.06 per diluted share for the third quarter given by the Company on November 10, 2021. These earnings compare to the prior year third quarter adjusted Net earnings of $1.27 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 includes tables reconciling GAAP and non-GAAP adjusted financial measures for the quarters ended January 2, 2022 and January 3, 2021.

    Net sales for the third quarter of fiscal 2022 were $844.0 million, an increase of 12.4% from the prior year third quarter net sales of $751.1 million and increased 6.7% sequentially from the second quarter of fiscal 2022 net sales of $791.4 million. The increase compared to prior year quarter was the result of a 10% increase in organic volume resulting primarily from strong demand arising from robust markets and the easing of the pandemic and a 3% increase in pricing, partially offset by a 1% decrease in foreign currency translation impact. The sequential increase was due to a 5% increase in organic volume and a 3% increase in pricing, partially offset by a 1% decrease in foreign currency translation impact.

    The Company’s operating results for its business segments for the third quarters of fiscal 2022 and 2021 are as follows:

      Quarter ended
     ($ millions)
     January 2, 2022
     Energy Systems Motive Power Specialty Total
    Net Sales$385.2 $339.5 $119.3 $844.0
            
    Operating Earnings $2.8 $37.3 $11.0 $51.1
    Restructuring and other exit charges 0.7  1.7  0.1  2.5
    Amortization of identified intangible assets from recent acquisitions 5.9    0.4  6.3
    Other 0.4      0.4
    Adjusted Operating Earnings $9.8 $39.0 $11.5 $60.3


     Quarter ended
     ($ millions)
     January 3, 2021
     Energy Systems Motive Power Specialty Total
    Net Sales$337.2 $304.4 $109.5 $751.1
            
    Operating Earnings $17.7 $25.8 $12.6 $56.1
    Restructuring and other exit charges 0.8  14.4    15.2
    Amortization of identified intangible assets from recent acquisitions 6.3    0.5  6.8
    Other   0.3    0.3
    Adjusted Operating Earnings $24.8 $40.5 $13.1 $78.4

    Net earnings for the nine months of fiscal 2022 was $115.8 million, or $2.69 per diluted share, which included an unfavorable highlighted net of tax impact of $25.1 million, or $0.58 per diluted share, 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 nine months of fiscal 2021 was $109.5 million, or $2.54 per diluted share, which included an unfavorable highlighted net of tax impact of $28.1 million, or $0.65 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.

    Adjusted Net earnings per diluted share for the nine months of fiscal 2022, on a non-GAAP basis, were $3.27. This compares to the prior year nine months adjusted Net earnings of $3.19 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.

    Net sales for the nine months of fiscal 2022 were $2,450.3 million, an increase of 13.2% from the prior year nine months net sales of $2,164.4 million. This increase was due to an 11% increase in organic volume resulting primarily from strong demand, and a 1% increase each in pricing and foreign currency translation impact.

    The Company’s operating results for its business segments for the nine months of fiscal 2022 and 2021 are as follows:

     Nine months ended
     ($ millions)
     January 2, 2022
     Energy Systems Motive Power Specialty Total
    Net Sales$1,126.2 $996.3 $327.8  $2,450.3
            
    Operating Earnings $10.4 $116.7 $34.6  $161.7
    Inventory adjustment relating to exit activities   1.0     1.0
    Restructuring and other exit charges 1.4  12.9  (1.1)  13.2
    Amortization of identified intangible assets from recent acquisitions 17.8    1.3   19.1
    Other 1.8       1.8
    Adjusted Operating Earnings $31.4 $130.6 $34.8  $196.8


     Nine months ended
     ($ millions)
     January 3, 2021
     Energy Systems Motive Power Specialty Total
    Net Sales$1,031.4 $831.0 $302.0 $2,164.4
            
    Operating Earnings $60.7 $74.8 $29.2 $164.7
    Restructuring and other exit charges 2.6  16.9  0.2  19.7
    Amortization of identified intangible assets from recent acquisitions 18.0    1.3  19.3
    Other 1.5  0.3    1.8
    Acquisition activity expense 0.2    0.1  0.3
    Adjusted Operating Earnings $83.0 $92.0 $30.8 $205.8

    Reconciliation of Non-GAAP Financial Measures

    This press release contains financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles, ("GAAP"). EnerSys' management uses the non-GAAP measures “adjusted Net earnings” and “adjusted operating earnings” as applicable, in their analysis of the Company's performance. This measure, as used by EnerSys in past quarters and years, adjusts operating earnings and Net earnings determined in accordance with GAAP to reflect changes in financial results associated with the Company's restructuring initiatives and other highlighted charges and income items. Management believes the presentation of these financial measures reflecting these non-GAAP adjustments provides important supplemental information in evaluating the operating results of the Company as distinct from results that include items that are not indicative of ongoing operating results and overall business performance; in particular, those charges that the Company incurs as a result of restructuring 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, such as significant legal proceedings, amortization of Alpha and NorthStar related intangible assets and tax valuation allowance changes, including those related to the AHV Financing in Switzerland. Because these charges are not incurred as a result of ongoing operations, or are incurred as a result of a potential or previous acquisition, they are not as helpful a measure of the performance of our underlying business, particularly in light of their unpredictable nature and are difficult to forecast. Although we exclude the amortization of purchased intangibles from these non-GAAP measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.

    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 0%.

    These non-GAAP disclosures have limitations as an analytical tool, should not be viewed as a substitute for operating earnings or Net earnings 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 above, providing a reconciliation of non-GAAP adjusted operating earnings to the Company’s reported operating results for its business segments. Included below is a reconciliation of non-GAAP adjusted Net earnings to reported amounts. Non-GAAP adjusted operating earnings and 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) 
     January 2, 2022 January 3, 2021 
    Net Earnings reconciliation    
    As reported Net Earnings$36.3  $38.6  
    Non-GAAP adjustments:    
    Restructuring and other exit charges 2.5 (1) 15.2 (1)
    Amortization of identified intangible assets from recent acquisitions 6.3 (2) 6.8 (2)
    Other 0.4 (3) 0.3 (3)
    Income tax effect of above non-GAAP adjustments (2.5)  (5.9) 
    Non-GAAP adjusted Net Earnings$43.0  $55.0  
         
    Outstanding shares used in per share calculations    
    Basic 41,905,815   42,599,834  
    Diluted 42,497,045   43,290,403  
    Non-GAAP adjusted Net Earnings per share:    
    Basic$1.03  $1.29  
    Diluted$1.01  $1.27  
         
    Reported Net Earnings (Loss) per share:    
    Basic$0.87  $0.91  
    Diluted$0.85  $0.89  
    Dividends per common share$0.175  $0.175  

    The following table provides the line of business allocation of the non-GAAP adjustments shown in the reconciliation above:

      Quarter ended
      ($ millions)
      January 2, 2022 January 3, 2021
      Pre-tax Pre-tax
    (1) Restructuring and other exit charges - Energy Systems  0.7  0.8
    (1) Restructuring and other exit charges - Motive Power  1.7  14.4
    (1) Restructuring and other exit charges - Specialty  0.1  
    (2) Amortization of identified intangible assets from recent acquisitions - Energy Systems  5.9  6.3
    (2) Amortization of identified intangible assets from recent acquisitions - Specialty  0.4  0.5
    (3) Other - Energy Systems  0.4  
    (3) Other - Motive Power    0.3
    Total Non-GAAP adjustments $9.2 $22.3

                                                                        

     Nine months ended 
     (in millions, except share and per share amounts) 
     January 2, 2022 January 3, 2021 
    Net Earnings reconciliation    
    As reported Net Earnings$115.8  $109.5  
    Non-GAAP adjustments:    
    Restructuring and other exit charges 14.2 (1) 19.7 (1)
    Amortization of identified intangible assets from recent acquisitions 19.1 (2) 19.3 (2)
    Other 1.8 (3) 1.8 (3)
    Acquisition activity expense    0.3 (4)
    Income tax effect of above non-GAAP adjustments (10.0)  (11.1) 
    Swiss Tax Reform$  $(1.9) 
    Non-GAAP adjusted Net Earnings$140.9  $137.6  
         
    Outstanding shares used in per share calculations    
    Basic 42,393,907   42,502,460  
    Diluted 43,096,740   43,103,304  
    Non-GAAP adjusted Net Earnings per share:    
    Basic$3.33  $3.24  
    Diluted$3.27  $3.19  
         
    Reported Net Earnings (Loss) per share:    
    Basic$2.73  $2.58  
    Diluted$2.69  $2.54  
    Dividends per common share$0.525  $0.525  


      Nine months ended
      ($ millions)
      January 2, 2022 January 3, 2021
      Pre-tax Pre-tax
    (1) Inventory adjustment relating to exit activities - Motive Power  1.0   
    (1) Restructuring and other exit charges - Energy Systems  1.4   2.6
    (1) Restructuring and other exit charges - Motive Power  12.9   16.9
    (1) Restructuring and other exit charges - Specialty  (1.1)  0.2
    (2) Amortization of identified intangible assets from recent acquisitions - Energy Systems  17.8   18.0
    (2) Amortization of identified intangible assets from recent acquisitions - Specialty  1.3   1.3
    (3) Other - Energy Systems  1.8   1.5
    (3) Other - Motive Power     0.3
    (4) Acquisition activity expense - Energy Systems     0.2
    (4) Acquisition activity expense - Specialty     0.1
    Total Non-GAAP adjustments $35.1  $41.1

    Summary of Earnings (Unaudited)

    (In millions, except share and per share data)

     Quarter ended
     January 2, 2022 January 3, 2021
    Net sales$844.0 $751.1
    Gross profit 184.3  189.3
    Operating expenses 130.7  118.0
    Restructuring and other exit charges 2.5  15.2
    Operating earnings 51.1  56.1
    Earnings before income taxes 42.8  43.8
    Income tax expense 6.5  5.2
    Net earnings attributable to EnerSys stockholders$36.3 $38.6
        
    Net reported earnings per common share attributable to EnerSys stockholders:   
    Basic$0.87 $0.91
    Diluted$0.85 $0.89
    Dividends per common share$0.175 $0.175
    Weighted-average number of common shares used in reported earnings per share calculations:   
    Basic 41,905,815  42,599,834
    Diluted 42,497,045  43,290,403


     Nine months ended
     January 2, 2022 January 3, 2021
    Net sales$2,450.3 $2,164.4
    Gross profit 555.4  541.8
    Operating expenses 380.5  357.4
    Restructuring and other exit charges 13.2  19.7
    Operating earnings 161.7  164.7
    Earnings before income taxes 135.0  126.9
    Income tax expense 19.2  17.4
    Net earnings attributable to EnerSys stockholders$115.8 $109.5
        
    Net reported earnings per common share attributable to EnerSys stockholders:   
    Basic$2.73 $2.58
    Diluted$2.69 $2.54
    Dividends per common share$0.525 $0.525
    Weighted-average number of common shares used in reported earnings per share calculations:   
    Basic 42,393,907  42,502,460
    Diluted 43,096,740  43,103,304


    ENERSYS
    Consolidated Condensed Balance Sheets (Unaudited)
    (In Thousands, Except Share and Per Share Data) 

      January 2, 2022 March 31, 2021
    Assets    
    Current assets:    
    Cash and cash equivalents $397,060  $451,808 
    Accounts receivable, net of allowance for doubtful accounts: January 2, 2022 - $12,800; March 31, 2021 - $12,992  636,049   603,581 
    Inventories, net  671,399   518,247 
    Prepaid and other current assets  138,944   117,681 
    Total current assets  1,843,452   1,691,317 
    Property, plant, and equipment, net  501,888   497,056 
    Goodwill  700,826   705,593 
    Other intangible assets, net  405,128   430,898 
    Deferred taxes  65,592   65,212 
    Other assets  74,517   72,721 
    Total assets $3,591,403  $3,462,797 
    Liabilities and Equity    
    Current liabilities:    
    Short-term debt $33,503  $34,153 
    Accounts payable  317,585   323,876 
    Accrued expenses  270,973   318,959 
    Total current liabilities  622,061   676,988 
    Long-term debt, net of unamortized debt issuance costs  1,191,469   969,618 
    Deferred taxes  76,756   76,412 
    Other liabilities  193,103   196,203 
    Total liabilities  2,083,389   1,919,221 
    Commitments and contingencies    
    Equity:    
    Preferred Stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding at January 2, 2022 and at March 31, 2021      
    Common Stock, $0.01 par value per share, 135,000,000 shares authorized, 55,737,999 shares issued and 41,546,352 shares outstanding at January 2, 2022; 55,552,810 shares issued and 42,753,020 shares outstanding at March 31, 2021  557   555 
    Additional paid-in capital  562,805   554,168 
    Treasury stock at cost, 14,191,647 shares held as of January 2, 2022 and 12,799,790 shares held as of March 31, 2021  (677,476)  (563,481)
    Retained earnings  1,762,841   1,669,751 
    Contra equity - indemnification receivable  (3,620)  (5,355)
    Accumulated other comprehensive loss  (140,987)  (115,883)
    Total EnerSys stockholders’ equity  1,504,120   1,539,755 
    Nonredeemable noncontrolling interests  3,894   3,821 
    Total equity  1,508,014   1,543,576 
    Total liabilities and equity $3,591,403  $3,462,797 


    ENERSYS
    Consolidated Condensed Statements of Cash Flows (Unaudited)
    (In Thousands)

      Nine months ended
      January 2, 2022 January 3, 2021
    Cash flows from operating activities    
    Net earnings $115,819  $109,538 
    Adjustments to reconcile net earnings to net cash provided by operating activities:    
    Depreciation and amortization  72,322   70,192 
    Write-off of assets relating to exit activities  3,922   7,292 
    Derivatives not designated in hedging relationships:    
    Net gains  (421)  (592)
    Cash proceeds  342   790 
    Provision for doubtful accounts  1,933   270 
    Deferred income taxes  (24)  (1,785)
    Non-cash interest expense  1,620   1,554 
    Stock-based compensation  15,817   16,982 
    Gain on disposal of property, plant, and equipment  (528)  (4,007)
    Changes in assets and liabilities:    
    Accounts receivable  (40,264)  71,077 
    Inventories  (163,747)  28,069 
    Prepaid and other current assets  (18,344)  15,047 
    Other assets  1,322   3,012 
    Accounts payable  (9,086)  (40,933)
    Accrued expenses  (58,233)  9,839 
    Other liabilities  (480)  (14,246)
    Net cash (used in) provided by operating activities  (78,030)  272,099 
         
    Cash flows from investing activities    
    Capital expenditures  (52,351)  (53,742)
    Proceeds from disposal of facility  3,268    
    Insurance proceeds relating to property, plant and equipment     4,800 
    Proceeds from disposal of property, plant, and equipment  1,433   145 
    Net cash used in investing activities  (47,650)  (48,797)
         
    Cash flows from financing activities    
    Net repayments on short-term debt  (297)  (9,367)
    Proceeds from Second Amended Revolver borrowings  424,800   90,000 
    Repayments of Second Amended Revolver borrowings  (39,800)  (123,000)
    Repayments of Second Amended Term Loan  (161,447)  (28,194)
    Debt issuance costs  (2,952)   
    Option proceeds, net  1,273   4,818 
    Payment of taxes related to net share settlement of equity awards  (9,120)  (4,959)
    Purchase of treasury stock  (114,534)   
    Dividends paid to stockholders  (22,187)  (22,338)
    Other  607   466 
    Net cash provided by (used in) financing activities  76,343   (92,574)
    Effect of exchange rate changes on cash and cash equivalents  (5,411)  30,944 
    Net (decrease) increase in cash and cash equivalents  (54,748)  161,672 
    Cash and cash equivalents at beginning of period  451,808   326,979 
    Cash and cash equivalents at end of period $397,060  $488,651 

    EnerSys also announced that it will host a conference call to discuss the Company's third quarter fiscal 2022 financial results and provide an overview of the business. The call will conclude with a question and answer session.

    The call, scheduled for Thursday, February 10, 2022 at 9:00 a.m., Eastern Time, will be hosted by David M. Shaffer, President and Chief Executive Officer, and Michael J. Schmidtlein, Chief Financial Officer and Andrea J. Funk, our incoming Chief Financial Officer.

    The call will also be webcast on EnerSys' website. There will be a free download of a compatible media player on the Company’s website at http://www.enersys.com.

    The conference call information is:

    Date:Thursday, February 10, 2022
    Time:9:00 a.m. Eastern Time
    Via Internet:http://www.enersys.com
    Domestic Dial-In Number:877-359-9508
    International Dial-In Number:224-357-2393
    Passcode:4482843

    A replay of the conference call will be available from 12:00 p.m. on February 10, 2022 through 12:00 p.m. on March 12, 2022.

    The replay information is:

    Via Internet:http://www.enersys.com
    Domestic Replay Number:855-859-2056
    International Replay Number:404-537-3406
    Passcode:4482843


    For more information, contact Michael J. Schmidtlein, Chief Financial Officer, EnerSys, P.O. Box 14145, Reading, PA 19612-4145, USA. Tel: 610-236-4040 or by emailing investorrelations@enersys.com; Website: www.enersys.com

    EDITOR'S NOTE: EnerSys, the global leader in stored energy solutions for industrial applications, 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. Energy Systems, which combine enclosures, power conversion, power distribution and energy storage, 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, large over-the-road trucks, premium automotive, medical and security systems applications. EnerSys also provides aftermarket and customer support services to its customers in over 100 countries through its sales and manufacturing locations around the world. With the NorthStar acquisition, EnerSys has solidified its position as the market leader for premium Thin Plate Pure Lead batteries which are sold across all three lines of business.

    More information regarding EnerSys can be found at 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 buy back program, judicial or regulatory proceedings, and market share, as well as statements expressing optimism or pessimism about future operating results or benefits from its cash dividend, its stock buy back programs, future responses to and effects of the COVID-19 pandemic, adverse developments with respect to the economic conditions in the U.S. in the markets in which we operate and other uncertainties, including the impact of supply chain disruptions, inflationary pressures and labor shortages on the economic recovery and our business are forward-looking statements within the meaning of the Reform Act. The forward-looking statements are based on management's current views and assumptions regarding future events and operating performance, and are inherently subject to significant business, economic, and competitive uncertainties and contingencies and changes in circumstances, many of which are beyond the Company’s control. The statements in this press release are made as of the date of this press release, even if subsequently made available by EnerSys on its website or otherwise. EnerSys does not undertake any obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.

    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, “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations,” including “Forward-Looking Statements,” set forth in EnerSys’ Annual Report on Form 10-K for the fiscal year ended March 31, 2021. No undue reliance should be placed on any forward-looking statements.

     


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