Energizer Holdings Q3 Profit Grows; Backs FY13 Adj. EPS View - Quick Facts

(RTTNews) - Personal products provider Energizer Holdings, Inc. (ENR) posted higher third-quarter net earnings of $87.2 million, or $1.38 per share, as compared with $70.2 million, or $1.06 per share, in the prior-year period. Non-GAAP earnings per share totaled $1.57 for the third quarter ended June 30, 2013. On average, 11 analysts polled by Thomson Reuters expected earnings per share of $1.32 for the quarter. Analysts' estimates typically exclude one-time items.

For the third fiscal quarter, net sales, however, slid nearly 1% on a reported basis to $1.11 billion, from last year's $1.12 billion, due to unfavorable currencies primarily in Asia and Latin America. Analysts estimated revenues of $1.14 billion for the period. On an organic basis, net sales were essentially flat as higher volume in Household Products offset a modest drop in organic sales in Personal Care, the company added.

Going forward, adjusted earnings per share outlook still remains in the range of $6.75 - $7.00 for fiscal 2013, including the incremental restructuring savings offset by unfavorable currencies, lower than anticipated Personal Care top line growth, and lower net sales from Household products. Eleven analysts anticipate full-year earnings of $6.90 per share.

On a GAAP basis, the earnings per share outlook is in the range of $6.30 - $6.60, inclusive of both the estimates for pre-tax restructuring savings and pre-tax restructuring costs noted above, and includes the pension curtailment gain recorded in the first fiscal quarter of 2013. Further, it has rasied GAAP EPS view from the prior estimate of $5.60 - $5.90 due to the discontinuation of certain post-retirement benefits.

The firm now projects organic sales in Personal Care to be essentially flat for the full year, as compared with its prior estimate of low single digit growth.

In addition, the board has declared a fourth-quarter dividend of $0.50 per share, payable on September 10, 2013 to all shareholders of record as of the close of business on August 20, 2013.