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Dec 31, 2023
Energizer Q1 2024 Earnings Report
Energizer's first quarter of fiscal year 2024 results were announced, showing a decrease in net sales but improvements in adjusted gross margin and free cash flow.
Key Takeaways
Energizer Holdings, Inc. reported first quarter results with net sales decreasing by 6.3% and organic net sales declining by 7.4%. The company improved adjusted gross profit margin and delivered strong free cash flow, enabling debt reduction. Project Momentum savings were increased, and the fiscal year outlook for net sales, adjusted earnings per share, and adjusted EBITDA was reaffirmed.
Net sales decreased by 6.3% and organic net sales declined by 7.4% compared to the prior year.
Adjusted gross margin improved by 50 bps over the prior year, driven by Project Momentum.
Operating cash flow was $178.1 million, with free cash flow exceeding 21% of net sales, and debt pay down was $78 million.
Project Momentum total estimated program savings increased to $160 million to $180 million.
Revenue by Segment
Forward Guidance
The company continues to expect organic revenue to be flat to down low single digits. We also expect Adjusted EBITDA to be in the range of $600 million to $620 million and Adjusted earnings per share to be in the range of $3.10 to $3.30. In the second quarter we expect organic revenue to be down 2% to 3% and Adjusted earnings per share within the range of $0.65 to $0.70.
Positive Outlook
- Organic revenue to be flat to down low single digits.
- Adjusted EBITDA to be in the range of $600 million to $620 million
- Adjusted earnings per share to be in the range of $3.10 to $3.30.
- Organic revenue to be down 2% to 3% in the second quarter.
- Adjusted earnings per share within the range of $0.65 to $0.70 in the second quarter.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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