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Jul 03, 2022
EnerSys Q1 2023 Earnings Report
EnerSys reported solid results with increased revenue and strategic initiatives.
Key Takeaways
EnerSys reported a 10.3% year-over-year increase in net sales, reaching $899 million, driven by pricing and volume growth. The company achieved record Q1 orders exceeding $1 billion and grew its backlog to $1.5 billion. Adjusted diluted EPS met the midpoint of guidance at $1.15, despite facing FX headwinds and supply chain constraints. EnerSys also progressed on operating efficiency initiatives, including the closure of the Ooltewah facility and the opening of a new Richmond distribution center.
Net sales increased by 10.3% year-over-year to $899 million, driven by both pricing and volume.
Achieved record Q1 orders exceeding $1 billion, increasing backlog to $1.5 billion.
Adjusted diluted EPS was $1.15, meeting the midpoint of guidance.
Progressed on operating efficiency initiatives, including facility closure and distribution center opening.
EnerSys
EnerSys
EnerSys Revenue by Segment
Revenue by Segment
Energy Systems Revenue
CapyFin.comMotive Power Revenue
CapyFin.comSpecialty Revenue
CapyFin.com Forward Guidance
For the second quarter of fiscal 2023, EnerSys expects adjusted diluted earnings per share in the range of $1.05 to $1.15, reflecting the seasonally slower quarter. Gross margin is expected to be in the range of 21% - 23%. For the full year of fiscal 2023, capital expenditure is expected to be approximately $100 million.
Positive Outlook
- Order patterns are still very strong
- Large portions of our business that are cycle-independent
- Significant cash flow generation during past cycles
- Gross margin to be in the range of 21% - 23%
- Capital expenditure to be approximately $100 million
Challenges Ahead
- Continue to operate in a dynamic macro environment
- Anticipate FX headwinds will persist for some time
- European utility inflation will persist for some time
- Seasonally slower quarter
- Supply chain disruption
Revenue & Expenses
Visualization of income flow from segment revenue to net income