ST. LOUIS, May 3, 2017 /PRNewswire/ --
- Reported net sales increased 7.5% in the second fiscal
quarter versus the prior year due to incremental net sales from the
auto care acquisition of 8.8%, partially offset by unfavorable
currency of 1.3%
- Diluted EPS was $0.75 in the
second fiscal quarter compared to $0.26 in the prior year second quarter, and
Adjusted Diluted EPS was $0.50
compared to $0.30 in the prior year
second quarter, up 67%
- Raises full year adjusted EPS outlook to $2.75 to $2.85
Energizer Holdings, Inc. (NYSE: ENR) today
announced results for the second fiscal quarter, which ended
March 31, 2017. For the second fiscal quarter, net
earnings were $46.9 million, or
$0.75 per diluted share, compared to
$16.4 million, or $0.26 per diluted share, in the prior year second
quarter. Adjusted net earnings in the second quarter were
$31.4 million, or $0.50 per diluted share, compared to adjusted net
earnings of $18.5 million, or
$0.30 per diluted share, in the prior
year second quarter.
"Our team delivered solid results in the second quarter
continuing the momentum from the start of the year," said
Alan Hoskins, Chief Executive
Officer. "We continue to execute on our strategic priorities,
including effective in-store fundamentals, which enabled us to
offset the retailer inventory de-load and improve margin
performance in the current quarter. In addition, the integration of
our auto care business remains on track and all major initiatives
will be completed by the end of the third quarter. With the
strong performance in the quarter, we are raising our full year
adjusted earnings per share outlook to $2.75
to $2.85."
Second Quarter 2017 Financial Highlights (Unaudited)
The following is a summary of key second fiscal quarter
results. All comparisons are with the second quarter of
fiscal 2016 unless otherwise stated.
- Net sales were $359.0
million, an increase of 7.5%: (a)
-
- Net sales increased $29.4
million, or 8.8%, due to the impact of the auto care
acquisition.
- Unfavorable currency impacts were $4.4
million, or 1.3%.
- Organic net sales were flat for the quarter as carryover
distribution and space gains and improved pricing and product mix
were fully offset by the anticipated retailer inventory de-load in
the current fiscal quarter.
- Gross Margin percentage was 46.8%, up 440 basis points.
Excluding unusuals, gross margin increased by 390 basis points,
driven by cost reductions realized from continued productivity
improvements as well as the year over year benefit of productivity
investments recorded in the prior year, material and purchased
product cost favorability and improved pricing and product mix.
(a)
- A&P spending was 4.6% of net sales, a decrease of 80
basis points, or $1.5 million, versus
the prior year.
- SG&A spending, excluding acquisition and integration
costs, was $88.1 million, an increase
of $6.9 million over the prior year.
The increase was due in part to $3.1
million of incremental SG&A related to the acquired auto
care business. SG&A, excluding acquisition and integration
costs, was 24.5% of net sales compared to 24.3% in the prior year.
(a)
- Spin restructuring related income was $2.5 million in the second fiscal quarter
reflecting the change in estimate of spin accruals on contract
termination costs.
- Gain on sale of real estate was $15.2 million related to the sale of office
building space in Asia.
- Earnings before income tax was negatively impacted by
the movement in foreign currencies by approximately $3 million, net of hedge impact, in the second
fiscal quarter.
- Income tax rate on a year to date basis was 26.3% as
compared to 29.1% in the prior year. Excluding unusual items, the
year to date ex-unusual rate was 28.5% as compared to 29.7% in the
prior year. The decrease was primarily driven by the discrete tax
benefit recognized in our income tax provision as a result of the
new stock compensation guidance adopted in the first quarter.
- Net cash from operating activities on a year to date
basis was $124.3 million and Free
Cash Flow on a year to date basis was $135.1 million, or 14.7% of net sales. (a)
- Dividend payments in the quarter were approximately
$17 million, or $0.275 per share, and approximately $35 million on a year to date basis, or
$0.55 per share.
- Repurchased approximately 192,000 shares of common stock
on a year to date basis for $8.6
million. (b)
(a) See Press Release attachments for additional information as
well as the GAAP to Non-GAAP reconciliations.
(b) Share repurchases on the Statement of Cash Flows include
$0.7 million of fiscal 2016
repurchases that were cash settled in fiscal 2017.
Total Net Sales
(In millions - Unaudited)
|
For the Quarter
and Six Months Ended March 31, 2017
|
|
|
Q2
|
|
%
Chg
|
|
Six
Months
|
|
%
Chg
|
Net Sales -
FY'16
|
|
$
|
334.0
|
|
|
|
|
$
|
840.8
|
|
|
|
Organic
|
|
—
|
|
|
—
|
%
|
|
36.5
|
|
|
4.3
|
%
|
Impact of
acquisition
|
|
29.4
|
|
|
8.8
|
%
|
|
57.2
|
|
|
6.8
|
%
|
Impact of
currency
|
|
(4.4)
|
|
|
(1.3)
|
%
|
|
(15.9)
|
|
|
(1.8)
|
%
|
Net sales -
FY'17
|
|
$
|
359.0
|
|
|
7.5
|
%
|
|
$
|
918.6
|
|
|
9.3
|
%
|
Total net sales increased 7.5%, or $25.0 million:
- Organic net sales were flat in the second fiscal quarter due to
the following items:
-
- Carryover benefit of distribution and shelf space gains
achieved throughout fiscal 2016 contributed approximately 2%;
- Improved pricing and product mix contributed approximately 2%;
and
- Anticipated retailer inventory de-load in the current fiscal
quarter of 4% fully offset the favorable items noted above. The
strong sell through early in the holiday season resulted in
replenishment orders prior to the end of the first quarter
resulting in the retailer de-load that occurred in the second
fiscal quarter.
- Net sales increased $29.4
million, or 8.8%, due to the impact of the auto care
acquisition.
- Unfavorable currency impacts were $4.4
million, or 1.3%.
Total Segment
Profit (In millions - Unaudited)
|
For the Quarter
and Six Months Ended March 31, 2017
|
|
|
Q2
|
|
%
Chg
|
|
Six
Months
|
|
%
Chg
|
Segment Profit -
FY'16
|
|
$
|
68.4
|
|
|
|
|
$
|
209.6
|
|
|
|
Organic
|
|
17.3
|
|
|
25.3
|
%
|
|
48.9
|
|
|
23.3
|
%
|
Impact of
acquisition
|
|
10.2
|
|
|
14.9
|
%
|
|
18.4
|
|
|
8.8
|
%
|
Impact of
currency
|
|
(2.1)
|
|
|
(3.1)
|
%
|
|
(9.2)
|
|
|
(4.4)
|
%
|
Segment Profit -
FY'17
|
|
$
|
93.8
|
|
|
37.1
|
%
|
|
$
|
267.7
|
|
|
27.7
|
%
|
Total Segment Profit in the second fiscal quarter
increased $25.4 million, or
37.1%. Excluding the unfavorable movement in foreign
currencies of $2.1 million and the
favorable impact of the acquisition of $10.2
million, organic segment profit increased $17.3 million, or 25.3%, in the current fiscal
quarter. The organic segment profit increase was primarily
driven by improved gross margin as a result of cost reductions
realized from continued productivity improvements as well as the
year over year benefit of productivity investments recorded in the
prior year, material and purchased product cost favorability and
improved pricing and product mix. The timing of A&P
spending also contributed to the segment profit increase.
Refer to the Reconciliation of GAAP and Non-GAAP Financial
Measures attached for further information on our above
breakouts.
Financial Outlook for Fiscal Year 2017
The company increased its previously communicated adjusted EPS
outlook for the full fiscal year to $2.75 to
$2.85. This range is inclusive of approximately
$0.15 to $0.20 from the recently
acquired auto care business.
The company is providing the following assumptions related to
the full year financial outlook for fiscal year 2017. All
comparisons are with the fiscal year ended September 30, 2016 unless otherwise stated.
- Net sales are expected to be up mid-single digits:
-
- Organic net sales are expected to be up low-single digits;
- The incremental impact of the auto care acquisition is expected
to increase net sales by 5% to 6%; and
- Unfavorable movements in foreign currencies are expected to
reduce net sales by 1.5% to 2.5%, based upon recent currency
rates.
- Gross margin rates, excluding unusuals, are now expected
to improve by 100 to 125 basis points.
- SG&A as a percent of net sales, excluding
integration costs and certain other items, is expected to improve
50 to 100 basis points and be in the range of 19 to 20
percent.
- Earnings before income taxes (EBIT) is expected to be
negatively impacted by the movement in foreign currencies by
$15 to $20 million, net of hedge
impact, based upon recent currency rates.
- Income tax rate, excluding integration costs and certain
other items, is now expected to be in the range of 28.5 to 29.5
percent.
- Capital spending is expected to be in the range of
$30 to $35 million.
- Net Cash from operating activities is expected to exceed
$200 million and Free Cash
Flow is now expected to exceed $190
million.
- Acquisition and integration costs are expected to be in
the range of $5 to $10 million.
Webcast Information
In conjunction with this announcement, the Company will hold an
investor conference call beginning at 10:00
a.m. eastern time today. The call will focus on second
fiscal quarter earnings and the updated financial outlook for
fiscal 2017. All interested parties may access a live webcast of
this conference call at www.energizerholdings.com, under
"Investors" and "Events and Presentations" tabs or by using the
following link:
https://www.webcaster4.com/Webcast/Page/1192/20785
For those unable to participate during the live webcast, a
replay will be available on www.energizerholdings.com, under
"Investors," "Events and Presentations," and "Past Events"
tabs.
Forward-Looking Statements. This document contains both
historical and forward-looking statements. Forward-looking
statements are not based on historical facts but instead reflect
our expectations, estimates or projections concerning future
results or events, including, without limitation, the future sales,
gross margins, costs, earnings, cash flows, tax rates and
performance of the Company. These statements generally can be
identified by the use of forward-looking words or phrases such as
"believe," "expect," "expectation," "anticipate," "may," "could,"
"intend," "belief," "estimate," "plan," "target," "predict,"
"likely," "will," "should," "forecast," "outlook," or other similar
words or phrases. These statements are not guarantees of
performance and are inherently subject to known and unknown risks,
uncertainties and assumptions that are difficult to predict and
could cause our actual results to differ materially from those
indicated by those statements. We cannot assure you that any of our
expectations, estimates or projections will be achieved. The
forward-looking statements included in this document are only made
as of the date of this document and we disclaim any obligation to
publicly update any forward-looking statement to reflect subsequent
events or circumstances. Numerous factors could cause our actual
results and events to differ materially from those expressed or
implied by forward-looking statements, including, without
limitation:
- market and economic conditions;
- market trends in the categories in which we compete;
- the success of new products and the ability to continually
develop and market new products;
- our ability to attract, retain and improve distribution with
key customers;
- our ability to continue planned advertising and other
promotional spending;
- our ability to timely execute strategic initiatives, including
restructurings, and international go-to-market changes in a manner
that will positively impact our financial condition and results of
operations and does not disrupt our business operations;
- the impact of strategic initiatives, including restructurings,
on our relationships with employees, customers and vendors;
- our ability to maintain and improve market share in the
categories in which we operate despite heightened competitive
pressure;
- our ability to improve operations and realize cost
savings;
- the impact of foreign currency exchange rates and currency
controls, as well as offsetting hedges, including the impact of the
United Kingdom's referendum vote
and announced intention to exit the European Union at some future
date;
- the impact of raw materials and other commodity costs;
- the impact of legislative changes or regulatory determinations
or changes by federal, state and local, and foreign authorities, as
well as the impact of potential changes to tax laws, policies and
regulations;
- costs and reputational damage associated with cyber-attacks or
information security breaches or other events;
- our ability to acquire and integrate businesses, and to realize
the projected results of acquisitions, including our ability to
integrate the auto care operations successfully and to achieve the
anticipated cost savings, synergies, and other anticipated
benefits;
- the impact of advertising and product liability claims and
other litigation; and
- compliance with debt covenants and maintenance of credit
ratings as well as the impact of interest and principal repayment
of our existing and any future debt.
In addition, other risks and uncertainties not presently known
to us or that we consider immaterial could affect the accuracy of
any such forward-looking statements. The list of factors above is
illustrative, but by no means exhaustive. All forward-looking
statements should be evaluated with the understanding of their
inherent uncertainty. Additional risks and uncertainties include
those detailed from time to time in our publicly filed documents,
including those described under the heading "Risk Factors" in our
Form 10-K filed with the Securities and Exchange Commission on
November 15, 2016.
ENERGIZER
HOLDINGS, INC.
|
CONSOLIDATED
STATEMENT OF EARNINGS
|
(Condensed)
|
(In millions,
except per share data - Unaudited)
|
|
|
For the Quarter
Ended
March 31,
|
|
For the Six Months
Ended
March 31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net sales
|
$
|
359.0
|
|
|
$
|
334.0
|
|
|
$
|
918.6
|
|
|
$
|
840.8
|
|
Cost of products sold
(1)
|
191.1
|
|
|
192.4
|
|
|
479.1
|
|
|
469.4
|
|
Gross
profit
|
167.9
|
|
|
141.6
|
|
|
439.5
|
|
|
371.4
|
|
Selling, general and
administrative expense (1)
|
89.6
|
|
|
83.4
|
|
|
170.9
|
|
|
167.1
|
|
Advertising and sales
promotion expense
|
16.6
|
|
|
18.1
|
|
|
50.9
|
|
|
48.2
|
|
Research and
development expense
|
5.1
|
|
|
6.4
|
|
|
10.9
|
|
|
12.5
|
|
Amortization of
intangible assets
|
3.0
|
|
|
—
|
|
|
5.6
|
|
|
—
|
|
Spin
restructuring
|
(2.5)
|
|
|
(0.8)
|
|
|
(3.8)
|
|
|
0.1
|
|
Restructuring
|
—
|
|
|
0.3
|
|
|
—
|
|
|
2.5
|
|
Gain on sale of real
estate
|
(15.2)
|
|
|
—
|
|
|
(15.2)
|
|
|
—
|
|
Interest
expense
|
13.1
|
|
|
13.1
|
|
|
26.4
|
|
|
26.0
|
|
Other items,
net
|
(1.1)
|
|
|
0.1
|
|
|
0.4
|
|
|
(0.5)
|
|
Earnings before
income taxes
|
59.3
|
|
|
21.0
|
|
|
193.4
|
|
|
115.5
|
|
Income taxes
provision
|
12.4
|
|
|
4.6
|
|
|
50.9
|
|
|
33.6
|
|
Net
earnings
|
$
|
46.9
|
|
|
$
|
16.4
|
|
|
$
|
142.5
|
|
|
$
|
81.9
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
Basic net earnings
per share
|
$
|
0.76
|
|
|
$
|
0.27
|
|
|
$
|
2.31
|
|
|
$
|
1.32
|
|
Diluted net earnings
per share
|
$
|
0.75
|
|
|
$
|
0.26
|
|
|
$
|
2.27
|
|
|
$
|
1.31
|
|
|
|
|
|
|
|
|
|
Weighted average
shares of common stock - Basic
|
61.8
|
|
|
61.8
|
|
|
61.8
|
|
|
62.0
|
|
Weighted average
shares of common stock - Diluted
|
62.8
|
|
|
62.3
|
|
|
62.9
|
|
|
62.4
|
|
(1)
See the Non-GAAP Reconciliations attached
which break out the Acquisition and integration, Restructuring and
Spin costs included within these lines.
|
ENERGIZER
HOLDINGS, INC.
|
CONSOLIDATED
BALANCE SHEETS
|
(Condensed)
|
(In millions -
Unaudited)
|
|
Assets
|
March 31,
2017
|
|
September 30,
2016
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
|
372.2
|
|
|
$
|
287.3
|
|
Trade receivables,
less allowance for doubtful accounts of $4.9 and $6.9,
respectively
|
157.5
|
|
|
190.9
|
|
Inventories
|
277.5
|
|
|
289.2
|
|
Other current
assets
|
115.7
|
|
|
122.1
|
|
Total current
assets
|
$
|
922.9
|
|
|
$
|
889.5
|
|
Property, plant and
equipment, net
|
182.1
|
|
|
201.7
|
|
Goodwill
|
229.2
|
|
|
229.7
|
|
Other intangible
assets, net
|
228.9
|
|
|
234.7
|
|
Long term deferred
tax asset
|
43.1
|
|
|
63.7
|
|
Other
assets
|
121.8
|
|
|
112.2
|
|
Total
assets
|
$
|
1,728.0
|
|
|
$
|
1,731.5
|
|
|
|
|
|
Liabilities and
Shareholders' Equity/(Deficit)
|
|
|
|
Current
liabilities
|
|
|
|
Current maturities of
long-term debt
|
$
|
4.0
|
|
|
$
|
4.0
|
|
Note
payable
|
83.6
|
|
|
57.4
|
|
Accounts
payable
|
167.8
|
|
|
217.0
|
|
Other current
liabilities
|
216.0
|
|
|
254.7
|
|
Total current
liabilities
|
$
|
471.4
|
|
|
$
|
533.1
|
|
Long-term
debt
|
979.8
|
|
|
981.7
|
|
Other
liabilities
|
210.0
|
|
|
246.7
|
|
Total
liabilities
|
$
|
1,661.2
|
|
|
$
|
1,761.5
|
|
Shareholders'
equity/(deficit)
|
|
|
|
Common
stock
|
0.6
|
|
|
0.6
|
|
Additional paid-in
capital
|
188.3
|
|
|
194.6
|
|
Retained
earnings
|
174.8
|
|
|
70.9
|
|
Treasury
stock
|
(24.9)
|
|
|
(30.0)
|
|
Accumulated other
comprehensive loss
|
$
|
(272.0)
|
|
|
$
|
(266.1)
|
|
Total shareholders'
equity/(deficit)
|
66.8
|
|
|
(30.0)
|
|
Total liabilities and
shareholders' equity/(deficit)
|
$
|
1,728.0
|
|
|
$
|
1,731.5
|
|
ENERGIZER
HOLDINGS, INC.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(Condensed)
|
(In millions -
Unaudited)
|
|
|
For the Six Months
Ended March 31,
|
|
2017
|
|
2016
|
Cash Flow from
Operating Activities
|
|
|
|
Net
earnings
|
$
|
142.5
|
|
|
$
|
81.9
|
|
Non-cash
restructuring costs
|
(2.5)
|
|
|
4.4
|
|
Depreciation and
amortization
|
25.8
|
|
|
15.6
|
|
Deferred income
taxes
|
2.9
|
|
|
1.2
|
|
Share-based
payments
|
11.9
|
|
|
10.7
|
|
Gain on sale of real
estate
|
(15.2)
|
|
|
—
|
|
Non-cash items
included in income, net
|
0.9
|
|
|
0.4
|
|
Other, net
|
(19.5)
|
|
|
(18.2)
|
|
Changes in current
assets and liabilities used in operations
|
(22.5)
|
|
|
32.3
|
|
Net cash from
operating activities
|
124.3
|
|
|
128.3
|
|
|
|
|
|
Cash Flow from
Investing Activities
|
|
|
|
Capital
expenditures
|
(12.3)
|
|
|
(14.2)
|
|
Proceeds from sale of
assets
|
23.1
|
|
|
0.7
|
|
Net cash from/(used
by) investing activities
|
10.8
|
|
|
(13.5)
|
|
|
|
|
|
Cash Flow from
Financing Activities
|
|
|
|
Payments on debt with
maturities greater than 90 days
|
(2.0)
|
|
|
(1.0)
|
|
Net increase in debt
with original maturities of 90 days or less
|
16.0
|
|
|
4.7
|
|
Debt issuance
costs
|
(0.6)
|
|
|
—
|
|
Dividends
paid
|
(35.1)
|
|
|
(30.9)
|
|
Common stock
purchased
|
(9.3)
|
|
|
(21.8)
|
|
Taxes paid for
withheld share-based payments
|
(8.2)
|
|
|
(4.1)
|
|
Excess tax benefits
from share-based payments
|
—
|
|
|
0.8
|
|
Net cash used by
financing activities
|
(39.2)
|
|
|
(52.3)
|
|
|
|
|
|
Effect of exchange
rate changes on cash
|
(11.0)
|
|
|
11.7
|
|
|
|
|
|
Net increase in cash
and cash equivalents
|
84.9
|
|
|
74.2
|
|
Cash and cash
equivalents, beginning of period
|
287.3
|
|
|
502.1
|
|
Cash and cash
equivalents, end of period
|
$
|
372.2
|
|
|
$
|
576.3
|
|
ENERGIZER HOLDINGS,
INC.
Introduction to the Reconciliation of GAAP and
Non-GAAP Measures
For the Quarter and Six Months Ended
March 31, 2017
The Company reports its financial results in accordance with
accounting principles generally accepted in the U.S.
("GAAP"). However, management believes that certain non-GAAP
financial measures provide users with additional meaningful
comparisons to the corresponding historical or future period. These
non-GAAP financial measures exclude items that are not reflective
of the Company's on-going operating performance, such as costs
related to the spin, restructuring activities, acquisition and
integration costs and gains on sale of real estate. In
addition, these measures help investors to analyze year over year
comparability when excluding currency fluctuations, acquisition
activity as well as other company initiatives that are not
on-going. We believe these non-GAAP financial measures are an
enhancement to assist investors in understanding our business and
in performing analysis consistent with financial models developed
by research analysts. Investors should consider non-GAAP measures
in addition to, not as a substitute for, or superior to, the
comparable GAAP measures.
We provide the following non-GAAP measures and calculations, as
well as the corresponding reconciliation to the closest GAAP
measure in the following supplemental schedules:
Segment Profit. This amount represents the
operations of our three geographic segments including allocations
for shared support functions. General corporate and other
expenses, Global marketing expenses, R&D expenses, amortization
expense, interest expense, other items, net, and charges related to
the spin-off, restructuring, acquisition and integration and gains
on sale of real estate have all been excluded from segment
profit.
Adjusted Earnings Before Income Taxes, Adjusted Net Earnings
and Adjusted Diluted EPS. These measures exclude the
impact of the spin-off, restructurings, acquisition and integration
and gains on sale of real estate.
Ex-unusual Tax Rate. This is the tax rate when
excluding the pre-tax impact of the spin-off, restructurings,
acquisition and integration and gains on sale of real estate, as
well as the related tax impact for these items, calculated
utilizing the statutory rate for where the costs were incurred.
Organic. This is the non-GAAP financial measurement
of the change in revenue, segment profit or other margins that
excludes or otherwise adjusts for the impact of acquisitions and
the impact of currency from the changes in foreign currency
exchange rates as defined below:
Impact of acquisitions. The
Company acquired an auto care business on July 1, 2016. This includes the impact of
the auto care on-going operations contributed to each respective
income statement caption. This does not include the impact of
acquisition and integration costs associated with the auto care
acquisition.
Impact of currency. The
Company evaluates the operating performance of our Company on a
currency neutral basis. The impact of currency is the
difference between the value of current year foreign operations at
the current period ending USD exchange rate, compared to the value
of the current year foreign operations at the prior period ending
USD exchange rate.
Adjusted Comparisons. Detail for adjusted gross
profit, adjusted gross margin and adjusted SG&A as a percent of
sales are also supplemental non-GAAP measure disclosures. These
measures exclude the impact of costs related to spin-off,
restructuring, acquisition and integration.
Free Cash Flow. Free Cash Flow is defined as net
cash provided by operating activities reduced by capital
expenditures, net of the proceeds from asset sales. Given our
extensive international operations, a significant portion of our
cash is generated outside of the U.S. The repatriation of
cash balances from certain of our subsidiaries could have adverse
tax consequences or be subject to regulatory capital
requirements.
Energizer Holdings,
Inc.
Supplemental Schedules - Segment Information and
Supplemental Sales Data
For the Quarter and Six Months
Ended March 31, 2017
(In
millions, except per share data - Unaudited)
As of October 1, 2016, the Company
changed its internal reporting structure and is managing operations
via three major geographic reportable segments: Americas
(North America and Latin America), Europe, Middle
East and Africa ("EMEA"),
and Asia Pacific. Prior to this year, the Americas segment
was reported as two separate geographic reportable segments.
The Company changed its internal reporting structure to combine
these two geographic regions to better reflect how the Company is
managing the operations.
Energizer's operating model includes a combination of standalone
and shared business functions between the geographic segments,
varying by country and region of the world. Energizer applies
a fully allocated cost basis, in which shared business functions
are allocated between segments. Such allocations are estimates, and
also do not represent the costs of such services if performed on a
standalone basis.
Segment sales and profitability, as well as the reconciliation
to earnings before tax, for the quarter and six months ended
March 31, 2017 and 2016,
respectively, are presented below:
|
Quarter Ended
March 31,
|
|
Six Months Ended
March 31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net
Sales
|
|
|
|
|
|
|
|
Americas
|
$
|
218.5
|
|
|
$
|
194.9
|
|
|
$
|
583.6
|
|
|
$
|
508.6
|
|
EMEA
|
74.1
|
|
|
76.3
|
|
|
188.8
|
|
|
194.2
|
|
Asia
Pacific
|
66.4
|
|
|
62.8
|
|
|
146.2
|
|
|
138.0
|
|
Total net
sales
|
$
|
359.0
|
|
|
$
|
334.0
|
|
|
$
|
918.6
|
|
|
$
|
840.8
|
|
Segment
Profit
|
|
|
|
|
|
|
|
Americas
|
$
|
60.5
|
|
|
$
|
45.7
|
|
|
$
|
183.6
|
|
|
$
|
144.4
|
|
EMEA
|
14.0
|
|
|
8.2
|
|
|
40.1
|
|
|
31.2
|
|
Asia
Pacific
|
19.3
|
|
|
14.5
|
|
|
44.0
|
|
|
34.0
|
|
Total segment
profit
|
$
|
93.8
|
|
|
$
|
68.4
|
|
|
$
|
267.7
|
|
|
$
|
209.6
|
|
General
corporate and other expenses (1)
|
(26.4)
|
|
|
(21.3)
|
|
|
(40.5)
|
|
|
(37.2)
|
|
Global
marketing expense (1)
|
(4.0)
|
|
|
(3.1)
|
|
|
(7.0)
|
|
|
(5.3)
|
|
Research and
development expense
|
(5.1)
|
|
|
(6.4)
|
|
|
(10.9)
|
|
|
(12.5)
|
|
Amortization
of intangible assets
|
(3.0)
|
|
|
—
|
|
|
(5.6)
|
|
|
—
|
|
Restructuring
(2)
|
—
|
|
|
(1.5)
|
|
|
—
|
|
|
(4.8)
|
|
Acquisition
and integration costs (2)
|
(1.7)
|
|
|
—
|
|
|
(2.5)
|
|
|
—
|
|
Spin costs
(2)
|
—
|
|
|
(2.7)
|
|
|
—
|
|
|
(8.7)
|
|
Spin
restructuring
|
2.5
|
|
|
0.8
|
|
|
3.8
|
|
|
(0.1)
|
|
Gain on sale
of real estate
|
15.2
|
|
|
—
|
|
|
15.2
|
|
|
—
|
|
Interest
expense
|
(13.1)
|
|
|
(13.1)
|
|
|
(26.4)
|
|
|
(26.0)
|
|
Other items,
net
|
1.1
|
|
|
(0.1)
|
|
|
(0.4)
|
|
|
0.5
|
|
Total earnings
before income taxes
|
$
|
59.3
|
|
|
$
|
21.0
|
|
|
$
|
193.4
|
|
|
$
|
115.5
|
|
|
(1) Recorded in
SG&A on the unaudited Consolidated Statement of
Earnings.
|
(2) See the
Supplemental Schedules - Non-GAAP Reconciliations for where these
charges are recorded in unaudited Consolidated Statement of
Earnings.
|
Supplemental product
information is presented below for revenues from external
customers:
|
|
|
Quarter Ended
March 31,
|
|
Six Months Ended
March 31,
|
Net
Sales
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Batteries
|
$
|
309.9
|
|
|
$
|
311.1
|
|
|
$
|
813.0
|
|
|
$
|
784.6
|
|
Other
|
49.1
|
|
|
22.9
|
|
|
105.6
|
|
|
56.2
|
|
Total net
sales
|
$
|
359.0
|
|
|
$
|
334.0
|
|
|
$
|
918.6
|
|
|
$
|
840.8
|
|
Energizer Holdings,
Inc.
Supplemental Schedules - GAAP EPS to Adjusted EPS
Reconciliation
For the Quarter and Six Months Ended
March 31, 2017
(In
millions, except per share data - Unaudited)
The following tables provide a reconciliation of earnings before
income taxes, net earnings and net earnings per diluted share to
adjusted earnings before income taxes, adjusted net earnings and
adjusted net earnings per diluted share, which are non-GAAP
measures.
|
|
For the Quarter
Ended March 31,
|
(in millions, except
per share data)
|
|
Earnings
Before
Income Taxes
|
|
Net
Earnings
|
Diluted
EPS
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Reported -
GAAP
|
|
$
|
59.3
|
|
|
$
|
21.0
|
|
|
$
|
46.9
|
|
|
$
|
16.4
|
|
|
$
|
0.75
|
|
|
$
|
0.26
|
|
Impacts: Expense
(Income)
|
|
|
|
|
|
|
|
|
|
|
|
|
Spin costs
(1)
|
|
—
|
|
|
2.7
|
|
|
—
|
|
|
1.8
|
|
|
—
|
|
|
0.03
|
|
Spin
restructuring
|
|
(2.5)
|
|
|
(0.8)
|
|
|
(1.4)
|
|
|
(0.6)
|
|
|
(0.02)
|
|
|
—
|
|
Restructuring
(1)
|
|
—
|
|
|
1.5
|
|
|
—
|
|
|
0.9
|
|
|
—
|
|
|
0.01
|
|
Acquisition
and integration costs (1)
|
|
1.7
|
|
|
—
|
|
|
1.1
|
|
|
—
|
|
|
0.01
|
|
|
—
|
|
Gain on sale
of real estate
|
|
(15.2)
|
|
|
—
|
|
|
(15.2)
|
|
|
—
|
|
|
(0.24)
|
|
|
—
|
|
Adjusted - Non-GAAP
(2)
|
|
$
|
43.3
|
|
|
$
|
24.4
|
|
|
$
|
31.4
|
|
|
$
|
18.5
|
|
|
$
|
0.50
|
|
|
$
|
0.30
|
|
Weighted average
shares - Diluted
|
|
|
|
|
|
|
|
|
|
62.8
|
|
|
62.3
|
|
|
|
|
For the Six Months
Ended March 31,
|
(in millions, except
per share data)
|
|
Earnings
Before
Income Taxes
|
|
Net
Earnings
|
Diluted
EPS
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Reported -
GAAP
|
|
$
|
193.4
|
|
|
$
|
115.5
|
|
|
$
|
142.5
|
|
|
$
|
81.9
|
|
|
$
|
2.27
|
|
|
$
|
1.31
|
|
Impacts: Expense
(Income)
|
|
|
|
|
|
|
|
|
|
|
|
|
Spin costs
(1)
|
|
—
|
|
|
8.7
|
|
|
—
|
|
|
5.7
|
|
|
—
|
|
|
0.09
|
|
Spin
restructuring
|
|
(3.8)
|
|
|
0.1
|
|
|
(2.4)
|
|
|
0.2
|
|
|
(0.04)
|
|
|
0.01
|
|
Restructuring
(1)
|
|
—
|
|
|
4.8
|
|
|
—
|
|
|
3.0
|
|
|
—
|
|
|
0.05
|
|
Acquisition
and integration costs (1)
|
|
2.5
|
|
|
—
|
|
|
1.6
|
|
|
—
|
|
|
0.02
|
|
|
—
|
|
Gain on sale
of real estate
|
|
(15.2)
|
|
|
—
|
|
|
(15.2)
|
|
|
—
|
|
|
(0.24)
|
|
|
—
|
|
Adjusted - Non-GAAP
(3)
|
|
$
|
176.9
|
|
|
$
|
129.1
|
|
|
$
|
126.5
|
|
|
$
|
90.8
|
|
|
$
|
2.01
|
|
|
$
|
1.46
|
|
Weighted average
shares - Diluted
|
|
|
|
|
|
|
|
|
|
62.9
|
|
|
62.4
|
|
(1) See Supplemental
Schedules - Statement of Earnings Reconciliation for where these
costs are recorded on the unaudited Consolidated Statement of
Earnings.
|
|
(2) The effective tax
rate for the quarter ended March 31, 2017 and 2016 for the Adjusted
- Non-GAAP Net Earnings and Diluted EPS was 27.5% and 24.2%,
respectively, as calculated utilizing the statutory rate for where
the costs were incurred. The net tax impact associated with
the non-GAAP adjustments highlighted in the table was a benefit of
$0.5 and expense of $1.3, respectively, for the quarters ended
March 31, 2017 and 2016.
|
|
(3) The effective tax
rate for the six months ended March 31, 2017 and 2016 for the
Adjusted - Non-GAAP Net Earnings and Diluted EPS was 28.5% and
29.7%, respectively, as calculated utilizing the statutory rate for
where the costs were incurred. The net tax impact associated
with the non-GAAP adjustments highlighted in the table was a
benefit of $0.5 and expense of $4.7, respectively, for the six
months ended March 31, 2017 and 2016.
|
Energizer
Holdings, Inc.
|
Supplemental
Schedules - Segment Sales
|
For the Quarter
and Six Months Ended March 31, 2017
|
(In millions,
except per share data - Unaudited)
|
|
Net
Sales
|
|
Q1'17
|
|
%
Chg
|
|
Q2'17
|
|
%
Chg
|
|
Six Months
'17
|
|
%
Chg
|
Americas
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales - prior
year
|
|
$
|
313.7
|
|
|
|
|
194.9
|
|
|
|
|
$
|
508.6
|
|
|
|
Organic
|
|
33.8
|
|
|
10.8
|
%
|
|
(2.8)
|
|
|
(1.4)
|
%
|
|
31.0
|
|
|
6.1
|
%
|
Impact of
acquisition
|
|
23.6
|
|
|
7.5
|
%
|
|
27.0
|
|
|
13.9
|
%
|
|
50.6
|
|
|
9.9
|
%
|
Impact of
currency
|
|
(6.0)
|
|
|
(1.9)
|
%
|
|
(0.6)
|
|
|
(0.4)
|
%
|
|
(6.6)
|
|
|
(1.3)
|
%
|
Net Sales -
current year
|
|
$
|
365.1
|
|
|
16.4
|
%
|
|
$
|
218.5
|
|
|
12.1
|
%
|
|
$
|
583.6
|
|
|
14.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales - prior
year
|
|
$
|
117.9
|
|
|
|
|
$
|
76.3
|
|
|
|
|
$
|
194.2
|
|
|
|
Organic
|
|
0.9
|
|
|
0.8
|
%
|
|
0.2
|
|
|
0.3
|
%
|
|
|
1.1
|
|
|
0.6
|
%
|
Impact of
acquisition
|
|
2.4
|
|
|
2.0
|
%
|
|
2.0
|
|
|
2.6
|
%
|
|
|
4.4
|
|
|
2.3
|
%
|
Impact of
currency
|
|
(6.5)
|
|
|
(5.5)
|
%
|
|
(4.4)
|
|
|
(5.8)
|
%
|
|
|
(10.9)
|
|
|
(5.7)
|
%
|
Net Sales -
current year
|
|
$
|
114.7
|
|
|
(2.7)
|
%
|
|
$
|
74.1
|
|
|
(2.9)
|
%
|
|
$
|
188.8
|
|
|
(2.8)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia
Pacific
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales - prior
year
|
|
$
|
75.2
|
|
|
|
|
$
|
62.8
|
|
|
|
|
$
|
138.0
|
|
|
|
Organic
|
|
1.8
|
|
|
2.4
|
%
|
|
2.6
|
|
|
4.1
|
%
|
|
4.4
|
|
|
3.2
|
%
|
Impact of
acquisition
|
|
1.8
|
|
|
2.4
|
%
|
|
0.4
|
|
|
0.6
|
%
|
|
2.2
|
|
|
1.6
|
%
|
Impact of
currency
|
|
1.0
|
|
|
1.3
|
%
|
|
0.6
|
|
|
1.0
|
%
|
|
1.6
|
|
|
1.1
|
%
|
Net Sales -
current year
|
|
$
|
79.8
|
|
|
6.1
|
%
|
|
$
|
66.4
|
|
|
5.7
|
%
|
|
$
|
146.2
|
|
|
5.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales - prior
year
|
|
$
|
506.8
|
|
|
|
|
$
|
334.0
|
|
|
|
|
$
|
840.8
|
|
|
|
Organic
|
|
36.5
|
|
|
7.2
|
%
|
|
—
|
|
|
—
|
%
|
|
36.5
|
|
|
4.3
|
%
|
Impact of
acquisition
|
|
27.8
|
|
|
5.5
|
%
|
|
29.4
|
|
|
8.8
|
%
|
|
57.2
|
|
|
6.8
|
%
|
Impact of
currency
|
|
(11.5)
|
|
|
(2.3)
|
%
|
|
(4.4)
|
|
|
(1.3)
|
%
|
|
(15.9)
|
|
|
(1.8)
|
%
|
Net Sales -
current year
|
|
$
|
559.6
|
|
|
10.4
|
%
|
|
$
|
359.0
|
|
|
7.5
|
%
|
|
$
|
918.6
|
|
|
9.3
|
%
|
Energizer
Holdings, Inc.
|
Supplemental
Schedules - Segment Profit
|
For the Quarter
and Six Months Ended March 31, 2017
|
(In millions,
except per share data - Unaudited)
|
|
Segment
Profit
|
|
Q1'17
|
|
%
Chg
|
|
Q2'17
|
|
%
Chg
|
|
Six Months
'17
|
|
%
Chg
|
Americas
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Profit -
prior year
|
|
$
|
98.7
|
|
|
|
|
$
|
45.7
|
|
|
|
|
$
|
144.4
|
|
|
|
Organic
|
|
22.4
|
|
|
22.7
|
%
|
|
6.6
|
|
|
14.4
|
%
|
|
29.0
|
|
|
20.1
|
%
|
Impact of
acquisition
|
|
5.8
|
|
|
5.9
|
%
|
|
8.7
|
|
|
19.0
|
%
|
|
14.5
|
|
|
10.0
|
%
|
Impact of
currency
|
|
(3.8)
|
|
|
(3.9)
|
%
|
|
(0.5)
|
|
|
(1.0)
|
%
|
|
(4.3)
|
|
|
(3.0)
|
%
|
Segment Profit -
current year
|
|
$
|
123.1
|
|
|
24.7
|
%
|
|
$
|
60.5
|
|
|
32.4
|
%
|
|
$
|
183.6
|
|
|
27.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Profit -
prior year
|
|
$
|
23.0
|
|
|
|
|
$
|
8.2
|
|
|
|
|
$
|
31.2
|
|
|
|
Organic
|
|
5.8
|
|
|
25.2
|
%
|
|
6.7
|
|
|
81.7
|
%
|
|
12.5
|
|
|
40.1
|
%
|
Impact of
acquisition
|
|
1.4
|
|
|
6.1
|
%
|
|
1.2
|
|
|
14.6
|
%
|
|
2.6
|
|
|
8.3
|
%
|
Impact of
currency
|
|
(4.1)
|
|
|
(17.8)
|
%
|
|
(2.1)
|
|
|
(25.6)
|
%
|
|
(6.2)
|
|
|
(19.9)
|
%
|
Segment Profit -
current year
|
|
$
|
26.1
|
|
|
13.5
|
%
|
|
$
|
14.0
|
|
|
70.7
|
%
|
|
$
|
40.1
|
|
|
28.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia
Pacific
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Profit -
prior year
|
|
$
|
19.5
|
|
|
|
|
$
|
14.5
|
|
|
|
|
$
|
34.0
|
|
|
|
Organic
|
|
3.4
|
|
|
17.4
|
%
|
|
4.0
|
|
|
27.6
|
%
|
|
7.4
|
|
|
21.8
|
%
|
Impact of
acquisition
|
|
1.0
|
|
|
5.1
|
%
|
|
0.3
|
|
|
2.1
|
%
|
|
1.3
|
|
|
3.8
|
%
|
Impact of
currency
|
|
0.8
|
|
|
4.2
|
%
|
|
0.5
|
|
|
3.4
|
%
|
|
1.3
|
|
|
3.8
|
%
|
Segment Profit -
current year
|
|
$
|
24.7
|
|
|
26.7
|
%
|
|
$
|
19.3
|
|
|
33.1
|
%
|
|
$
|
44.0
|
|
|
29.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Segment
Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Profit -
prior year
|
|
$
|
141.2
|
|
|
|
|
$
|
68.4
|
|
|
|
|
$
|
209.6
|
|
|
|
Organic
|
|
31.6
|
|
|
22.4
|
%
|
|
17.3
|
|
|
25.3
|
%
|
|
48.9
|
|
|
23.3
|
%
|
Impact of
acquisition
|
|
8.2
|
|
|
5.8
|
%
|
|
10.2
|
|
|
14.9
|
%
|
|
18.4
|
|
|
8.8
|
%
|
Impact of
currency
|
|
(7.1)
|
|
|
(5.0)
|
%
|
|
(2.1)
|
|
|
(3.1)
|
%
|
|
(9.2)
|
|
|
(4.4)
|
%
|
Segment Profit -
current year
|
|
$
|
173.9
|
|
|
23.2
|
%
|
|
$
|
93.8
|
|
|
37.1
|
%
|
|
$
|
267.7
|
|
|
27.7
|
%
|
Energizer
Holdings, Inc.
|
Supplemental
Schedules - Non-GAAP Reconciliations
|
For the Quarter
and Six Months Ended March 31, 2017
|
(In millions,
except per share data - Unaudited)
|
|
Gross
Profit
|
Q1'17
|
Q2'17
|
|
Q1'16
|
Q2'16
|
|
Q2'17
YTD
|
Q2'16
YTD
|
Net Sales
|
$
|
559.6
|
|
$
|
359.0
|
|
|
$
|
506.8
|
|
$
|
334.0
|
|
|
$
|
918.6
|
|
$
|
840.8
|
|
Cost of products sold
- adjusted
|
288.0
|
|
190.9
|
|
|
275.9
|
|
190.7
|
|
|
478.9
|
|
466.6
|
|
Adjusted Gross
Profit
|
$
|
271.6
|
|
$
|
168.1
|
|
|
$
|
230.9
|
|
$
|
143.3
|
|
|
$
|
439.7
|
|
$
|
374.2
|
|
Adjusted Gross
Margin
|
48.5
|
%
|
46.8
|
%
|
|
45.6
|
%
|
42.9
|
%
|
|
47.9
|
%
|
44.5
|
%
|
Restructuring
(included in Cost of products sold)
|
—
|
|
—
|
|
|
1.1
|
|
1.2
|
|
|
—
|
|
2.3
|
|
Spin
|
—
|
|
—
|
|
|
—
|
|
0.5
|
|
|
—
|
|
0.5
|
|
Acquisition and
integration costs
|
—
|
|
0.2
|
|
|
—
|
|
—
|
|
|
0.2
|
|
—
|
|
Reported Cost of
products sold
|
288.0
|
|
191.1
|
|
|
277.0
|
|
192.4
|
|
|
479.1
|
|
469.4
|
|
Reported Gross
Profit
|
$
|
271.6
|
|
$
|
167.9
|
|
|
$
|
229.8
|
|
$
|
141.6
|
|
|
$
|
439.5
|
|
$
|
371.4
|
|
Reported Gross
Margin
|
48.5
|
%
|
46.8
|
%
|
|
45.3
|
%
|
42.4
|
%
|
|
47.8
|
%
|
44.2
|
%
|
|
|
|
|
|
|
|
|
|
SG&A
|
Q1'17
|
Q2'17
|
|
Q1'16
|
Q2'16
|
|
Q2'17
YTD
|
Q2'16
YTD
|
Segment
SG&A
|
$
|
65.0
|
|
$
|
60.1
|
|
|
$
|
59.2
|
|
$
|
57.3
|
|
|
$
|
125.1
|
|
$
|
116.5
|
|
Corporate
SG&A
|
14.1
|
|
26.4
|
|
|
16.6
|
|
21.3
|
|
|
40.5
|
|
37.9
|
|
Global
Marketing
|
1.4
|
|
1.6
|
|
|
1.9
|
|
2.6
|
|
|
3.0
|
|
4.5
|
|
SG&A Adjusted
- subtotal
|
$
|
80.5
|
|
$
|
88.1
|
|
|
$
|
77.7
|
|
$
|
81.2
|
|
|
$
|
168.6
|
|
$
|
158.9
|
|
SG&A Adjusted
% of Net Sales
|
14.4
|
%
|
24.5
|
%
|
|
15.3
|
%
|
24.3
|
%
|
|
18.4
|
%
|
18.9
|
%
|
Acquisition and
integration costs
|
0.8
|
|
1.5
|
|
|
—
|
|
—
|
|
|
2.3
|
|
—
|
|
Spin
|
—
|
|
—
|
|
|
6.0
|
|
2.2
|
|
|
—
|
|
8.2
|
|
Reported
SG&A
|
$
|
81.3
|
|
$
|
89.6
|
|
|
$
|
83.7
|
|
$
|
83.4
|
|
|
$
|
170.9
|
|
$
|
167.1
|
|
Reported
SG&A % of Net Sales
|
14.5
|
%
|
25.0
|
%
|
|
16.5
|
%
|
25.0
|
%
|
|
18.6
|
%
|
19.9
|
%
|
|
|
|
|
|
|
|
|
|
Restructuring
|
Q1'17
|
Q2'17
|
|
Q1'16
|
Q2'16
|
|
Q2'17
YTD
|
Q2'16
YTD
|
Restructuring
|
$
|
—
|
|
$
|
—
|
|
|
$
|
2.2
|
|
$
|
0.3
|
|
|
$
|
—
|
|
$
|
2.5
|
|
Restructuring
(COGS)
|
—
|
|
—
|
|
|
1.1
|
|
1.2
|
|
|
—
|
|
2.3
|
|
Restructuring -
subtotal
|
$
|
—
|
|
$
|
—
|
|
|
$
|
3.3
|
|
$
|
1.5
|
|
|
$
|
—
|
|
$
|
4.8
|
|
|
|
|
|
|
|
|
|
|
Spin
|
Q1'17
|
Q2'17
|
|
Q1'16
|
Q2'16
|
|
Q2'17
YTD
|
Q2'16
YTD
|
Spin
(SG&A)
|
$
|
—
|
|
$
|
—
|
|
|
$
|
6.0
|
|
$
|
2.2
|
|
|
$
|
—
|
|
$
|
8.2
|
|
Spin
(COGS)
|
—
|
|
—
|
|
|
—
|
|
0.5
|
|
|
—
|
|
0.5
|
|
Spin restructuring
(income)/expense
|
(1.3)
|
|
(2.5)
|
|
|
0.9
|
|
(0.8)
|
|
|
(3.8)
|
|
0.1
|
|
Spin
(income)/expense- subtotal
|
$
|
(1.3)
|
|
$
|
(2.5)
|
|
|
$
|
6.9
|
|
$
|
1.9
|
|
|
$
|
(3.8)
|
|
$
|
8.8
|
|
|
|
|
|
|
|
|
|
|
Acquisition and
integration
|
Q1'17
|
Q2'17
|
|
Q1'16
|
Q2'16
|
|
Q2'17
YTD
|
Q2'16
YTD
|
Acquisition and
integration costs (COGS)
|
$
|
—
|
|
$
|
0.2
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
0.2
|
|
$
|
—
|
|
Acquisition and
integration costs (SG&A)
|
0.8
|
|
1.5
|
|
|
—
|
|
—
|
|
|
2.3
|
|
—
|
|
Acquisition and
integration costs- subtotal
|
$
|
0.8
|
|
$
|
1.7
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
2.5
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
Free Cash
Flow
|
|
|
|
|
|
|
Q2'17
YTD
|
Q2'16
YTD
|
Net cash from
operating activities
|
|
|
|
|
|
|
$
|
124.3
|
|
$
|
128.3
|
|
Capital
expenditures
|
|
|
|
|
|
|
(12.3)
|
|
(14.2)
|
|
Proceeds from sale of
assets
|
|
|
|
|
|
|
23.1
|
|
0.7
|
|
Free Cash Flow -
subtotal
|
|
|
|
|
|
|
$
|
135.1
|
|
$
|
114.8
|
|
Energizer Holdings,
Inc.
Supplemental Schedules - Reconciliations of Non-GAAP
Outlook
For the Quarter and Six Months Ended March 31, 2017
(In millions, except
per share data - Unaudited)
The following tables provide a reconciliation of Adjusted EPS
and Free Cash Flow, which are non-GAAP measures, included within
the Company's outlook for projected fiscal 2017 results:
Fiscal Year 2017
Adjusted EPS Outlook Reconciliation
|
|
|
Fiscal Year 2017 -
GAAP EPS Outlook
|
|
$2.95
|
to
|
$3.10
|
Acquisition
and integration costs
|
|
$0.10
|
to
|
$0.05
|
Gain on sale
of real estate
|
approximately
|
($0.25)
|
Spin
restructuring income
|
approximately
|
($0.05)
|
Fiscal Year 2017 -
Adjusted EPS Outlook
|
|
$2.75
|
to
|
$2.85
|
|
Fiscal Year 2017
Free Cash Flow Outlook Reconciliation
|
|
|
|
|
Net cash from
operating activities
|
|
> $200
|
Capital
expenditures
|
|
($30)
|
to
|
($35)
|
Proceeds from
sale of assets
|
approximately
|
$25
|
Free Cash
Flow
|
|
> $190
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/energizer-holdings-inc-announces-fiscal-2017-second-quarter-results-and-updates-financial-outlook-for-fiscal-2017-300450251.html
SOURCE Energizer Holdings, Inc.