EnerSys (NYSE: ENS), the global leader in stored energy solutions
for industrial applications, announced today results for its first
quarter of fiscal 2022, which ended on July 4, 2021.
First
Quarter FY 22 Highlights |
|
- Net sales of $815M up 16%
vs. Q1'21
- Q1’22 backlog growth of $157M
- GP 24% includes recent inflation pressure
- Supply chain slowed Q1
shipments and earnings
|
- Credit Facility amended
and extended to 2026
- Bank debt leverage at
1.95X
- TPPL capacity of $300M per
quarter on track
- Solid progress on new
product initiatives
|
Key Results from Operations by Segments ($ in
millions) |
|
|
|
Q1 FY22 |
|
Q1 FY21 |
|
% Change |
|
Energy
Systems |
|
|
|
|
|
|
|
Net Sales |
|
$ |
371.2 |
|
$ |
353.4 |
|
5.0 |
% |
|
Operating
Earnings |
|
7.1 |
|
22.0 |
|
(67.8 |
) |
|
Adjusted Operating
Earnings * |
|
13.1 |
|
28.1 |
|
(53.6 |
) |
|
Motive
Power |
|
|
|
|
|
|
|
Net
Sales |
|
336.1 |
|
262.8 |
|
27.9 |
|
|
Operating
Earnings |
|
50.6 |
|
27.3 |
|
85.6 |
|
|
Adjusted Operating
Earnings * |
|
50.6 |
|
27.3 |
|
85.6 |
|
|
Specialty |
|
|
|
|
|
|
|
Net
Sales |
|
107.6 |
|
88.7 |
|
21.3 |
|
|
Operating
Earnings |
|
11.0 |
|
5.3 |
|
109.5 |
|
|
Adjusted Operating
Earnings * |
|
11.4 |
|
5.8 |
|
98.7 |
|
|
* This is a non-GAAP financial measure. See “Reconciliation of
Non-GAAP Financial Measures” for more information.
We delivered a solid Q1, with extremely strong demand for our
products and services throughout each of our business segments.
Revenue was up 16% vs last year, but perhaps more importantly, up
more than 4% from two years ago, with quarterly backlog growth of
$157M. Like many industrial companies, we are facing supply chain
challenges that are restraining revenue and earnings growth,
especially in our first half of F22. While we are being cautious
due to the fluidity of lingering COVID impacts, we remain
optimistic that consistently robust orders, a strong backlog,
recent pricing actions and a steadily improving supply chain will
sequentially benefit our second half. We expect our adjusted
diluted earnings per share to be between $1.03 and $1.13 in our
second fiscal quarter with sequential impacts from the acceleration
of investment in our new EV fast charging program along with our
global annual wage increases moving from April 1 to July 1.
David M. Shaffer, President and Chief Executive Officer,
EnerSys
Net earnings attributable to EnerSys stockholders (“Net
earnings”) for the first quarter of fiscal 2022 was $43.9 million,
or $1.01 per diluted share, which included an unfavorable
highlighted net of tax impact of $10.5 million, or $0.24 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 first quarter of fiscal 2021 was $35.2
million, or $0.82 per diluted share, which included an unfavorable
highlighted net of tax impact of $4.2 million, or $0.10 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 first quarter of fiscal 2022, on a non-GAAP
basis, were $1.25, which met the guidance of $1.15 to $1.25 per
diluted share for the first quarter given by the Company on May 26,
2021. These earnings compare to the prior year first quarter
adjusted Net earnings of $0.92 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 July 4, 2021 and July 5, 2020.
Net sales for the first quarter of fiscal 2022 were $814.9
million, an increase of 15.6% from the prior year first quarter net
sales of $704.9 million and increased 0.2% sequentially from the
fourth quarter of fiscal 2021 net sales of $813.5 million. The
increase from the prior year quarter was the result of a 12%
increase in organic volume resulting from the easing of the
pandemic and a 4% increase in foreign currency translation
impact.
The Company’s operating results for its business segments for
the first quarters of fiscal 2022 and 2021 are as follows:
|
Quarter ended |
|
($ millions) |
|
July 4, 2021 |
|
Energy Systems |
|
Motive Power |
|
Specialty |
|
Total |
Net Sales |
$ |
371.2 |
|
|
$ |
336.1 |
|
|
$ |
107.6 |
|
|
|
$ |
814.9 |
|
|
|
|
|
|
|
|
|
Operating Earnings |
$ |
6.6 |
|
|
$ |
42.1 |
|
|
$ |
12.2 |
|
|
|
$ |
60.9 |
|
Restructuring and other exit charges |
0.5 |
|
|
8.5 |
|
|
(1.2 |
) |
|
|
7.8 |
|
Amortization of identified intangible assets fromrecent
acquisitions |
6.0 |
|
|
— |
|
|
0.4 |
|
|
|
6.4 |
|
Adjusted Operating Earnings |
$ |
13.1 |
|
|
$ |
50.6 |
|
|
$ |
11.4 |
|
|
|
$ |
75.1 |
|
|
Quarter ended |
|
($ millions) |
|
July 5, 2020 |
|
Energy Systems |
|
Motive Power |
|
Specialty |
|
Total |
Net Sales |
$ |
353.4 |
|
|
$ |
262.8 |
|
|
$ |
88.7 |
|
|
$ |
704.9 |
|
|
|
|
|
|
|
|
|
Operating Earnings |
$ |
21.5 |
|
|
$ |
26.5 |
|
|
$ |
5.2 |
|
|
$ |
53.2 |
|
Restructuring and other exit charges |
0.5 |
|
|
0.8 |
|
|
0.1 |
|
|
1.4 |
|
Amortization of identified intangible assets fromrecent
acquisitions |
6.0 |
|
|
— |
|
|
0.4 |
|
|
6.4 |
|
Acquisition activity expense |
0.1 |
|
|
— |
|
|
0.1 |
|
|
0.2 |
|
Adjusted Operating Earnings |
$ |
28.1 |
|
|
$ |
27.3 |
|
|
$ |
5.8 |
|
|
$ |
61.2 |
|
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) |
|
|
July 4, 2021 |
|
July 5, 2020 |
|
Net Earnings reconciliation |
|
|
|
|
As reported Net Earnings |
$ |
43.9 |
|
|
$ |
35.2 |
|
|
Non-GAAP adjustments: |
|
|
|
|
Restructuring and other exit charges |
7.8 |
|
(1 |
) |
1.4 |
|
(1 |
) |
Amortization of identified intangible assets from recent
acquisitions |
6.4 |
|
(2 |
) |
6.4 |
|
(2 |
) |
Acquisition activity expense |
— |
|
|
0.2 |
|
(3 |
) |
Income tax effect of above non-GAAP adjustments |
(3.7 |
) |
|
(1.9 |
) |
|
Swiss Tax Reform |
$ |
— |
|
|
$ |
(1.9 |
) |
|
Non-GAAP adjusted Net Earnings |
$ |
54.4 |
|
|
$ |
39.4 |
|
|
|
|
|
|
|
Outstanding shares used in per share
calculations |
|
|
|
|
Basic |
42,700,329 |
|
|
42,385,888 |
|
|
Diluted |
43,537,344 |
|
|
42,932,054 |
|
|
Non-GAAP adjusted Net Earnings per share: |
|
|
|
|
Basic |
$ |
1.28 |
|
|
$ |
0.93 |
|
|
Diluted |
$ |
1.25 |
|
|
$ |
0.92 |
|
|
|
|
|
|
|
Reported Net Earnings (Loss) per share: |
|
|
|
|
Basic |
$ |
1.03 |
|
|
$ |
0.83 |
|
|
Diluted |
$ |
1.01 |
|
|
$ |
0.82 |
|
|
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) |
|
|
|
July 4, 2021 |
|
July 5, 2020 |
|
|
|
Pre-tax |
|
Pre-tax |
|
(1) Restructuring and other
exit charges - Energy Systems |
|
0.5 |
|
|
0.5 |
|
(1) Restructuring and other
exit charges - Motive Power |
|
8.5 |
|
|
0.8 |
|
(1) Restructuring and other
exit charges - Specialty |
|
(1.2 |
) |
|
0.1 |
|
(2) Amortization of identified
intangible assets from recent acquisitions - Energy Systems |
|
6.0 |
|
|
6.0 |
|
(2) Amortization of identified
intangible assets from recent acquisitions - Specialty |
|
0.4 |
|
|
0.4 |
|
(3) Acquisition activity
expense - Energy Systems |
|
— |
|
|
0.1 |
|
(3) Acquisition activity
expense - Specialty |
|
— |
|
|
0.1 |
|
Total Non-GAAP adjustments |
|
$ |
14.2 |
|
|
$ |
8.0 |
|
Summary of Earnings
(Unaudited)(In millions, except share and per
share data)
|
Quarter ended |
|
July 4, 2021 |
|
July 5, 2020 |
Net sales |
$ |
814.9 |
|
|
$ |
704.9 |
|
Gross
profit |
193.2 |
|
|
175.0 |
|
Operating expenses |
124.5 |
|
|
120.4 |
|
Restructuring and other exit charges |
7.8 |
|
|
1.4 |
|
Operating earnings |
60.9 |
|
|
53.2 |
|
Earnings before income taxes |
52.3 |
|
|
41.6 |
|
Income tax expense |
8.4 |
|
|
6.4 |
|
Net
earnings attributable to EnerSys stockholders |
$ |
43.9 |
|
|
$ |
35.2 |
|
|
|
|
|
Net
reported earnings per common share attributable to
EnerSysstockholders: |
|
|
|
Basic |
$ |
1.03 |
|
|
$ |
0.83 |
|
Diluted |
$ |
1.01 |
|
|
$ |
0.82 |
|
Dividends per common share |
$ |
0.175 |
|
|
$ |
0.175 |
|
Weighted-average number of common shares used in reported earnings
pershare calculations: |
|
|
|
Basic |
42,700,329 |
|
|
42,385,888 |
|
Diluted |
43,537,344 |
|
|
42,932,054 |
|
ENERSYSConsolidated
Condensed Balance Sheets (Unaudited) (In
Thousands, Except Share and Per Share Data)
|
|
July 4, 2021 |
|
March 31, 2021 |
Assets |
|
|
|
|
Current
assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
406,233 |
|
|
$ |
451,808 |
|
Accounts receivable, net of allowance for doubtful accounts: July
4, 2021 -$12,607; March 31, 2021 - $12,992 |
|
580,961 |
|
|
603,581 |
|
Inventories, net |
|
563,914 |
|
|
518,247 |
|
Prepaid and other current assets |
|
148,692 |
|
|
117,681 |
|
Total
current assets |
|
1,699,800 |
|
|
1,691,317 |
|
Property, plant, and equipment, net |
|
499,185 |
|
|
497,056 |
|
Goodwill |
|
712,877 |
|
|
705,593 |
|
Other
intangible assets, net |
|
423,594 |
|
|
430,898 |
|
Deferred
taxes |
|
65,940 |
|
|
65,212 |
|
Other
assets |
|
71,049 |
|
|
72,721 |
|
Total
assets |
|
$ |
3,472,445 |
|
|
$ |
3,462,797 |
|
Liabilities and Equity |
|
|
|
|
Current
liabilities: |
|
|
|
|
Short-term debt |
|
$ |
40,260 |
|
|
$ |
34,153 |
|
Accounts payable |
|
293,377 |
|
|
323,876 |
|
Accrued expenses |
|
271,106 |
|
|
318,959 |
|
Total
current liabilities |
|
604,743 |
|
|
676,988 |
|
Long-term debt, net of unamortized debt issuance costs |
|
1,020,416 |
|
|
969,618 |
|
Deferred
taxes |
|
77,384 |
|
|
76,412 |
|
Other
liabilities |
|
202,476 |
|
|
196,203 |
|
Total
liabilities |
|
1,905,019 |
|
|
1,919,221 |
|
Commitments and contingencies |
|
|
|
|
Equity: |
|
|
|
|
Preferred Stock, $0.01 par value, 1,000,000 shares authorized, no
shares issuedor outstanding at July 4, 2021 and at March 31,
2021 |
|
— |
|
|
— |
|
Common Stock, $0.01 par value per share, 135,000,000 shares
authorized,55,614,974 shares issued and 42,511,136 shares
outstanding at July 4, 2021;55,552,810 shares issued and 42,753,020
shares outstanding at March 31, 2021 |
|
556 |
|
|
555 |
|
Additional paid-in capital |
|
553,627 |
|
|
554,168 |
|
Treasury stock at cost, 13,103,838 shares held as of July 4, 2021
and 12,799,790shares held as of March 31, 2021 |
|
(594,823 |
) |
|
(563,481 |
) |
Retained earnings |
|
1,706,072 |
|
|
1,669,751 |
|
Contra equity - indemnification receivable |
|
(5,355 |
) |
|
(5,355 |
) |
Accumulated other comprehensive loss |
|
(96,474 |
) |
|
(115,883 |
) |
Total
EnerSys stockholders’ equity |
|
1,563,603 |
|
|
1,539,755 |
|
Nonredeemable noncontrolling interests |
|
3,823 |
|
|
3,821 |
|
Total
equity |
|
1,567,426 |
|
|
1,543,576 |
|
Total
liabilities and equity |
|
$ |
3,472,445 |
|
|
$ |
3,462,797 |
|
ENERSYSConsolidated
Condensed Statements of Cash Flows (Unaudited)(In
Thousands)
|
|
Quarter ended |
|
|
July 4, 2021 |
|
July 5, 2020 |
Cash flows from operating activities |
|
|
|
|
Net earnings |
|
$ |
43,929 |
|
|
$ |
35,183 |
|
Adjustments to reconcile net earnings to net cash provided by
operating activities: |
|
|
|
|
Depreciation and amortization |
|
24,433 |
|
|
23,657 |
|
Write-off of assets relating to exit activities |
|
2,141 |
|
|
471 |
|
Derivatives not designated in hedging relationships: |
|
|
|
|
Net losses (gains) |
|
6 |
|
|
(262 |
) |
Cash (settlements) proceeds |
|
(14 |
) |
|
467 |
|
Provision for doubtful accounts |
|
1,039 |
|
|
96 |
|
Deferred income taxes |
|
145 |
|
|
(54 |
) |
Non-cash interest expense |
|
518 |
|
|
518 |
|
Stock-based compensation |
|
3,659 |
|
|
5,053 |
|
Gain on disposal of property, plant, and equipment |
|
4 |
|
|
73 |
|
Changes in assets and liabilities: |
|
|
|
|
Accounts receivable |
|
24,834 |
|
|
92,752 |
|
Inventories |
|
(46,307 |
) |
|
14,852 |
|
Prepaid and other current assets |
|
(15,595 |
) |
|
2,672 |
|
Other assets |
|
344 |
|
|
718 |
|
Accounts payable |
|
(36,746 |
) |
|
(40,609 |
) |
Accrued expenses |
|
(50,314 |
) |
|
(18,571 |
) |
Other liabilities |
|
(219 |
) |
|
(452 |
) |
Net
cash (used in) provided by operating activities |
|
(48,143 |
) |
|
116,564 |
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Capital expenditures |
|
(16,435 |
) |
|
(26,330 |
) |
Proceeds
from disposal of facility |
|
3,268 |
|
|
— |
|
Proceeds from disposal of property, plant, and equipment |
|
49 |
|
|
50 |
|
Net
cash used in investing activities |
|
(13,118 |
) |
|
(26,280 |
) |
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Net
borrowings (repayments) on short-term debt |
|
5,512 |
|
|
(987 |
) |
Proceeds from 2017 Revolver borrowings |
|
65,700 |
|
|
35,000 |
|
Repayments of 2017 Revolver borrowings |
|
(5,700 |
) |
|
(55,000 |
) |
Repayments of 2017 Term Loan |
|
(11,447 |
) |
|
(8,402 |
) |
Option proceeds, net |
|
386 |
|
|
479 |
|
Payment of taxes related to net share settlement of equity
awards |
|
(4,803 |
) |
|
(3,135 |
) |
Purchase of treasury stock |
|
(31,512 |
) |
|
— |
|
Dividends paid to
stockholders |
|
(7,435 |
) |
|
(7,428 |
) |
Other |
|
214 |
|
|
11 |
|
Net
cash provided by (used in) financing activities |
|
10,915 |
|
|
(39,462 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
4,771 |
|
|
6,578 |
|
Net
(decrease) increase in cash and cash equivalents |
|
(45,575 |
) |
|
57,400 |
|
Cash
and cash equivalents at beginning of period |
|
451,808 |
|
|
326,979 |
|
Cash
and cash equivalents at end of period |
|
$ |
406,233 |
|
|
$ |
384,379 |
|
EnerSys also announced that it will host a conference call to
discuss the Company's first 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, August 12, 2021 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.
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, August 12, 2021 |
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: |
4759148 |
|
|
A replay of the conference call will be available from 12:00
a.m. on August 12, 2021 through 12:00 a.m. on September 11,
2021.
The replay information is:
Via Internet: |
http://www.enersys.com |
Domestic Replay Number: |
855-859-2056 |
International Replay Number: |
404-537-3406 |
Passcode: |
4759148 |
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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 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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