EnerSys (ENS) Q2 FY2022 earnings: revenue $791 million, up 11.7% on the year

EnerSys (ENS) reported revenue of $791 million for Q2 FY2022, the quarter ended 3 October 2021, up 11.7% on the same quarter a year earlier. Net income was $36 million, down 0.3% on the year, and diluted earnings per share $0.82. The figures are the company's own, from the 10-Q it filed with the SEC on 10 November 2021.

Revenue

$791 million

+11.7% on the year · -2.9% on the quarter

Q3 FY2020Q2 FY2022

Operating margin

6.3%

7.8% a year earlier

Q3 FY2020Q2 FY2022

Net income

$36 million

-0.3% on the year · -18.9% on the quarter

Q3 FY2020Q2 FY2022

Diluted EPS

$0.82

-1.2% on the year · -18.8% on the quarter

Q3 FY2020Q2 FY2022

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q2 FY2022	Q1 FY2022	Q2 FY2021	On the quarter	On the year
Revenue	791	815	708	-2.9%	+11.7%
Cost of revenue	n/a	622	531
Gross profit	178	193	178	-7.9%	+0.2%
Gross margin	22.5%	23.7%	25.1%
Operating income	49.7	60.9	55.4	-18.4%	-10.3%
Operating margin	6.3%	7.5%	7.8%
Interest expense	9.6	9.1	9.8	+5.1%	-2.6%
Pre-tax income	39.9	52.3	41.5	-23.6%	-3.7%
Income tax	4.3	8.4	5.7	-48.6%	-25.2%
Effective tax rate	10.8%	16.0%	13.9%
Net income	35.6	43.9	35.7	-18.9%	-0.3%
Net margin	4.5%	5.4%	5.0%
Diluted EPS	$0.82	$1.01	$0.83	-18.8%	-1.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2022	Q1 FY2022	Q2 FY2021	On the quarter	On the year
Operating cash flow	-17.4	-48.1	101
Capital expenditure	18.2	16.4	13.6	+10.7%	+34.0%
Free cash flow	-35.6	-64.6	87.1
Free cash flow margin	-4.5%	-7.9%	12.3%
Cash from investing	-18.1	-13.1	-13.5
Cash from financing	43.0	10.9	-66.3	+293.9%
Depreciation and amortisation	23.9	24.4	23.4	-2.2%	+2.2%
Share-based compensation	5.8	3.7	5.5	+57.6%	+4.2%
Buybacks	31.5	31.5	0.0	0.0%
Dividends paid	7.5	7.4	7.5	+0.3%	+0.1%
Dividend per share	$0.17	$0.17	$0.17	0.0%	0.0%
Diluted shares, weighted	43m	44m	43m	-0.6%	+0.4%
Shares outstanding at period end	43m	43m	43m	+0.3%	+0.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2022	Q1 FY2022	Q2 FY2021	On the quarter	On the year
Shareholders' equity	1,570	1,564	1,431	+0.4%	+9.7%
Non-controlling interest	3.8	3.8	3.7	+0.4%	+4.0%
Short-term borrowings	n/a	40.3	31.8
Debt	1,112	1,020	1,039	+9.0%	+7.0%
Operating lease liabilities	39.0	41.8	47.8	-6.7%	-18.3%
Finance lease liabilities	0.3	0.4	0.4	-14.1%	-21.0%
Other liabilities	792	802	779	-1.2%	+1.7%
Total liabilities and equity	3,517	3,472	3,333	+1.3%	+5.5%
Fixed assets	500	499	499	+0.2%	+0.3%
Goodwill	703	713	689	-1.4%	+2.0%
Intangible assets	414	424	444	-2.3%	-6.8%
Cash and equivalents	408	406	414	+0.3%	-1.6%
Receivables	585	581	500	+0.6%	+17.0%
Inventory	641	564	517	+13.7%	+24.1%
Other assets	267	286	271	-6.4%	-1.3%
Total assets	3,517	3,472	3,333	+1.3%	+5.5%

Questions

What was EnerSys' revenue in Q2 FY2022?

EnerSys (ENS) reported revenue of $791 million for Q2 FY2022, the quarter ended 3 October 2021, up 11.7% on the same quarter a year earlier.

How much did EnerSys earn in Q2 FY2022?

Net income for Q2 FY2022 was $36 million, down 0.3% on the year, and diluted earnings per share $0.82.

When did EnerSys report Q2 FY2022 results?

EnerSys filed its 10-Q for the quarter ended 3 October 2021 with the SEC on 10 November 2021.

Quarterly results, the last 20 quarters

	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027	Q2 FY2027
Revenue	844	907	899	899	920	990	909	901	862	911	853	884	906	975	893	951	919	988	936	950
Cost of revenue	n/a	n/a	713	703	0.0	1,451	665	661	597	655	615	630	607	670	640	674	642	696	622	664
Gross profit	184	195	186	195	214	246	240	240	249	254	238	252	298	304	253	277	276	291	313	284
Gross margin	22%	21%	21%	22%	23%	25%	26%	27%	29%	28%	28%	29%	33%	31%	28%	29%	30%	29%	33%	30%
Operating income	51.2	44.5	50.1	54.3	78.5	95.4	89.4	88.6	92.6	80.9	91.3	99.4	143	131	86.5	92.0	124	124	151	115
Operating margin	6%	5%	6%	6%	9%	10%	10%	10%	11%	9%	11%	11%	16%	13%	10%	10%	14%	13%	16%	12%
Interest expense	9.7	9.4	11.6	15.5	17.5	15.0	15.2	12.2	11.7	10.8	11.0	12.5	14.9	12.8	11.3	12.2	14.1	12.9	10.6	10.1
Pre-tax income	42.8	38.9	36.8	40.3	57.8	75.8	73.5	73.4	78.7	66.6	79.3	84.2	127	116	65.7	76.5	106	99.1	135	103
Tax rate	15%	28%	16%	14%	23%	13%	9%	11%	3%	9%	12%	2%	9%	17%	12%	11%	15%	22%	14%	13%
Net income	36.3	28.1	31.0	34.5	44.4	66.0	66.8	65.2	76.2	60.9	70.1	82.3	115	96.5	57.5	68.4	90.4	77.3	116	89.6
Net margin	4%	3%	3%	4%	5%	7%	7%	7%	9%	7%	8%	9%	13%	10%	6%	7%	10%	8%	12%	9%
Diluted EPS	$0.85	$0.68	$0.75	$0.84	$1.08	$1.59	$1.60	$1.56	$1.86	$1.48	$1.71	$2.01	$2.88	$2.41	$1.46	$1.80	$2.40	$2.05	$3.09	$2.42
Operating cash flow	-12.5	12.4	-71.9	1.6	206	144	74.9	111	135	137	10.4	33.6	81.1	135	1.0	218	185	144	230	143
Capital expenditure	17.7	21.7	23.0	16.6	17.9	31.3	16.1	19.8	23.2	27.4	36.1	30.3	24.3	30.3	33.0	20.9	13.3	12.8	12.4	12.4
Free cash flow	-30.2	-9.2	-94.9	-15.0	188	113	58.9	91.0	111	109	-25.7	3.3	56.8	105	-32.1	197	171	131	218	130
Buybacks	115	-21.2	22.9	0.0	0.0	0.0	0.0	47.3	35.0	13.4	11.6	63.5	38.7	40.0	150	67.8	83.6	69.3	50.0	130
Dividends paid	7.3	7.2	7.1	7.1	7.1	7.2	7.2	9.2	9.1	9.1	9.0	9.6	9.5	9.4	9.1	9.8	9.6	9.6	9.6	10.3
Shares outstanding	42m	41m	41m	41m	41m	41m	41m	41m	40m	40m	40m	40m	39m	39m	37m	37m	37m	36m	36m	36m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 3 October 2021, filed 10 November 2021: the filing.