EnerSys (ENS) Q3 FY2024 earnings: revenue $862 million, down 6.4% on the year

EnerSys (ENS) reported revenue of $862 million for Q3 FY2024, the quarter ended 31 December 2023, down 6.4% on the same quarter a year earlier. Net income was $76 million, up 71.5% on the year, and diluted earnings per share $1.86. The figures are the company's own, from the 10-Q it filed with the SEC on 7 February 2024.

Revenue$862 milliondown 6.4%

Net income$76 millionup 71.5%

Diluted EPS$1.86

QuarterQ3 FY2024ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Revenue	862	901	n/a	n/a
Cost of revenue	597	661	n/a	n/a
Gross profit	249	240	n/a	n/a
Gross margin	28.9%	26.6%	n/a
Operating income	92.6	88.6	n/a	n/a
Operating margin	10.7%	9.8%	n/a
Interest expense	11.7	12.2	n/a	n/a
Pre-tax income	78.7	73.4	n/a	n/a
Income tax	2.5	8.2	n/a	n/a
Effective tax rate	3.2%	11.2%	n/a
Net income	76.2	65.2	n/a	n/a
Net margin	8.8%	7.2%	n/a
Diluted EPS	$1.86	$1.56	n/a	n/a

$ 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 and capital returned

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Operating cash flow	135	111	n/a	n/a
Capital expenditure	23.2	19.8	n/a	n/a
Free cash flow	111	91.0	n/a	n/a
Free cash flow margin	12.9%	10.1%	n/a
Cash from investing	-23.1	-17.8	n/a	n/a
Cash from financing	-118	-17.5	n/a	n/a
Depreciation and amortisation	23.1	22.5	n/a	n/a
Share-based compensation	9.8	5.1	n/a	n/a
Buybacks	35.0	47.3	n/a	n/a
Dividends paid	9.1	9.2	n/a	n/a
Dividend per share	$0.23	$0.23	n/a	n/a
Diluted shares, weighted	41m	42m	n/a	n/a
Shares outstanding at period end	40m	41m	n/a	n/a

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

Balance sheet at quarter end

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Shareholders' equity	1,727	1,660	n/a	n/a
Non-controlling interest	3.5	3.4	n/a	n/a
Short-term borrowings	30.9	30.5	n/a	n/a
Debt	881	950	n/a	n/a
Other liabilities	861	849	n/a	n/a
Total liabilities and equity	3,503	3,493	n/a	n/a
Fixed assets	524	511	n/a	n/a
Goodwill	691	677	n/a	n/a
Intangible assets	335	346	n/a	n/a
Cash and equivalents	333	328	n/a	n/a
Receivables	498	537	n/a	n/a
Inventory	755	777	n/a	n/a
Other assets	367	318	n/a	n/a
Total assets	3,503	3,493	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	901	862	911	853	884	906	975	893	951	919	988	936
Cost of revenue	661	597	655	615	630	607	670	640	674	642	696	622
Gross profit	240	249	254	238	252	298	304	253	277	276	291	313
Gross margin	27%	29%	28%	28%	29%	33%	31%	28%	29%	30%	29%	33%
Operating income	88.6	92.6	80.9	91.3	99.4	143	131	86.5	92.0	124	124	151
Operating margin	10%	11%	9%	11%	11%	16%	13%	10%	10%	14%	13%	16%
Interest expense	12.2	11.7	10.8	11.0	12.5	14.9	12.8	11.3	12.2	14.1	12.9	10.6
Pre-tax income	73.4	78.7	66.6	79.3	84.2	127	116	65.7	76.5	106	99.1	135
Tax rate	11%	3%	9%	12%	2%	9%	17%	12%	11%	15%	22%	14%
Net income	65.2	76.2	60.9	70.1	82.3	115	96.5	57.5	68.4	90.4	77.3	116
Net margin	7%	9%	7%	8%	9%	13%	10%	6%	7%	10%	8%	12%
Diluted EPS	$1.56	$1.86	$1.48	$1.71	$2.01	$2.88	$2.41	$1.46	$1.80	$2.40	$2.05	$3.09
Operating cash flow	111	135	137	10.4	33.6	81.1	135	1.0	218	185	144	230
Capital expenditure	19.8	23.2	27.4	36.1	30.3	24.3	30.3	33.0	20.9	13.3	12.8	12.4
Free cash flow	91.0	111	109	-25.7	3.3	56.8	105	-32.1	197	171	131	218
Buybacks	47.3	35.0	13.4	11.6	63.5	38.7	40.0	150	67.8	83.6	69.3	50.0
Dividends paid	9.2	9.1	9.1	9.0	9.6	9.5	9.4	9.1	9.8	9.6	9.6	9.6
Shares outstanding	41m	40m	40m	40m	40m	39m	39m	37m	37m	37m	36m	36m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	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 diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. 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.

Source

10-Q for the period ended 31 December 2023, filed 7 February 2024, accession 0001289308-24-000005: the filing on EDGAR. All of EnerSys's filings: EDGAR company page.

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