Energizer Holdings (ENR) Tops Q1 EPS by 2c, offers outlook

Energizer Holdings (NYSE: ENR) reported Q1 EPS of $0.59, $0.02 better than the analyst estimate of $0.57. Revenue for the quarter came in at $716.6 million versus the consensus estimate of $710.7 million.

Financial Outlook and Assumptions for Fiscal Year 2024(1)

Our first quarter results were in line with our original guidance of organic revenue down 6% to 8% and Adjusted earnings per share within the range of $0.50 to $0.60.

For fiscal 2024, we continue to expect organic revenue to be flat to down low single digits. We also expect Adjusted EBITDA to be in the range of $600 million to $620 million and Adjusted earnings per share to be in the range of $3.10 to $3.30. In the second quarter we expect organic revenue to be down 2% to 3% and Adjusted earnings per share within the range of $0.65 to $0.70.

Project Momentum savings were previously expected to be in the range of $130 to $150 million over the program timeline. We are now expecting those savings to be in the range of $160 to $180 million over the life of the program. Cash costs to achieve these savings over this same period are now expected to be $140 to $150 million. For fiscal year 2024 savings are expected to be in the range of $55 to $65 million with one-time cash costs to achieve between $60 to $70 million.

For earnings history and earnings-related data on Energizer Holdings (ENR) click here.

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