NYSE$ENS
EnerSys · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
EnerSys reported record gross margin and EPS, driven by strong operating performance and benefits from the Inflation Reduction Act.
EnerSys reported a 1% increase in net sales to $909 million for Q1 2024. The company achieved a record gross margin of 26.4%, including benefits from Inflation Reduction Act tax credits, and a record EPS of $1.60. They reduced net leverage to 1.5X EBITDA with operating cash flow of $75 million.
- Net sales increased by 1% to $909 million due to normalized customer inventory levels.
- Record gross margin of 26.4%, including a $19 million benefit from Inflation Reduction Act tax credits.
- Operating earnings increased by 78% to $89 million, and adjusted operating earnings increased by 65% to $107.2 million.
- Record diluted EPS of $1.60, a 113% increase, and record adjusted diluted EPS of $1.89, a 64% increase.
Headline financials
Revenue & EPS history
EnerSys · Revenue · Quarterly
$909M
Revenue by segment
EnerSys · $909M total across 3 segments · Q1 2024
- Energy Systems$425M+3.9%46.7%
- Motive Power$351M-4.6%38.6%
- Specialty$133M+8.7%14.7%
Forward guidance
EnerSys expects adjusted diluted earnings per share in the range of $1.77 to $1.87 for Q2 2024, including $0.42 to $0.52 from IRC 45X tax benefits. Gross margin is expected to be in the range of 25.0% to 27.0%, including 150bps to 250bps from IRA credits. Capital expenditures for fiscal year 2024 are expected to be approximately $120 million.
Tailwinds
- Adjusted diluted earnings per share in the range of $1.77 to $1.87, inclusive of $0.42 to $0.52 from IRC 45X tax benefits.
- Excluding the IRA credits, this represents an increase of approximately 22% over the prior year, at the midpoint, reflecting stable demand trends and a healthy backlog.
- Gross margin in the range of 25.0% to 27.0%, including 150bps to 250bps from IRA credits.
- Stable demand trends
- Healthy backlog
Headwinds
- The IRS has not yet issued additional clarification guidance related to section 45X which could materially increase or decrease the quantity of our U.S. produced batteries that qualify for this credit.
- Continue to operate in a dynamic macro environment.
- Geopolitical tensions
- Higher interest rates
- Persisting inflation
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2024
+0.1%
Avg return
Earnings day
+1.1%
Avg return
5 days after
-0.6%
Avg return
30 days after
51%
35 / 69 earnings
Positive
+14.2%
Q2 2023
Best reaction
-14.8%
Q4 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2026 | +11.4% | +13.7% | +6.5% | |
| Q3 2026 | -13.9% | -6.1% | -16.2% | |
| Q2 2026 | +1.4% | +9.2% | +16.4% | |
| Q1 2026 | +3.5% | +8.2% | +14.0% | |
| Q4 2025 | -14.8% | -11.9% | -12.9% | |
| Q3 2025 | +2.8% | +7.4% | +7.9% | |
| Q2 2025 | -3.4% | +1.0% | -4.4% | |
| Q1 2025 | -2.0% | -0.8% | +0.5% | |
| Q4 2024 | +11.4% | +10.6% | +9.6% | |
| Q3 2024 | -6.6% | -7.1% | -3.6% | |
| Q2 2024 | -3.8% | -1.7% | +5.6% | |
| Q1 2024 | -12.3% | -7.3% | -5.8% | |
| Q4 2023 | +12.2% | +14.8% | +19.4% | |
| Q3 2023 | +4.5% | +6.6% | -4.0% | |
| Q2 2023 | +14.2% | +15.9% | +12.5% | |
| Q1 2023 | +1.4% | +6.0% | -4.0% | |
| Q4 2022 | +9.9% | +11.7% | -3.9% | |
| Q3 2022 | -0.4% | -3.7% | -0.4% | |
| Q2 2022 | -3.6% | -2.9% | -10.1% | |
| Q1 2022 | -4.4% | -6.8% | -18.9% | |
| Q4 2021 | +4.0% | +3.2% | +7.0% | |
| Q3 2021 | -1.5% | -2.0% | +7.2% | |
| Q2 2021 | -5.5% | +0.4% | +2.5% | |
| Q1 2021 | +3.9% | +1.6% | -9.5% | |
| Q4 2020 | +1.3% | +15.3% | -1.4% | |
| Q3 2020 | -7.3% | -7.1% | -21.6% | |
| Q2 2020 | -3.2% | -4.0% | -0.5% | |
| Q1 2020 | -10.5% | -11.0% | -9.3% | |
| Q4 2019 | -2.6% | -3.9% | +14.1% | |
| Q3 2019 | -10.8% | -20.4% | -22.4% | |
| Q2 2019 | +4.7% | +0.6% | -6.5% | |
| Q1 2019 | -5.2% | -7.2% | +2.2% | |
| Q4 2018 | +1.1% | +1.1% | -5.6% | |
| Q3 2018 | +6.9% | +6.6% | +11.4% | |
| Q2 2018 | +2.3% | -1.7% | -0.6% | |
| Q1 2018 | -11.2% | -11.7% | -10.8% | |
| Q4 2017 | -11.5% | -7.5% | -13.5% | |
| Q3 2017 | -0.3% | +0.4% | -2.8% | |
| Q2 2017 | +10.1% | +18.2% | +25.0% | |
| Q1 2017 | +7.5% | +8.1% | +4.7% | |
| Q4 2016 | +7.0% | +8.3% | -0.2% | |
| Q3 2016 | -0.3% | — | — | |
| Q2 2016 | +3.2% | — | — | |
| Q1 2016 | -9.3% | — | — | |
| Q4 2015 | +1.5% | — | — | |
| Q3 2015 | -2.6% | — | — | |
| Q2 2015 | -1.5% | — | — | |
| Q1 2015 | -9.3% | — | — | |
| Q4 2014 | +2.5% | — | — | |
| Q3 2014 | +9.1% | — | — | |
| Q2 2014 | -0.5% | — | — | |
| Q1 2014 | +0.1% | — | — | |
| Q4 2013 | +2.5% | — | — | |
| Q3 2013 | -0.9% | — | — | |
| Q2 2013 | -0.6% | — | — | |
| Q1 2013 | +7.0% | — | — | |
| Q4 2009 | +2.8% | — | — | |
| Q4 2012 | +2.8% | — | — | |
| Q3 2012 | +6.7% | — | — | |
| Q2 2012 | +11.2% | — | — | |
| Q1 2012 | -0.2% | — | — | |
| Q4 2011 | -4.0% | — | — | |
| Q3 2011 | +3.7% | — | — | |
| Q3 2010 | +3.7% | — | — | |
| Q2 2011 | +7.8% | — | — | |
| Q2 2010 | +7.8% | — | — | |
| Q1 2011 | -8.4% | — | — | |
| Q1 2010 | -8.4% | — | — | |
| Q4 2010 | -8.4% | — | — |
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