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Energizer Holdings, Inc. (NYSE: ENR) is a global leader in the manufacturing and distribution of household batteries, specialty batteries, and lighting products. The company's product portfolio includes a variety of battery technologies such as lithium, alkaline, carbon-zinc, nickel-metal hydride, zinc-air, and silver oxide. These products are marketed under well-known brands like Energizer, Rayovac, Varta, and Eveready, catering to both performance and premium price segments.
Beyond batteries, Energizer also provides an extensive range of auto care products, which include offerings in appearance, fragrance, performance, and air conditioning recharge categories. The company operates through two primary geographic segments: the Americas and International, with the majority of its revenue generated from the Americas.
In recent developments, Energizer has been focusing on improving its financial health and operational efficiency through aggressive cost-saving measures under Project Momentum. This initiative aims to deliver significant savings by optimizing cost structures and simplifying operations. As part of this project, the company expects to achieve savings between $130 to $150 million by the end of 2025.
Despite facing top-line challenges in recent quarters, Energizer remains committed to maintaining robust margins and cash flow, which has enabled the company to reduce debt and reinvest in its business. For fiscal year 2023, Energizer delivered adjusted earnings and EBITDA within its original guidance range, achieving notable progress in gross margin restoration and free cash flow generation.
Looking forward, Energizer anticipates continued macroeconomic uncertainties in 2024. However, the company is focused on executing its strategic priorities, which include gross margin improvement, debt reduction, and strategic investments to fuel long-term growth. For fiscal 2024, the company projects adjusted EBITDA in the range of $600 million to $620 million and adjusted earnings per share between $3.10 to $3.30.
The company's latest financial results for the first fiscal quarter of 2024 highlight an improvement in adjusted gross profit margin and strong free cash flow, further supporting debt reduction efforts. These results reflect the benefits of Project Momentum, despite fluctuations in net sales and ongoing restructuring costs.
Energizer's management continues to engage with investors and stakeholders through regular conference calls and webcasts, providing updates on financial performance and strategic initiatives. The company remains committed to delivering value to its shareholders while navigating the complexities of a dynamic global market.
Energizer Holdings, Inc. (NYSE: ENR) announced a €650 million offering of senior notes due 2029 by its subsidiary, Energizer Gamma Acquisition B.V. The proceeds will fund the conditional redemption of its existing €650 million 4.625% Senior Notes due 2026 and cover associated fees. The redemption is set for July 9, 2021, contingent on market conditions. The new notes are offered to qualified buyers under Rule 144A and Regulation S, exempt from registration under the Securities Act. The offering's completion is uncertain.
Energizer Holdings, Inc. (NYSE: ENR) announced significant price increases across its global battery business, including alkaline, lithium, carbon zinc, and rechargeable products, effective throughout fiscal 2022. This move, driven by rising costs in commodities, freight, and labor, aims to offset inflation. The company expects enhanced financial outcomes in the latter half of fiscal 2022 as these price changes take effect. Energizer has also raised prices in over 85% of its North American business and plans similar actions internationally. Fiscal 2021 outlook remains unchanged.
Energizer Holdings (NYSE: ENR) reported strong second-quarter results with a 12.7% organic sales growth, reaching net sales of $685.1 million, up from $587.0 million year-over-year. The company now projects a 5% to 7% growth for fiscal 2021, with adjusted earnings per share expected between $3.30 to $3.50. Despite a slight decrease in gross margin, adjusted EBITDA rose to $147.6 million, driven by revenue growth and cost synergies. The outlook reflects strong demand for battery products and improved cost control.
Energizer Holdings (NYSE: ENR) declared quarterly dividends: $0.30 per share for common stock, payable on June 15, 2021, for shareholders recorded by May 24, 2021. Preferred stockholders will receive $1.875 per share for the 7.50% Series A mandatory convertible preferred stock, payable on July 15, 2021, for those recorded by July 1, 2021. Energizer, headquartered in St. Louis, is a leading manufacturer of batteries and consumer products, aiming to provide exceptional value.
Armor All has announced a global, multi-year partnership with Red Bull Racing Honda, aimed at enhancing brand awareness and consumer engagement internationally. This collaboration positions Armor All as the team's official auto cleaning and care partner, featuring its branding on race cars and team apparel. The partnership also opens avenues for product development and promotional activities aligned with Formula One events, focusing on expanding Armor All's reach in Europe, Latin America, and Asia.
Energizer Holdings (NYSE: ENR) will announce its Second Quarter Fiscal 2021 results on May 10, 2021, prior to market opening. The subsequent investor conference call will be held at 10 a.m. ET on the same day, featuring key executives including CEO Mark LaVigne and CFO Tim Gorman. Interested parties can access the live webcast through the company's investor relations page. A replay will also be available for those unable to attend the live session.
Armor All®, a global leader in auto care products, has appointed Jenson Button, the 2009 Formula 1 World Champion, as its first global brand ambassador. This multi-year partnership aims to enhance Armor All®’s marketing efforts globally, particularly in Europe, Latin America, and Asia. Button will participate in international campaigns and share car care tips via social media. Energizer Holdings, the parent company, emphasizes its commitment to expanding brand awareness and distribution for Armor All® products worldwide.
Energizer Holdings (NYSE: ENR) has appointed Don Mulligan as an independent director, effective April 1, 2021. Mulligan, who previously served as CFO of General Mills, brings over 30 years of experience in the consumer products sector. His expertise aligns with Energizer's strategic goals to enhance operational excellence and drive growth. This change comes as Alan Hoskins, the former CEO, retires from the Board, marking a planned transition. The Board will now consist of 11 directors, with 10 being independent.
Energizer Holdings, Inc. (NYSE: ENR) will host a fireside chat featuring CEO Mark LaVigne and CFO Tim Gorman at the 2021 Truist Securities Conference on February 23, 2021, at 10:00 AM ET. The discussion will be available via webcast on Energizer's website in the Investors and Events section. Based in St. Louis, Missouri, Energizer is a major player in the manufacturing and distribution of batteries and automotive care products, with renowned brands like Energizer®, Armor All®, and Rayovac®.
Energizer Holdings, Inc. (ENR) reported strong first fiscal quarter results for 2021 ending December 31, with net sales of $848.6 million, a 15.2% increase from the prior year. Organic sales grew 12.7%, driven by new distribution and elevated demand. Adjusted earnings per share guidance is raised to $3.10 to $3.40. Gross margin slightly decreased to 40.7% due to incremental COVID-19 costs. However, operational efficiencies and refinancing efforts are expected to save $25 million in annual interest expenses. Free cash flow remained strong at $90.2 million.
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