EnerSys reports lower earnings, eyes return to higher margins
Feb 04, 2010 | 12:52 PM
| Tatyana Shumsky
EnerSys Inc., the world's largest maker and distributor of industrial batteries, reported lower earnings for the three months ended Dec. 27, saying the recession kept sales volumes subdued.
The Reading, Pa.-based company posted earnings of $23.2 million in the quarter, the third of its fiscal year, off 22.1 percent from $29.8 million in the same period the previous year. Due to a change in accounting for convertible notes, EnerSys restated its 2009 fiscal third-quarter earnings, downgrading them by around $500,000.
EnerSys said sales for the period fell 8.6 percent to $421.3 million from $460.9 million in the third fiscal quarter of 2009. "We believe the decline in organic volume was a direct result of reduced end-user demand caused by the global economic recession," the company said.....
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