EnerSys reported its financial results for the quarter and six months ended September 29, 2024, showing a mixed performance compared to the previous fiscal period. Total net sales for the quarter were $883.7 million, a decrease of $17.3 million (1.9%) from $901.0 million in the same quarter of fiscal 2024. For the six months, net sales totaled $1.736 billion, down $73.0 million (4.0%) from $1.810 billion in the prior year. The decline in sales was attributed to a 3% decrease in organic volume and a 1% decrease in pricing, partially offset by a 2% increase from acquisitions.
The company's gross profit for the quarter increased to $252.1 million (28.5% of total net sales), up from $239.6 million (26.6%) in the same quarter of the previous year. For the six months, gross profit rose to $490.5 million (28.2% of total net sales), compared to $479.9 million (26.5%) in the prior year. The improvement in gross profit margin was driven by benefits from the Inflation Reduction Act and a favorable product mix in the Motive Power segment.
Operating earnings for the quarter were $99.4 million, representing 11.2% of total net sales, an increase of $10.8 million (12.2%) from the previous year. For the six months, operating earnings rose to $190.7 million, up $12.7 million (7.1%) compared to the same period in fiscal 2024. The Motive Power segment reported a notable increase in operating earnings, while the Energy Systems segment experienced a decline.
Net earnings for the quarter were $82.3 million, compared to $65.2 million in the same quarter of fiscal 2024. For the six months, net earnings increased to $152.4 million from $132.0 million in the prior year. The earnings per share for the quarter were $2.05 (basic) and $2.01 (diluted), up from $1.59 and $1.56, respectively, in the previous year.
Strategically, EnerSys completed the acquisition of Bren-Tronics Defense LLC on July 26, 2024, for $205.3 million, enhancing its Specialty segment with portable power solutions for military applications. The company is also undergoing restructuring plans, including the cessation of production of residential renewable energy products and the closure of its Spokane facility, with total estimated charges of approximately $3.6 million.
As of September 29, 2024, EnerSys reported total assets of $3.951 billion, up from $3.466 billion at the end of the previous fiscal year. Cash and cash equivalents increased to $407.9 million from $333.3 million. Long-term debt rose significantly to $1.203 billion from $802.0 million, reflecting increased borrowing to support acquisitions and operations.
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