Q3 2024 Energizer Holdings Inc Earnings Call Transcript
Key Points
- Energizer Holdings Inc (ENR) reported 1.2% organic net sales growth for the third quarter.
- The company achieved an adjusted gross margin expansion of 270 basis points.
- Adjusted earnings grew by 46%, reflecting strong financial performance.
- Energizer Holdings Inc (ENR) has paid down debt for the eighth consecutive quarter, totaling $150 million year-to-date.
- The auto care segment saw a 19% organic sales increase internationally, demonstrating strong growth.
- Despite overall growth, the U.S. battery category saw a 1% decline in value due to pricing and promotional investments.
- Adjusted SG&A expenses increased by $5.1 million, driven by higher labor and benefit costs, travel expenses, and depreciation.
- The company recorded a one-time non-cash $111 million impairment charge on certain intangible assets.
- Organic revenue for the full fiscal year is expected to be down roughly 2%.
- The company anticipates flat organic net sales for the fourth quarter, indicating potential challenges in maintaining growth momentum.
Good morning. My name is Laura, and I'll be your conference operator today. At this time, I would like to welcome everyone to Energizer's Third Quarter of Fiscal Year 2024 conference call. As it is because remarks there will be a question and answer session. If you have a question, please press star followed by the number one on your touch tone phone. The decline from the polling process, please press star followed by the number two. As a reminder, this call is being recorded. I would now like to turn the conference call over to John Coleman, but first and Treasurer and Investor Relations.
Good morning and welcome to Energizer's third quarter fiscal 2024 conference call. Joining me today are Mark LaVigne, President and Chief Executive Officer, and John Drabik, Executive Vice President and Chief Financial Officer. A replay of this call will be available on the Investor Relations section of our website, energizerholdings.com.
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