EnerSys
For the period ended Dec 31, 2023. Filed Feb 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2023 · Filed Feb 7, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Business Segments
- Business Segments
Effective April 1, 2023, the Company created a new line of business and operating segment named New Ventures in addition to the existing lines of businesses: Energy Systems, Motive Power, and Specialty. The results of New Ventures include start-up operating expenses captured within the "Corporate and other" category of operating earnings. New Ventures provides energy storage and management systems for demand charge reduction, utility back-up power, and dynamic fast charging for electric vehicles.
Summarized financial information related to the Company's reportable segments for the third quarter andnine months ended December 31, 2023 and January 1, 2023, is shown below:
| Quarter ended | Nine months ended | |||
|---|---|---|---|---|
| December 31, 2023 | January 1, 2023 | December 31, 2023 | January 1, 2023 | |
| Net sales by segment to unaffiliated customers (1) | ||||
| Energy Systems | $373,573 | $434,310 | $1,220,587 | $1,279,913 |
| Motive Power | 355,396 | 361,788 | 1,061,383 | 1,067,632 |
| Specialty | 132,579 | 124,129 | 389,180 | 371,090 |
| Total net sales | $861,548 | $920,227 | $2,671,150 | $2,718,635 |
| Operating earnings by segment | ||||
| Energy Systems | $14,309 | $27,654 | $69,521 | $60,435 |
| Motive Power | 52,715 | 47,214 | 156,531 | 129,501 |
| Specialty | 7,496 | 11,609 | 22,900 | 30,431 |
| Corporate and other (3) | 55,758 | — | 92,055 | — |
| Inventory adjustment relating to exit activities - Energy Systems | (16,067) | 211 | (16,067) | 211 |
| Inventory adjustment relating to exit activities - Motive Power | — | 652 | — | (892) |
| Inventory adjustment relating to exit activities - Specialty | — | — | (3,098) | — |
| Restructuring and other exit charges - Energy Systems | (2,358) | (158) | (5,073) | (1,097) |
| Restructuring and other exit charges - Motive Power | (2,909) | (650) | (7,947) | (11,304) |
| Restructuring and other exit charges - Specialty | (803) | 7 | (6,593) | 7 |
| Amortization - Energy Systems | (6,047) | (6,941) | (18,483) | (21,348) |
| Amortization - Motive Power | (170) | (110) | (512) | (330) |
| Amortization - Specialty | (702) | (733) | (2,106) | (2,200) |
| Intangibles Impairment - Energy Systems | (6,020) | — | (6,020) | — |
| Other - Energy Systems | (2,449) | (90) | (3,508) | (251) |
| Other - Motive Power | (122) | (135) | (712) | (235) |
| Other - Specialty | (34) | — | (232) | — |
| Total operating earnings (2) | $92,597 | $78,530 | $270,656 | $182,928 |
(1) Reportable segments do not record inter-segment revenues and accordingly there are none to report.
(2) The Company does not allocate interest expense or other (income) expense, net, to the reportable segments.
(3) Corporate and other includes amounts managed on a company-wide basis and not directly allocated to any reportable segments, primarily relating to IRA production tax credits. Also, included are start-up costs for exploration of a new lithium plant as well as start-up operating expenses from the New Ventures operating segment.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.