EnerSys
For the period ended Sep 29, 2024. Filed Nov 6, 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.
Sep 29, 2024 · Filed Nov 6, 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 second quarter andsix months ended September 29, 2024 and October 1, 2023, is shown below:
| Quarter ended | Six months ended | |||
|---|---|---|---|---|
| September 29, 2024 | October 1, 2023 | September 29, 2024 | October 1, 2023 | |
| Net sales by segment to unaffiliated customers (1) | ||||
| Energy Systems | $382,091 | $422,466 | $743,142 | $847,014 |
| Motive Power | 366,744 | 355,206 | 732,899 | 705,987 |
| Specialty | 134,834 | 123,361 | 260,544 | 256,601 |
| Total net sales | $883,669 | $901,033 | $1,736,585 | $1,809,602 |
| Operating earnings by segment | ||||
| Energy Systems | $24,361 | $25,563 | $43,361 | $55,212 |
| Motive Power | 57,590 | 53,448 | 113,556 | 103,816 |
| Specialty | 7,338 | 5,587 | 12,238 | 15,404 |
| Corporate and other (2) | 25,281 | 18,894 | 51,106 | 36,297 |
| Inventory step up to fair value relating to acquisitions - Specialty | (1,883) | — | (1,883) | — |
| Inventory adjustment relating to exit activities - Specialty | — | — | — | (3,098) |
| Restructuring and other exit charges - Energy Systems | (747) | (2,227) | (4,524) | (2,715) |
| Restructuring and other exit charges - Motive Power | (1,088) | (3,479) | (2,483) | (5,038) |
| Restructuring and other exit charges - Specialty | (389) | (1,528) | (1,155) | (5,790) |
| Amortization - Energy Systems | (6,013) | (6,219) | (12,014) | (12,436) |
| Amortization - Motive Power | (187) | (231) | (370) | (342) |
| Amortization - Specialty | (1,952) | (702) | (2,654) | (1,404) |
| Acquisition expense - Energy Systems | (5) | (8) | (11) | (13) |
| Acquisition expense - Motive Power | (3) | (77) | (11) | (162) |
| Acquisition expense - Specialty | (1,082) | — | (2,434) | — |
| Integration costs - Energy Systems | (55) | (166) | (225) | (249) |
| Integration costs - Motive Power | — | — | — | — |
| Integration costs - Specialty | (1,779) | — | (1,779) | — |
| Other - Energy Systems | — | (136) | — | (797) |
| Other - Motive Power | — | (45) | — | (428) |
| Other - Specialty | — | (60) | — | (198) |
| Total operating earnings (3) | $99,387 | $88,614 | $190,718 | $178,059 |
(1) Reportable segments do not record inter-segment revenues and accordingly there are none to report.
(2) 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.
(3) The Company does not allocate interest expense or other (income) expense, net, to the reportable segments.
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