Energizer Holdings (NYSE:ENR) Inc stock jumped more than 8% after the company returned to a profit for its financial fourth quarter from a loss a year ago, although it gave guidance below expectations.
The battery maker swung to a profit of $19.7 million, or 27 cents a share, in the quarter to September 30, from a loss of $362.9 million, or $5.09 a share, the year prior.
Adjusted per-share earnings came to $1.20, ahead of the $1.13 FactSet consensus, while sales rose to $811.1 million from $790.4 million a year ago, also ahead of the $795.0 million FactSet consensus.
Gross margin rose to 37.9%, up 380 basis points from a year ago, driven by benefits from the company's Project Momentum cost-savings program.
"As we look ahead, we expect macroeconomic uncertainty to persist in 2024," said chief executive Mark LaVigne in a statement.
The firm is now expecting financial 2024 adjusted EPS of $3.10 to $3.30, below the FactSet consensus of $3.36.
It expects organic revenue to be flat to down low single digits.
For the first quarter, the company expects organic revenue to be down 6% to 8%, hurt by projected category trends and the shift in timing of holiday orders that occurred in the fourth quarter of fiscal 2023.
"Due to this decline in sales, we expect adjusted earnings per share to be in the range of $0.50 to $0.60,” it said.