UPDATE 1-EnerSys raises Q4 profit view, sees weak Q1

Wed May 13, 2009 10:56pm BST
 
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* Sees strong Q4 profit

* Forecasts Q1 profit below Wall St view

* Cites lower sales for weak Q1 forecast

* Shares down 6 percent

May 13 (Reuters) - Industrial battery maker EnerSys (ENS.N) raised its fourth-quarter profit view, but forecast a weak first quarter due to lower sequential sales volume resulting from the ongoing economic slowdown.

The fourth quarter earnings were achieved in spite of a significant decline in revenue, and were primarily due to the positive effects of cost reduction activities and further reductions in commodity costs, the company said.

On a preliminary basis, the company expects adjusted fourth-quarter earnings of 36 cents a share, compared with its prior view of 30 cents a share to 34 cents a share.

Analysts were expecting the company to earn 31 cents a share, excluding items, according to Reuters Estimates.

However, for the first quarter, the company sees adjusted earnings of 13 cents a share to 17 cents a share. Analysts currently estimate earnings of 31 cents a share.  Continued...

 

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