EnerSys Reports Fourth Quarter and Full Year Fiscal 2021 Results 


READING, Pa., May 26, 2021 (GLOBE NEWSWIRE) -- EnerSys (NYSE: ENS), the global leader in stored energy solutions for industrial applications, announced today results for its fourth quarter and full year of fiscal 2021, which ended on March 31, 2021.

FY 21 Highlights
Q4 Full Year
  • Net sales of $814M up 8% sequentially
  • Gross Profit Margins at 24%
  • Leverage now 1.7x
  • Motive Power and Specialty accelerating
  • Energy Systems addressing supply chain challenges
 
  • Operating earnings stable despite pandemic
  • Operating cashflows a record $358M
  • NexSys® Pure lithium offering sales commenced
  • Hagen restructuring ahead of schedule and budget
  • Opex efficiencies implemented and maintained


Key Results from Operations by Segments ($ in millions)
 Q4 FY21 Q4 FY20 % Change
Energy Systems     
Net Sales$348.8 $315.1 10.7 %
Operating Earnings 3.6 7.6 (52.2) 
Adjusted Operating Earnings *9.1 13.0 (29.0) 
Motive Power     
Net Sales332.8 353.0 (5.7) 
Operating Earnings51.9 44.2 17.1  
Adjusted Operating Earnings *51.9 44.7 15.9  
Specialty     
Net Sales131.9 113.7 16.1  
Operating Earnings16.9 13.3 27.6  
Adjusted Operating Earnings *17.4 13.3 30.3  

* This is a non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures” for more information.

Message from the CEO 

As I noted in our Press Release dated May 20, 2021, strong demand for our products will be tempered somewhat with supply chain challenges. However, we believe we can mitigate many of these challenges which will likely persist through our first fiscal half of the year and we expect that price increases will further offset their effects as the year progresses. We are maintaining our guidance of $1.15 to $1.25 per as-adjusted diluted share for our first fiscal quarter. 

David M. Shaffer, President and Chief Executive Officer, EnerSys 

Net earnings attributable to EnerSys stockholders (“Net earnings”) for the fourth quarter of fiscal 2021 was $33.8 million, or $0.78 per diluted share, which included an unfavorable highlighted net of tax impact of $22.7 million, or $0.52 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.

Net loss for the fourth quarter of fiscal 2020 was $1.5 million, or $0.04 per diluted share, which included an unfavorable highlighted net of tax impact of $49.0 million, or $1.15 per diluted share from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.

Excluding these highlighted items, adjusted Net earnings per diluted share for the fourth quarter of fiscal 2021, on a non-GAAP basis, were $1.30, which met the guidance of $1.25 to $1.31 per diluted share for the fourth quarter given by the Company on February 10, 2021. These earnings compare to the prior year fourth quarter adjusted Net earnings of $1.11 per diluted share. Please refer to the section included herein under the heading “Reconciliation of Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information, which includes tables reconciling GAAP and non-GAAP adjusted financial measures for the quarters ended March 31, 2021 and March 31, 2020.

The Company announced on November 11, 2020, its plan to substantially close its facility in Hagen, Germany, which produces flooded motive power batteries for forklifts. The Company currently estimates that the total charges approximate $60.0 million, the majority of which are expected to be recorded by the end of calendar 2021. Cash charges of approximately $40.0 million are primarily for employee severance related payments, but also include payments for cleanup related to the facility, contractual releases and legal expenses. Non-cash charges from inventory and equipment write-offs are estimated to be $20.0 million. These actions will result in the reduction of approximately 200 employees. The total charges for fiscal 2021 relating to this event amounted to $31.3 million, which included $8.0 million of non-cash charges.

Net sales for the fourth quarter of fiscal 2021 were $813.5 million, an increase of 4% from the prior year fourth quarter net sales of $781.8 million and increased 8% sequentially from the third quarter of fiscal 2021 net sales of $751.1 million. The increase from the prior year quarter was the result of a 4% increase in organic volume resulting from the pandemic and a 2% increase in foreign currency translation impact, partially offset by a 2% decrease in pricing. The 8% sequential increase was due to organic volume improvement of 9%, partially offset by a 1% decrease in pricing.

On July 6, 2020, the Company announced that it was changing its reportable segments, beginning with its first quarter of fiscal 2021, from being based on geographic regions to lines of business. The new reportable segments are Energy Systems (which includes energy solutions related to telecommunications systems, uninterruptible power systems, and other power applications), Motive Power (which includes power for electric industrial forklifts used in manufacturing, warehousing and other material handling applications, as well as mining equipment, diesel locomotive starting and other rail equipment) and Specialty (which includes energy solutions for transportation, satellites, military aircraft, submarines, ships and other tactical vehicles). Prior year quarter and year to date financial information has been restated to reflect the new reportable segments.

The Company’s operating results for its business segments for the fourth quarters of fiscal 2021 and 2020 are as follows:

  Quarter ended
 ($ millions)
 March 31, 2021
 Energy Systems Motive Power Specialty Total
Net Sales$348.8  $332.8  $131.9  $813.5 
        
Operating Earnings $3.1  $31.9  $16.7  $51.7 
Restructuring and other exit charges0.5  20.0  0.2  20.7 
Amortization of identified intangible assets from recent acquisitions5.5    0.5  6.0 
Adjusted Operating Earnings $9.1  $51.9  $17.4  $78.4 


 Quarter ended
 ($ millions)
 March 31, 2020
 Energy Systems Motive Power Specialty Total
Net Sales$315.1  $353.0  $113.7  $781.8 
        
Operating Earnings (Loss)$(21.3) $29.1  $12.3  $20.1 
Inventory step up to fair value relating to recent acquisitions(1.3)   (0.6) (1.9)
Restructuring and other exit charges1.0  0.5  1.2  2.7 
Impairment of goodwill27.9  11.8    39.7 
Impairment of indefinite-lived intangibles1.3  2.8  0.4  4.5 
Amortization of identified intangible assets from recent acquisitions4.8    (0.2) 4.6 
ERP system implementation and other0.6  0.5  0.1  1.2 
Acquisition activity expense    0.1  0.1 
Adjusted Operating Earnings $13.0  $44.7  $13.3  $71.0 

Net earnings for the twelve months of fiscal 2021 was $143.3 million, or $3.32 per diluted share, which included an unfavorable highlighted net of tax impact of $50.8 million, or $1.17 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.

Net earnings for the twelve months of fiscal 2020 were $137.1 million, or $3.20 per diluted share, which included an unfavorable highlighted net of tax impact of $63.5 million, or $1.48 per diluted share from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.

Adjusted Net earnings per diluted share for the twelve months of fiscal 2021, on a non-GAAP basis, were $4.49. This compares to the prior year twelve months adjusted Net earnings of $4.68 per diluted share. Please refer to the section included herein under the heading “Reconciliation of Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information.

Net sales for the twelve months of fiscal 2021 were $2,977.9 million, a decrease of 4% from the prior year twelve months net sales of $3,087.8 million. The decrease from the prior year twelve months was the result of a 5% decrease in organic volume resulting from the pandemic and a 1% decrease in pricing, partially offset by a 2% increase from the NorthStar acquisition.

The Company’s operating results for its business segments for the twelve months of fiscal 2021 and 2020 are as follows:

 Twelve months ended
 ($ millions)
 March 31, 2021
 Energy Systems Motive Power Specialty Total
Net Sales$1,380.2  $1,163.8  $433.9  $2,977.9 
        
Operating Earnings $63.8  $106.7  $45.9  $216.4 
Restructuring and other exit charges3.1  36.9  0.4  40.4 
Amortization of identified intangible assets from recent acquisitions23.5    1.8  25.3 
Other1.5  0.3    1.8 
Acquisition activity expense0.2    0.1  0.3 
Adjusted Operating Earnings $92.1  $143.9  $48.2  $284.2 


 Twelve months ended
 ($ millions)
 March 31, 2020
 Energy Systems Motive Power Specialty Total
Net Sales$1,357.3  $1,348.2  $382.3  $3,087.8 
        
Operating Earnings $31.0  $124.7  $34.5  $190.2 
Inventory step up to fair value relating to recent acquisitions0.3    1.6  1.9 
Restructuring and other exit charges7.3  2.0  6.0  15.3 
Fixed asset write-off relating to exit activities and other0.1  5.4    5.5 
Impairment of goodwill27.9  11.8    39.7 
Impairment of indefinite-lived intangibles1.3  2.8  0.4  4.5 
Amortization of identified intangible assets from recent acquisitions22.2    0.9  23.1 
ERP system implementation and other3.1  2.1  0.1  5.3 
Acquisition activity expense1.1    0.7  1.8 
Adjusted Operating Earnings $94.3  $148.8  $44.2  $287.3 

Reconciliation of Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles, ("GAAP"). EnerSys' management uses the non-GAAP measures “adjusted Net earnings” and “adjusted operating earnings” as applicable, in their analysis of the Company's performance. This measure, as used by EnerSys in past quarters and years, adjusts operating earnings and Net earnings determined in accordance with GAAP to reflect changes in financial results associated with the Company's restructuring initiatives and other highlighted charges and income items. Management believes the presentation of these financial measures reflecting these non-GAAP adjustments provides important supplemental information in evaluating the operating results of the Company as distinct from results that include items that are not indicative of ongoing operating results and overall business performance; in particular, those charges that the Company incurs as a result of restructuring activities, impairment of goodwill and indefinite-lived intangibles and other assets, acquisition activities and those charges and credits that are not directly related to operating unit performance, such as significant legal proceedings, ERP system implementation, amortization of Alpha and NorthStar related intangible assets and tax valuation allowance changes, including those related to the adoption of the Tax Cuts and Jobs Act in the United States and the Federal Act on Tax Reform and AHV Financing in Switzerland. Because these charges are not incurred as a result of ongoing operations, or are incurred as a result of a potential or previous acquisition, they are not as helpful a measure of the performance of our underlying business, particularly in light of their unpredictable nature and are difficult to forecast. Although we exclude the amortization of purchased intangibles from these non-GAAP measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.

Income tax effects of non-GAAP adjustments are calculated using the applicable statutory tax rate for the jurisdictions in which the charges (benefits) are incurred, while taking into consideration any valuation allowances. For those items which are non-taxable, the tax expense (benefit) is calculated at 0%.

These non-GAAP disclosures have limitations as an analytical tool, should not be viewed as a substitute for operating earnings or Net earnings determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Management believes that this non-GAAP supplemental information will be helpful in understanding the Company's ongoing operating results. This supplemental presentation should not be construed as an inference that the Company's future results will be unaffected by similar adjustments to Net earnings determined in accordance with GAAP.

A reconciliation of non-GAAP adjusted operating earnings is set forth in the table above, providing a reconciliation of non-GAAP adjusted operating earnings to the Company’s reported operating results for its business segments. Included below is a reconciliation of non-GAAP adjusted Net earnings to reported amounts. Non-GAAP adjusted operating earnings and Net earnings are calculated excluding restructuring and other highlighted charges and credits. The following tables provide additional information regarding certain non-GAAP measures:

 Quarter ended 
 (in millions, except share and per share amounts) 
 March 31, 2021 March 31, 2020 
Net Earnings reconciliation    
As reported Net Earnings (Loss)$33.8  $(1.5) 
Non-GAAP adjustments:    
Inventory step up to fair value relating to recent acquisitions (1)(1.9)(1)
Restructuring and other exit charges20.7 (2)2.7 (2)
Impairment of goodwill and indefinite-lived intangibles (3)44.2 (3)
Amortization of identified intangible assets from recent acquisitions6.0 (4)4.6 (4)
ERP system implementation and other (5)1.2 (5)
Acquisition activity expense (6)0.1 (6)
Purchase accounting related tax2.2    
Income tax effect of above non-GAAP adjustments(6.2) (1.9) 
Non-GAAP adjusted Net Earnings$56.5  $47.5  
     
Outstanding shares used in Non-GAAP adjusted Net Earnings per share calculations    
Basic42,686,413  42,312,315  
Diluted43,587,698  42,921,613  
         
Outstanding shares used in Reported Net Earnings per share calculations        
Basic42,686,413  42,312,315  
Diluted43,587,698  42,312,315  
Non-GAAP adjusted Net Earnings per share:    
Basic$1.33  $1.12  
Diluted$1.30  $1.11  
     
Reported Net Earnings (Loss) per share:    
Basic$0.79  $(0.04) 
Diluted$0.78  $(0.04) 
Dividends per common share$0.175  $0.175  

The following table provides the line of business allocation of the non-GAAP adjustments shown in the reconciliation above:

 Quarter ended
 ($ millions)
 March 31, 2021 March 31, 2020
 Pre-tax Pre-tax
(1) Inventory step up to fair value relating to recent acquisitions - Energy Systems$  $(1.3)
(1) Inventory step up to fair value relating to recent acquisitions - Specialty  (0.6)
(2) Restructuring charges - Energy Systems0.5  1.0 
(2) Restructuring and other exit charges - Motive Power20.0  0.5 
(2) Restructuring and other exit charges - Specialty0.2  1.2 
(3) Impairment of goodwill - Energy Systems  27.9 
(3) Impairment of goodwill - Motive  11.8 
(3) Impairment of indefinite-lived intangibles - Energy Systems  1.3 
(3) Impairment of indefinite-lived intangibles - Motive  2.8 
(3) Impairment of indefinite-lived intangibles - Specialty  0.4 
(4) Amortization of identified intangible assets from recent acquisitions - Energy Systems5.5  4.8 
(4) Amortization of identified intangible assets from recent acquisitions - Specialty0.5  (0.2)
(5) ERP system implementation and other - Energy Systems  0.6 
(5) ERP system implementation and other - Motive Power  0.5 
(5) ERP system implementation and other - Specialty  0.1 
(6) Acquisition activity expense - Specialty  0.1 
Total Non-GAAP adjustments$26.7  $50.9 

                                                                    

 Twelve months ended 
 (in millions, except share and per share amounts) 
 March 31, 2021 March 31, 2020 
Net Earnings reconciliation    
As reported Net Earnings$143.3  $137.1  
Non-GAAP adjustments:    
Inventory step up to fair value relating to recent acquisitions (1)1.9 (1)
Restructuring and other exit charges40.4 (2)20.8 (2)
Impairment of goodwill and indefinite-lived intangibles (3)44.2 (3)
Amortization of identified intangible assets from recent acquisitions25.3 (4)23.1 (4)
ERP system implementation and other1.8 (5)5.3 (5)
Acquisition activity expense0.3 (6)1.8 (6)
Purchase accounting related tax2.2    
Income tax effect of above non-GAAP adjustments(17.3) (12.6) 
Swiss Tax Reform(1.9) (21.0) 
Non-GAAP adjusted Net Earnings$194.1  $200.6  
     
Outstanding shares used in per share calculations    
Basic42,548,449  42,411,834  
Diluted43,224,403  42,896,775  
     
Non-GAAP adjusted Net Earnings per share:    
Basic$4.56  $4.73  
Diluted$4.49  $4.68  
     
Reported Net Earnings per share:    
Basic$3.37  $3.23  
Diluted$3.32  $3.20  
Dividends per common share$0.70  $0.70  

The following table provides the line of business allocation of the non-GAAP adjustments shown in the reconciliation above:

 Twelve months ended
 ($ millions)
 March 31, 2021 March 31, 2020
 Pre-tax Pre-tax
(1) Inventory step up to fair value relating to recent acquisitions - Energy Systems$  $0.3 
(1) Inventory step up to fair value relating to recent acquisitions - Specialty  1.6 
(2) Restructuring charges - Energy Systems3.1  7.3 
(2) Restructuring and other exit charges - Motive Power36.9  2.0 
(2) Restructuring and other exit charges - Specialty0.4  6.0 
(2) Fixed asset write-off relating to exit activities and other - Energy Systems  0.1 
(2) Fixed asset write-off relating to exit activities and other - Motive Power  5.4 
(3) Impairment of goodwill - Energy Systems  27.9 
(3) Impairment of goodwill - Motive  11.8 
(3) Impairment of indefinite-lived intangibles - Energy Systems  1.3 
(3) Impairment of indefinite-lived intangibles - Motive  2.8 
(3) Impairment of indefinite-lived intangibles - Specialty  0.4 
(4) Amortization of identified intangible assets from recent acquisitions - Energy Systems23.5  22.2 
(4) Amortization of identified intangible assets from recent acquisitions - Specialty1.8  0.9 
(5) ERP system implementation and other - Energy Systems1.5  3.1 
(5) ERP system implementation and other - Motive Power0.3  2.1 
(5) ERP system implementation and other - Specialty  0.1 
(6) Acquisition activity expense - Energy Systems0.2  1.1 
(6) Acquisition activity expense - Specialty0.1  0.7 
Total Non-GAAP adjustments$67.8  $97.1 

Summary of Earnings (Unaudited)
(In millions, except share and per share data)

 Quarter ended
 March 31, 2021 March 31, 2020
Net sales$813.5  $781.8 
Gross profit197.3  200.8 
Operating expenses124.9  133.8 
Restructuring and other exit charges20.7  2.7 
Impairment of goodwill  39.7 
Impairment of indefinite-lived intangibles  4.5 
Operating earnings51.7  20.1 
Earnings before income taxes43.2  7.4 
Income tax expense9.4  8.9 
Net earnings (loss) attributable to EnerSys stockholders$33.8  $(1.5)
    
Net reported earnings (loss) per common share attributable to EnerSys stockholders:   
Basic$0.79  $(0.04)
Diluted$0.78  $(0.04)
Dividends per common share$0.175  $0.175 
Weighted-average number of common shares used in reported earnings per share calculations:   
Basic42,686,413  42,312,315 
Diluted43,587,698  42,312,315 


 Twelve months ended
 March 31, 2021 March 31, 2020
Net sales$2,977.9  $3,087.8 
Gross profit739.1  784.9 
Operating expenses482.3  529.7 
Restructuring and other exit charges40.4  20.8 
Impairment of goodwill  39.7 
Impairment of indefinite-lived intangibles  4.5 
Operating earnings216.4  190.2 
Earnings before income taxes170.1  147.0 
Income tax expense26.8  9.9 
Net earnings attributable to EnerSys stockholders$143.3  $137.1 
    
Net reported earnings per common share attributable to EnerSys stockholders:   
Basic$3.37  $3.23 
Diluted$3.32  $3.20 
Dividends per common share$0.70  $0.70 
Weighted-average number of common shares used in reported earnings per share calculations:   
Basic42,548,449  42,411,834 
Diluted43,224,403  42,896,775 

ENERSYS
Consolidated Balance Sheets
(In Thousands, Except Share and Per Share Data) 

 March 31,
 2021 2020
Assets   
Current assets:   
Cash and cash equivalents$451,808  $326,979 
Accounts receivable, net of allowance for doubtful accounts (2021–$12,992; 2020–$15,246)603,581  595,873 
Inventories518,247  519,460 
Prepaid and other current assets117,681  120,593 
Total current assets1,691,317  1,562,905 
Property, plant, and equipment, net497,056  480,014 
Goodwill705,593  663,936 
Other intangible assets, net430,898  455,685 
Deferred taxes65,212  55,803 
Other assets72,721  83,355 
Total assets$3,462,797  $3,301,698 
Liabilities and Equity   
Current liabilities:   
Short-term debt$34,153  $46,544 
Current portion of finance leases236  162 
Accounts payable323,876  281,873 
Accrued expenses318,723  271,740 
Total current liabilities676,988  600,319 
Long-term debt, net of unamortized debt issuance costs969,618  1,104,731 
Finance leases435  407 
Deferred taxes76,412  78,363 
Other liabilities195,768  213,816 
Total liabilities1,919,221  1,997,636 
Commitments and contingencies   
Equity:   
Preferred Stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding at March 31, 2021 and at March 31, 2020   
Common Stock, $0.01 par value per share, 135,000,000 shares authorized, 55,552,810 shares issued and 42,753,020 shares outstanding at March 31, 2021; 55,114,808 shares issued and 42,323,305 shares outstanding at March 31, 2020555  551 
Additional paid-in capital554,168  529,100 
Treasury stock at cost, 12,799,790 shares held as of March 31, 2021 and 12,791,503 shares held as of March 31, 2020(563,481) (564,376)
Retained earnings1,669,751  1,556,980 
Accumulated other comprehensive loss(115,883) (215,006)
Contra equity - indemnification receivable(5,355) (6,724)
Total EnerSys stockholders’ equity1,539,755  1,300,525 
Nonredeemable noncontrolling interests3,821  3,537 
Total equity1,543,576  1,304,062 
Total liabilities and equity$3,462,797  $3,301,698 

ENERSYS
Consolidated Statements of Cash Flows
(In Thousands)

 Fiscal year ended March 31,
 2021 2020 2019
Cash flows from operating activities     
Net earnings$143,374  $137,116  $160,627 
Adjustments to reconcile net earnings to net cash provided by operating activities:     
Depreciation and amortization94,082  87,344  63,348 
Write-off of assets relating to restructuring and other exit charges10,231  10,986  26,308 
Impairment of goodwill  39,713   
Impairment of indefinite-lived intangibles and fixed assets  4,549   
Derivatives not designated in hedging relationships:     
Net (gains) losses(430) 178  1,856 
Cash (settlements) proceeds905  (793) (1,802)
Provision for doubtful accounts178  4,821  1,385 
Deferred income taxes(8,994) (16,486) (6,456)
Non-cash interest expense2,072  1,673  1,316 
Stock-based compensation19,817  20,780  22,608 
Gain on disposal of property, plant, and equipment(3,883) (86) (258)
Changes in assets and liabilities, net of effects of acquisitions:     
Accounts receivable8,713  26,486  5,974 
Inventories24,176  (9,379) (46,614)
Prepaid and other current assets27,292  (17,508) (20,195)
Other assets424  3,089  (7,611)
Accounts payable20,797  (33,490) 9,944 
Legal proceedings accrual    7,258 
Accrued expenses32,357  7,055  (4,937)
Other liabilities(12,736) (12,650) (14,896)
Net cash provided by operating activities358,375  253,398  197,855 
      
Cash flows from investing activities     
Capital expenditures(70,020) (101,425) (70,372)
Purchase of businesses  (176,548) (654,614)
Proceeds from sale of facility  720   
Insurance proceeds relating to property, plant and equipment4,800  403   
Proceeds from disposal of property, plant, and equipment176  2,031  1,103 
Net cash used in investing activities(65,044) (274,819) (723,883)
      
Cash flows from financing activities     
Net (repayments) borrowings on short-term debt(15,934) (5,325) 37,424 
Proceeds from Amended 2017 Revolver borrowings102,000  386,700  531,100 
Proceeds from 2027 Notes  300,000   
Repayments of Amended 2017 Revolver borrowings(210,000) (517,700) (427,600)
Proceeds from Amended 2017 Term Loan    299,105 
Repayments of Amended 2017 Term Loan(39,589) (28,138) (11,666)
Debt issuance costs  (4,607) (1,393)
Finance lease obligations and other650  995  368 
Option proceeds9,114  1,417  9,048 
Payment of taxes related to net share settlement of equity awards(5,153) (6,393) (3,630)
Purchase of treasury stock  (34,561) (56,436)
Dividends paid to stockholders(29,812) (29,705) (29,743)
Net cash (used in) provided by financing activities(188,724) 62,683  346,577 
Effect of exchange rate changes on cash and cash equivalents20,222  (13,495) (43,455)
Net increase (decrease) in cash and cash equivalents124,829  27,767  (222,906)
Cash and cash equivalents at beginning of year326,979  299,212  522,118 
Cash and cash equivalents at end of year$451,808  $326,979  $299,212 
      
Supplemental disclosures:     
Non-cash investing and financing activities:     
Common stock issued as partial consideration for Alpha acquisition$  $  $93,268 

EnerSys also announced that it will host a conference call to discuss the Company's fourth quarter and full year fiscal 2021 financial results and provide an overview of the business. The call will conclude with a question and answer session.

The call, scheduled for Thursday, May 27, 2021 at 9:00 a.m., Eastern Time, will be hosted by David M. Shaffer, President and Chief Executive Officer, and Michael J. Schmidtlein, Chief Financial Officer.

The call will also be webcast on EnerSys' website. There will be a free download of a compatible media player on the Company’s website at http://www.enersys.com.

The conference call information is:

Date:Thursday, May 27, 2021
Time:9:00 a.m. Eastern Time
Via Internet:http://www.enersys.com
Domestic Dial-In Number:877-359-9508
International Dial-In Number:224-357-2393
Passcode:3579697





A replay of the conference call will be available from 12:00 a.m. on May 27, 2021 through 12:00 a.m. on June 26, 2021.

The replay information is:

Via Internet:http://www.enersys.com
Domestic Replay Number:855-859-2056
International Replay Number:404-537-3406
Passcode:3579697




For more information, contact Michael J. Schmidtlein, Chief Financial Officer, EnerSys, P.O. Box 14145, Reading, PA 19612-4145, USA. Tel: 610-236-4040 or by emailing investorrelations@enersys.com; Website: www.enersys.com.

EDITOR'S NOTE: EnerSys, the global leader in stored energy solutions for industrial applications, manufactures and distributes energy systems solutions and motive power batteries, specialty batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure solutions to customers worldwide. Energy Systems, which combine enclosures, power conversion, power distribution and energy storage, are used in the telecommunication, broadband and utility industries, uninterruptible power supplies, and numerous applications requiring stored energy solutions. Motive power batteries and chargers are utilized in electric forklift trucks and other industrial electric powered vehicles. Specialty batteries are used in aerospace and defense applications, large over-the-road trucks, premium automotive, medical and security systems applications. EnerSys also provides aftermarket and customer support services to its customers in over 100 countries through its sales and manufacturing locations around the world. With the recent NorthStar acquisition, EnerSys has solidified its position as the market leader for premium Thin Plate Pure Lead batteries which are sold across all three lines of business.

More information regarding EnerSys can be found at www.enersys.com.

Caution Concerning Forward-Looking Statements

This press release, and oral statements made regarding the subjects of this release, contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, or the Reform Act, which may include, but are not limited to, statements regarding EnerSys’ earnings estimates, intention to pay quarterly cash dividends, return capital to stockholders, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts, including statements identified by words such as “believe,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “will,” and similar expressions. All statements addressing operating performance, events, or developments that EnerSys expects or anticipates will occur in the future, including statements relating to sales growth, earnings or earnings per share growth, order intake, backlog, payment of future cash dividends, commodity prices, execution of its stock buy back program, judicial or regulatory proceedings, and market share, as well as statements expressing optimism or pessimism about future operating results or benefits from its cash dividend, its stock buy back programs, future responses to and effects of the COVID-19 pandemic are forward-looking statements within the meaning of the Reform Act. The forward-looking statements are based on management's current views and assumptions regarding future events and operating performance, and are inherently subject to significant business, economic, and competitive uncertainties and contingencies and changes in circumstances, many of which are beyond the Company’s control. The statements in this press release are made as of the date of this press release, even if subsequently made available by EnerSys on its website or otherwise. EnerSys does not undertake any obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.

Although EnerSys does not make forward-looking statements unless it believes it has a reasonable basis for doing so, EnerSys cannot guarantee their accuracy. The foregoing factors, among others, could cause actual results to differ materially from those described in these forward-looking statements. For a list of other factors which could affect EnerSys’ results, including earnings estimates, see EnerSys’ filings with the Securities and Exchange Commission, “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations,” including “Forward-Looking Statements,” set forth in EnerSys’ Annual Report on Form 10-K for the fiscal year ended March 31, 2021. No undue reliance should be placed on any forward-looking statements.