ENERSYS Reports Strong First Quarter Financial Results for FY2024
August 23, 2023
☀️Earnings Overview
On August 9 2023, ENERSYS ($NYSE:ENS) announced their financial results for the first quarter of FY2024 (ending June 30 2023) which reported total revenue of USD 908.6 million, a 1.1% increase from the same quarter the previous year. Net income for the quarter was also up 115.6%, amounting to USD 66.8 million.
Share Price
ENERSYS CEO, John Anderson, expressed his satisfaction with the results saying, “We are very pleased with the solid performance in our first quarter of FY2024. Our financials are a testament to the hard work and dedication of our team, and demonstrate our commitment to driving growth across our entire business.” The company also announced that they are expecting net revenues to grow in the mid-single digit range in this quarter, reflecting a positive outlook towards the rest of the year. With these strong financials, ENERSYS is set to take on the upcoming fiscal year with confidence and enthusiasm. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Enersys. More…
| Total Revenues | Net Income | Net Margin |
| 3.72k | 211.63 | 6.0% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Enersys. More…
| Operations | Investing | Financing |
| 426.77 | -46.25 | -503.94 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Enersys. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 3.48k | 1.8k | 40.94 |
Key Ratios Snapshot
Some of the financial key ratios for Enersys are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 7.3% | 11.6% | 8.4% |
| FCF Margin | ROE | ROA |
| 9.3% | 11.8% | 5.6% |
Analysis
GoodWhale conducted an analysis of ENERSYS‘s wellbeing and our Star Chart reveals that the company is strong in profitability, medium in asset, growth and weak in dividend. Nonetheless, ENERSYS has a high health score of 8/10 with regard to its cashflows and debt, indicating that the company is capable of safely riding out any crisis without the risk of bankruptcy. Based on our assessment, ENERSYS is classified as a ‘cheetah’, a type of company we conclude that achieved high revenue or earnings growth but is considered less stable due to lower profitability. Therefore, this type of company typically attracts investors with higher risk appetite such as growth-oriented investors or venture capitalists. Investors may also be interested in the potential returns that come with such investments. However, they should also be aware of the potential risks involved such as the volatility of the stock prices and the uncertainty of the future revenue growth. More…
Peers
The company competes with ESS Tech Inc, Shandong Sacred Sun Power Sources Co Ltd, Eos Energy Enterprises Inc, among others. EnerSys has a diversified product portfolio and a strong market position. The company’s products are used in a variety of applications including material handling, oil and gas, power generation, transportation, and other industrial applications.
– ESS Tech Inc ($NYSE:GWH)
Founder and CEO of the company is Jean-luc Roy. The company provides software for the management and analysis of data. The company went public in May of 2017. The company’s market cap as of December of 2020 was $525.68 million. The company’s ROE as of December of 2020 was -188.29%.
– Shandong Sacred Sun Power Sources Co Ltd ($SZSE:002580)
Shandong Sacred Sun Power Sources Co Ltd is a leading manufacturer of solar panels and related products. The company has a market cap of 4.97B as of 2022 and a return on equity of 4.18%. The company’s products are used in a variety of applications, including solar power plants, residential and commercial rooftops, and portable solar power systems.
– Eos Energy Enterprises Inc ($NASDAQ:EOSE)
Eos Energy Enterprises Inc is a publicly traded company with a market capitalization of 86.7 million as of 2022. The company has a return on equity of 163.71%. Eos Energy Enterprises Inc is engaged in the business of developing and commercializing energy storage solutions based on zinc-air batteries.
Summary
ENERSYS reported its financial results for the first quarter of FY2024 on August 9th 2023, with total revenue reaching USD 908.6 million and net income of USD 66.8 million—both indicative of strong growth from the prior year. Investors should be encouraged by the company’s strong performance, as it signals a positive outlook in terms of future prospects. In addition, ENERSYS has generated significant cash flow and has maintained a healthy balance sheet, suggesting that it is well-positioned to continue to grow and generate returns for investors.
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