For the fourth fiscal quarter, net earnings per diluted share were $1.66 compared to $1.84 in the prior year fiscal quarter and adjusted net earnings for the quarter were $1.38 compared to $1.76 in the prior year fiscal quarter.
Fiscal 2013 Highlights
Following is a summary of key fiscal 2013 year results. All comparisons are with fiscal year 2012, unless otherwise stated.
- Fiscal 2013 net earnings per diluted share of $6.47, up 4.0%
- Fiscal 2013 adjusted net earnings per diluted share of $6.96, up 12.3% (a)
- Net sales of $4,466.0 million, down 2.2% (exclusive of currencies, down 1.1%) (b)
-Gross Margin expansion of 30 basis points (up 90 basis points exclusive of currencies and 2013 restructuring related costs)
- SG&A percent of net sales improvement of 110 basis points (improvement of 120 basis points exclusive of 2013 restructuring related costs)
"Fiscal 2013 was another successful year for Energizer," said Ward M. Klein, Chief Executive Officer. "Adjusted net earnings per diluted share hit a record $6.96, up 12.3% versus the previous year, the second consecutive year of double digit adjusted net earnings per share growth in spite of unprecedented competitive activity, soft category dynamics, and currency headwinds.
'We also delivered on our commitment to return cash to shareholders by increasing our quarterly dividend 25% to $0.50 per share. Operationally, we made significant progress with our enterprise-wide restructuring project, which helped drive bottom line growth and enabled us to make investments in our businesses.
"In addition, we exceeded our working capital initiative goals ahead of schedule. As a result, we have reduced our average working capital investment by 480 basis points (as a percentage of net sales), or more than $250 million, since the inception of our program at the end of fiscal 2011, and expect to make additional progress as this continues to be an area of focus for the organization.
"I am also pleased to announce that we have closed on our acquisition of the Stayfree pad, Carefree liner and o.b. tampon feminine hygiene brands in the U.S., Canada and the Caribbean," continued Mr. Klein. "We believe these brands provide a solid complement to our existing Playtex Feminine Care brands and strengthen our overall feminine care product portfolio.
"Looking toward fiscal 2014, integrating the recently acquired feminine care brands, restoring top-line growth in Personal Care, expanding distribution in Household Products, and continuing to execute against the restructuring and working capital projects will remain top priorities.
"The benefits we realize from the restructuring project and the working capital initiative are expected to provide additional means to drive shareholder value, support investments in our businesses and continue earnings growth. We expect top-line growth in our Personal Care business, but net sales are estimated to remain below fiscal 2013 levels within Household Products. Our initial financial outlook range for adjusted net earnings per diluted share is $7.25 to $7.50, representing mid single-digit growth versus a record fiscal 2013."
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