May 1 Energizer Holdings Inc, maker of
Energizer batteries and Schick razor blades, reported a much
better-than-expected quarterly profit, boosted by lower
commodity costs and the company's efforts to rein in expenses.
The St. Louis, Missouri based company had laid out plans to
cut more than 10 percent of its workforce late last year. On
Wednesday, it said its second-quarter net earnings rose to $84.9
million, or $1.35 a share, from $77.9 million, or $1.17 a share,
a year earlier.
Excluding restructuring costs, a charge related to
devaluation of the Venezuelan bolivar and other items, it earned
$1.80 a share, while analysts expected $1.27 a share, according
to Thomson Reuters I/B/E/S.
While sales fell marginally to $1.1 billion, the company
managed to cut its selling, general and administrative expenses
by 9.6 percent to $209.9 million.
Energizer raised its savings estimate for the current fiscal
year to $50 million to $60 million from its prior outlook of $25
million to $35 million, citing the significant progress of its
Still, it did not raise its profit outlook calling for
adjusted earnings of $6.75 to $7 per share in the year as it
expects the additional savings to only offset sales softness.