Energizer held private sell-side call-analysts

* Energizer gives rare profit guidance in quarterly report

* Energizer's shares plunge after report

* Company spoke to sell-side analysts after market close

* Shares up 2 percent after Tuesday's decline

By Jessica Wohl

CHICAGO, Nov 4 (Reuters) - Energizer Holdings Inc (ENR.N) clarified its 2010 forecast on Tuesday afternoon, but only a select group of sell-side analysts got to hear the battery maker explain the outlook it issued earlier in the day.

Energizer does not usually hold conference calls or give earnings forecasts when it releases results.

The company reported its fiscal fourth-quarter results just after 8 a.m. EST (1300 GMT) on Tuesday. In its press release, Energizer said investments and an expected improvement in consumer spending should allow it "to return to double digit growth in net earnings and single digit growth in earnings per share in 2010."

The fourth-quarter results and the 2010 forecast fell short of analysts' expectations and shares of Energizer fell as much as 12.7 percent in heavy trading, before ending Tuesday's session down 10 percent. [ID:nN03426639]

Just as the closing bell rang at the New York Stock Exchange, Energizer Chief Executive Ward Klein, Chief Financial Officer Daniel Sescleifer and Investor Relations Vice President Jacqueline Burwitz held a conference call with sell-side analysts, according to an analyst who was on the call.

The call was not made available to the general public and Burwitz did not return calls for comment. Energizer shares rose 2 percent to $55.26 in morning trade on Wednesday.

The St. Louis-based company e-mailed an invitation for the 4 p.m. (2100 GMT) call during trading hours, said SunTrust Robinson Humphrey analyst Bill Chappell, who participated in the discussion and said it lasted about 45 minutes.

"It was restricted to sell side and I think the goal was to clarify the earnings guidance that they gave," Chappell said.

Citi analyst Wendy Nicholson entitled a Nov. 3 research note "Post-Market Close Conf Call Should Reassure Investors (Too Bad They Didn't Hear It)."

"Why this call was not open to the buy-side, and why this call occurred after a full day of trading... are mysteries to us," Nicholson wrote.

New information discussed on the call "included that Energizer is forecasting low-single digit organic sales growth in fiscal 2010... but that a switch to a parallel (foreign exchange) rate in Venezuela will cost the company roughly 20 cents in fiscal 2010, which means new EPS guidance looks reasonable, not overly conservative," Morgan Stanley analyst Dara Mohsenian wrote in a note on Wednesday morning.

Not all participants found the extra access enlightening.

"As we have mentioned several times to the company, we would strongly encourage management to improve its communication," Sanford Bernstein analyst Ali Dibadj wrote in a note to his clients. "To us, the earnings press release was inconsistent and incomplete, while the conference call was only remotely helpful in providing more detail."

Despite its quiet nature compared to other household products makers, analysts generally recommend shares of Energizer. Four analysts have "strong buy" recommendations, two call the shares a "buy" and seven have "hold" recommendations. There are no underperform or sell ratings on the shares, according to Thomson data.