Energizer stock jumps after adjusted profit and sales beats, raised outlook

Shares of Energizer Holdings Inc. jumped 1.7% toward a nine-month high in premarket trading Monday, after the batteries and lighting products company beat adjusted profit and sales expectations and raised its full-year outlook, boosted by elevated demand in its battery and auto businesses. The net loss for the quarter to March 31 narrowed to $14.3 million, or 21 cents a share, from $121.8 million, or $1.75 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to 77 cents from 37 cents, beating the FactSet consensus of 60 cents. Sales grew 16.7% to $685.1 million, above the FactSet consensus of $625.9 million, boosted by new distribution, increased replenishment volumes and favorable pricing. For fiscal 2021, the company raised its adjusted EPS guidance range to $3.30 to $3.50 from $3.10 to $3.40, and said it now expects sales growth of 5% to 7% while the current FactSet sales consensus of $2.88 billion implies 4.9% growth. The stock has rallied 19.8% year to date through Friday, while the S&P 500 has advanced 12.7%.

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