Record Q2 Results
Net sales increased by 8% year-over-year, setting a new Q2 record, with adjusted operating earnings and EBITDA both up 13%. Adjusted diluted EPS on the base business was up 15% versus the previous year.
Energy Systems Segment Growth
Energy Systems led with a 14% year-over-year sales increase, driven by stronger volumes and favorable price/mix, resulting in a 38% increase in adjusted operating earnings.
Specialty Segment Performance
Specialty segment revenue increased by 16% year-over-year, with adjusted operating earnings nearly doubling from the prior year.
Strong Free Cash Flow
Free cash flow for the quarter was $197 million, a $194 million increase versus the prior year period, with a free cash flow conversion of 196% excluding 45X benefits.
Shareholder Returns
EnerSys returned $78 million to shareholders through share repurchases and dividends in the quarter.
Reduction in Force and Cost Savings Initiative
EnerSys is nearing completion of a reduction in force initiative, supporting an $80 million annual cost-saving effort.