Revenue rose 6.8% in the quarter to $600.6 million, and adjusted net income rose 7.3% to $50.1 million, or $1.14 per share. Both figures topped expectations, with the highlight being earnings topping analysts' estimate of $1.10 per share in earnings.
As energy storage technology improves and provides more value to industrial customers, the market opportunity for EnerSys continues to grow. And with revenue and profits growing more quickly than expected, investors have raised their expectations for the future.
Electrification of industrial customers is just starting to take shape, and that creates a huge opportunity for a company like EnerSys. What investors will want to watch for is the company maintaining technology flexibility in its operations and maintaining margins in a highly competitive environment. If those two things continue, the stock has a bright future.