Shares of Energizer Holdings (NYSE:ENR) fell more than 14% on Tuesday following the release of its fiscal third-quarter results.
Aided by acquisitions, Energizer Holdings' net sales surged 64.8% to $647.2 million. However, this was well below Wall Street's estimates for sales of $674 million.
Moreover, Energizer's non-GAAP (adjusted) earnings per share came in at $0.37. That, too, was below analysts' expectations for adjusted EPS of $0.46.
Based on these results and current sales trends, Energizer reduced its full-year guidance for net sales to between $2.48 billion and $2.50 billion, down from a prior forecast of $2.52 billion and $2.57 billion. Additionally, the company said it now expects its auto care acquisition to contribute net sales of $310 million to $320 million, down from $350 million to $360 million.
Still, CEO Alan Hoskins said that higher-than-expected cost savings should allow Energizer to hit its other financial targets.
"We remain on track to deliver our full-year fiscal 2019 outlook for adjusted earnings per share, EBITDA, and free cash flow, and are adjusting our expectation for net sales to reflect the performance of our acquired businesses in the quarter and expectations for the balance of the year," Hoskins said in a press release. "We continue to make progress integrating both acquisitions with synergies to date tracking ahead of our original synergy target for the first full year."