What happened

Energizer Holdings (ENR -0.56%) shareholders trailed a declining market in September as the stock fell 15% compared to the S&P 500's 3.9% drop, according to data provided by S&P Global Market Intelligence.

That drop added to 2020 declines, with shares down 19% through early October.

A man changes batteries in his camera.

Image source: Getty Images.

So what

Investors weren't thrilled to hear the battery giant's mid-quarter update on Sept. 9, which included projections for modest revenue growth. Executives said in that announcement that organic sales should rise by between 1.5% and 2.5% for the year and by between 3% and 6% in the current fiscal fourth quarter. "We are continuing to see elevated demand across each of our categories," CEO Alan Hoskins said in a press release.

That outlook represented a slight upgrade to the forecast management issued in early August, but apparently Wall Street was looking for a bigger boost.

Now what

Energizer's expected growth this year is closely tracking the 4% boost the company achieved in fiscal 2019. Investors will find out the actual results when the company announces its earnings on Nov. 12. That report will also show whether the growth again included a healthy balance between higher sales volume and rising prices. Investors will also hear Hoskins' official forecast for the new fiscal year.