Energizer Holdings, Inc. (NYSE:ENR) Q1 2015 Earnings Conference Call - Final Transcript

Jan 28, 2015 • 10:00 am ET


Energizer Holdings, Inc. (NYSE:ENR) Q1 2015 Earnings Conference Call - Final Transcript


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Good morning. My name is Daniel and I will be your conference operator today. At this time, I would like to welcome everyone to Energizer Holdings First Quarter Fiscal 2015 Results Conference Call. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] As a reminder, this call is being recorded.

I would now like to turn the conference over to Jackie Burwitz, Vice President, Investor Relations. You may begin your conference.

Jackie Burwitz

Thank you Daniel and good morning everyone. Thanks for joining us on Energizer's conference call to discuss our first quarter fiscal 2015 results. With me this morning are Ward Klein, Chief Executive Officer; and Dan Sescleifer, Chief Financial Officer. This call is being recorded and will be available for replay via our website, energizerholdings.com.

During our prepared comments and the question-and-answer session that follows, we may make statements about our expectations for future plans and performance including future sales; earnings; capital expenditures; advertising and promotional spending; product launches; the amount and timing of savings and costs related to restructurings; amount and timing of changes to our working capital metrics; currency fluctuations; tax rates; raw materials and commodity costs; category value; acquisition or integration plans; future plans for return of capital to shareholders; whether the spin-off of the Household Products business is completed or expected as expected or at all, the timing, costs in terms of any such spin-off; whether the expected operational, marketing and strategic benefits of the spin-off can be achieved.

Any such statements are forward-looking statements, which reflect our current views with respect to future events. These statements are based on assumptions and are subject to risks, including those described under the caption Risk Factors in our annual report on Form 10-K filed November 18, 2014. These risks may cause our actual results to be materially different from those expressed or implied by our forward-looking statements. We do not undertake to update these forward-looking statements even though our situation may change, and these forward-looking statements represent our views as of today only.

During this call, we will refer to non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is shown in the press release issued earlier today, which is available in the Investor Relations section of our website, energizerholdings.com. Management believes these non-GAAP measures provide investors valuable information on the underlying trends of the business.

With that, I would like to turn the call over to Dan.

Dan Sescleifer

Thanks, Jackie, and good morning, everyone. I would like to start with the financial overview of the quarter and then turn the call over to Ward to comment on the businesses and progress of the planned separation of the Personal Care and Household Products divisions.

Adjusted earnings per share for the quarter of $2.07, a decline of 1.4% versus the prior year were in line with our expectations despite significant currency headwinds. Net sales declined 6.8% including