Shares of EnerSys (ENS) Dip After Downgrade
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Shares of EnerSys (NYSE: ENS) have fallen $2.27 (-6.89%) after a downgrade from Merrriman Curhan
The analyst said that Q4 earnings were better than expected due to a one-time lead benefit.
On May 19, 2008, ENS reported preliminary Q4 EPS of $0.42, ex-items, 8 cents better than the analyst estimate of $0.34. Revenues for the quarter were about $582 million, versus the consensus of $563.70 million. ENS also sees Q109 EPS in the range of $0.40-$0.44, versus the consensus of $0.34.
However, today's move may be more on the side of profit-taking, since the company's earnings and guidance seem to be well above consensus. Shares of ENS have gained over 75% since November 7, 2007 (which includes today's loss).
Enersys, is a manufacturer, marketer and distributor of industrial batteries.
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