Energizer Holdings, Inc. (ENR) profits increased nearly 7 percent in the third quarter compared to the year-earlier quarter, but the company’s sales declined in many segments.
The Town and Country-based consumer products company reported net earnings per diluted share of $1.06 compared to net earnings per share of $0.94 in the year-earlier quarter.
But increased competition and weakening global currencies threatens the company’s future profits.
“Battery category volume softened, our market share in the battery category was negatively impacted by decreased shelf space and display activities primarily at a key customer, competitive activity in Personal Care has intensified late in the quarter, and both divisions were impacted by weakening global currencies,” said Ward Klein, Energizer Chief Executive Officer.
Net sales decreased 8.9 percent due to “unfavorable currency in Europe.” Battery sales fell 5 percent. Shave sales decreased 8 percent. Skin care sales decreased 6 percent. Infant care sales decreased 12 percent. The company attributed sales decreased to increased competition.
The company’s stock fell more than 9 percent to $70.57 down from Wednesday’s close of $77.77.