By Katherine Hamilton
EnerSys said Tuesday it is raising its full-year guidance thanks to tax refunds related to the company's battery production.
EnerSys is increasing its third-quarter adjusted earnings per share to between $3.00 and $3.10, up from $2.20 and $2.30. For the full year, it now expects adjusted earnings per share to be between $9.65 and $9.95, up from $8.75 and $9.05.
The company expects the annual tax credits to be a reduction to cost of goods sold and not subject to taxation to be between $135 million to $175 million, up from $120 million to $160 million.
The company anticipates receiving the refund from the Advanced Manufacturing Production Credit, part of Section 45X of the Inflation Reduction Act, for its battery cells and battery modules produced in the United States. The credits are expected to positively impact cash flow by the end of fiscal year 2025.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
December 17, 2024 17:58 ET (22:58 GMT)
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