Energizer reports Q3 adjusted EPS $1.46, consensus $1.55 Reports Q3 revenue $1.13B, consensus $1.12B. The company said, "A&P spending increased significantly in the third quarter, our Personal Care Division achieved top-line growth and this is the last full quarter of cycling through the impact of the distribution losses that the Household Products Division experienced at the end of the last year's third fiscal quarter. In addition, we continue to make excellent progress with our Restructuring Project and Working Capital Initiative. We believe these results will help us achieve a strong finish to the fiscal year and position both businesses for future success as we work towards separating the businesses in 2015."
Energizer downgraded to Market Perform from Outperform at Wells Fargo Wells Fargo downgraded Energizer to Market Perform citing the recent rally in shares. Wells believes the Duracell sale prices suggests a lower, not higher valuation for shares. It sees a balanced risk/reward as current levels and keeps a $132-$137 price target range for Energizer.