RTTNews | Aug 9, 2021 07:09AM EDT

07:08 Monday, August 9, 2021 (RTTNews.com) - While reporting financial results for the third quarter on Monday, battery manufacturer Energizer Holdings, Inc. (ENR) reaffirmed its adjusted earnings guidance for the full year 2021, while increasing annual net sales growth outlook, based on distribution gains, elevated demand and favorable currency impacts.

For fiscal 2021, the company now projects adjusted earnings in a range of $3.30 to $3.50 per share on net sales growth of 8 to 9 percent.

Previously, the company expected adjusted earnings in the range of $3.30 to $3.50 per share on net sales growth of 5 to 7 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $3.47 per share on revenue growth of 6.9 percent to $2.94 billion for the year. Analysts' estimates typically exclude special items.

The Company also said it intends to enter into a $75.0 million accelerated share repurchase (ASR) program in the fourth quarter of fiscal 2021, which, based on the August 6, 2021 closing price of the Company's common stock, equates to approximately 1.8 million shares and represents approximately 2.5% of the Company's fully diluted outstanding stock.

The Company expects to fund these repurchases using available cash on hand and revolver borrowings, and anticipates that the ASR program will be completed before the end of the calendar year 2021.

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