RTTNews | Nov 12, 2020 10:29AM EST

10:28 Thursday, November 12, 2020 (RTTNews.com) - Shares of primary batteries and portable lighting products maker Energizer Holdings, Inc. (ENR) are falling more than 10% Thursday morning after missing fourth-quarter earnings.

Net loss for the quarter was $41.7 million or $0.67 per share compared with net income of $47 million or $0.62 per share a year ago, due to higher costs. On adjusted basis, earnings in the fourth quarter of 0.59 per share missed the average estimate of 13 analysts polled by Thomson Reuters at $0.81 per share.

Net sales were $763.0 million for the fourth quarter compared to $719.0 million in the prior year period. The consensus estimate stood at $747.21 million.

For fiscal 2021, the company expects adjusted earnings per share to be in the range of $2.95 to $3.25. Analysts see earnings of $3.13 per share for the period.

The company sees full-year revenue growth to be in the range of 2% to 4%. The consensus estimate is for 1.4% growth.

Also, the Board has approved a new share repurchase program for up to 7.5 million shares, that replaced the outstanding buyback which was authorized earlier. ENR is currently at $42.33 and has been in the range of $26.60- $53.84 in the last one year.

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