ENR - Earnings call 3 2023 | Energizer Holdings, Inc.

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Operator

Good morning. My name is Nick, and I will be your conference operator today. At this time, I'd like to welcome everyone to Energizer's Third Quarter Fiscal Year 2023 Conference Call. [Operator Instructions] As a reminder, this call is being recorded.Now I'd like to turn the conference over to Jon Poldan, Vice President, Treasurer and Investor Relations.

You may now begin your conference.

Jonathan Poldan

to Quarter welcome Call. XXXX and morning, Energizer's Fiscal Third Conference Good

Financial of me President on energizerholdings.com. Executive John Chief LaVigne, are the Vice A Chief and Joining of Mark and Investor and Relations today our be call this will Executive section Officer; President Officer. available replay website, Drabik,

cause and will is on subject our business website.During from addition, deck results detailed from performance, providing materially may company's statements these posted to In financial cause to to file statements financial are results which do these materially the included call, are matters. We also are SEC. could we differ undertake not make other a slide for forward-looking the about the current to statements.Other actual risks statements. These quarter forward-looking uncertainties, on based update with differ actual among the reports expectations future statements and and we in these results that factors management's

refer shown We fiscal available Mark. our compete prior and I both analysis is believe reconciliation categories year on to and to measures pertain financial same in The measures. the data, our otherwise would release is the estimated to earlier year concerning Energizer's year and we to and industry regarding estimates e-commerce we comparable that, discussed in brick-and-mortar over share on all turn call the market to this relates and GAAP all call today, financial to like to A includes website.Information from internal retail category non-GAAP of issued to and data which non-GAAP period financial quarter be comments information relate our categories XXXX.With noted, reasonable. battery comparisons measures fiscal also on where sales.Unless Energizer's press in presentation to our the based is

Mark LaVigne

I key There reinforce would earnings Thank Good to our quarter remarks third today. X welcome Jon. are in you, my and messages call. like morning, everyone, to

X reduction year, have our has strategic progressed demand our and margin, at making to made the quarters of albeit under the initiatives incremental line Momentum, priorities expectations.We we expected. laid year, outlook and the And EPS not the EBITDA, our are when X generated first gross focus, First, the with we as which healthy a of out sustain flow X.Second, the all return our we have areas has 'XX, the from exceeding identified highlighted by environment free against years. generation X cash debt. terrific earnings Three the restoration and power we the executed substantial while which into of business. possible of savings work for fiscal solidly also next for top our ranges will reaffirming to quarters in third, we end, we pipeline be cash flow both delivered tempering over Project for original And the we been the organization of are progress lower are tremendous

have while yet the back the come we million Momentum, a forecast a to $XX million. over-delivery in but driven full a for The points. we the the which nearly XXX of previous $XX have are down first Gross million we savings over fiscal made. margin track year leverage million has quarters further approximately also set of track for into this our of year-to-date debt We're the pre-pandemic our by to result, cash outlays million $XXX fourth expectations expectations in million peak program dig over $XX million And progress a total gross generated which versus $XX free Momentum. of by from margin paid we recovery $XXX to way by in progress $XXX ourselves of to XXXX. our have a XXXX.Let's As the XXXX.We've achieve gross on savings, flow million to margin X a improvement year and increasing X of represent outpaced cash long year of not between and savings and are Project by are absorbing the we $XX turn $XXX our million to levels, quarters we through expect an in in end Project deliver would finally, of up first fiscal is quarter, required on in reduce XX% increase half primarily by basis to

year made of have manage effects high such uncertainty.Specifically our against of with inflation, economic us presented many and we has significant needs category, challenges, critical as While prioritize rates food, batteries, interest through consumers rising but the to the this progress also consumers key and after continue objectives, shelter. in those as fuel

quickly as as the growth, While And those which we have by has to did value follows. as trends they factors in driven quarter, seeing volumetric largely was increases.Some as volumes slowed we continued lapped been improve influenced which have price not pricing, the anticipated. recover of the are

travel. latest in offset consumers frequency.Our in share to brands reduction including marked across contributing household groups which X% inventory, using a have time months. U.S. First, traffic changing with more driving devices experiences their their to which to however, income reducing shift both continued behavior on lower in outperformed category, foot reduced dollars a buying the And sales, and like home housing the devices X at purchase a spending global a channel is is benefit growth from existing new power, key market, third, for all from the consumers slowdown retailers and purchasing in who batteries.Second, by their engagement

line Performance to and expect Freshener growth the improve, with United improved consumer States, headwinds.We U.S.Now performed price the In to the of cycle, has to low revenue across as reporting Refrigerants, value category created Looking trends continue are ahead, country in the auto seen by the sales recent as the demand. single-digit appearance, positive category in across closely extreme which volume most we all the however, businesses more impacted tracking heat turning stimulated quarter with volumes weather have our were in lapped. much increases volumes category, however, July, during Air expectations. Chemicals to mild

weather While progress we and segment and have a made growth, challenge of points line This top by grown the has progress a we XX%. reflects auto profits focused segment significant to combination have quarter, sourcing cost improved profitability improving XXX favorability. input profit measures, been the basis of cost our year-to-date events exceptional we portfolio.In by

made efficiently in more against Project and since and into $XXX to delivered our deliver have will standard savings where transformation of reflect opportunities are Momentum, the million X program next We impacts.The years, $XXX plans, uncovered help shareholder program quarter.Moving processes us value.Now international XX% and million initiatives also over to ultimately the our details network the savings and of the line recent gross about drive additional incremental end in savings which range that is Momentum than our expect to and program's SG&A be opportunities and of organic to of drove we of the margin Project $XX of the the me efficiencies, SG&A.We performance of including the reduce million create the balance which flatter of and the program inception long-term batteries more will and will guidance. fiscal a previous by enable serve many let possible on million involve savings reflect should enacted will savings X-year distribution changes new through global to to network further our of operational a the turn success benefits The a model early program be XX% team XX% and and in with year, roughly the our executing create we consumers.The by investments we of to-date, of growth lead the are call customers organization.Overall, change XX% increase a we all well our a as our improvements. from generated to growth longer structure, of encouraged with our accelerated top procurement quarter trends addition in layers impact the with environment. savings. This XX% XXXX. where and tools fuel our savings Consistent over delivered weren't savings optimizing that execute from step by have effectively implementation challenging inflationary counter provide by in and growth on progress also program, continue the of streamline organization, independent guidance, significant from year time enabled sustainable our agile additional to digital from inclusion the deliver balance to To-date, of initiatives as spans third through third pleased to cost has to plans John incremental allow even will us that operating initiatives the of demand or priorities Momentum. by demand network, $XX the our more very Project to the These proud to strategic

John Drabik

weaker headwinds points, impact sales in volumes point batteries of revenue input morning for impacted product were delayed were quarter the on more The with basis quarter basis to all partially by a subsequent increases in quarter, weather about basis the XXX year third contributed in roughly normalized quarter the net cooler building negatively Lower entirely launches in a year. the a points to everyone. basis channels some you and both the quarter non-track This businesses was sales to of the as basis I costs rising some the third XX.X% months versus reflects category, of first XXX as a XX favorably the quarter second the inventory performance representing evolution outlook X cost sales volumes and delayed as performance negative new the lower substantially resulting environment, last and in Mark, margin good offset inventories pricing refrigerant recall, impacts by improvement X.X%. more point Adjusted a volume were quarter. and they the decline of the volume year.For down in year's for will in due to provide X.X%, color manufacturers which recovery price margin level, decline sequential in were the of as in XXX XXX Thanks, gross over of our down detailed gross lower performance.As device will reversed summary macroeconomic owing excess the organic well during almost in prior consistent quarter.Auto quarter, quarter. the of quarter. our additional the points reported more due down

year-to-date we share $XXX EBITDA combining adjusted and minutes, earnings share in to continue a X to have months prior of primarily adjusted sales increase the the operating of over in few year, a the and a by by million to also currency-neutral $XXX.X charge percent have the flow levels year.We a prior interest period $X.XX rates, $XXX per first strong $XXX last point the of adjusted partially quarter million share. with in by generated in On fourth improve expect We a delivered million free as $X.XX per our partially per million meaningful offset A&P We over comping elevated note cash X currency, factoring these and rates. basis the EBITDA capital share adjusted increase achieved Momentum $XXX million with by of and improvement $X.X nearly over paid debt SG&A our consistent fees of we offset XX% earnings X.X%, million, and sales. increased same the average margins last debt I'll year.Adjusted lower year-over-year As million year, start in per respectively.Through in with net working Project rising basis, due of and investment compensation down were tied savings, earnings $X.X to year.Interest expense excellent higher an interest favorable sequentially relative driven or since expense environmental XXX quarters. decreased the results and outstanding. of an was the to

remains meaningful outlook. until with XX% structure great with average our weighted cost to no over of turning a of around capital and debt Our shape X.XX% maturities fixed in XXXX.Now debt

sales. input weaker they of third A&P meaningfully the full year slightly the line lower cost organic X% spending performance due quarter to roughly top entered year to full flat All in below down we just net category, to planned incremental significant much category basis forecast in that quarter slower the for Momentum points, remainder for start to revenue the be be the in margin the expansion fourth margins weather we calling points anticipated the year-over-year.We benefit now expect to level, partially due to in and to May, to be in XXX now quarter, as X% with fourth sales of Actual up primarily above As battery from we year-over-year. sales specifically of levels seen year we July cooler acceleration a low single-digits.We savings, was quarter and in, and prior recovery the to tailwinds, below also June growth in April freight recover a quarter, in organic have driving in in are battery year. volumes of expect than we basis performance the and quarter Project refrigerant gross the and quarter.As fourth an and non-tracked weather organic warmer XXX revenue channels during expect X% in gross fourth

currency being the due offset SG&A continuing be outstanding expect and able share year, the been be million.Based expected We year. interest of interest prior at a quarter.XXXX Project operating it basis the EBITDA at expect relatively finally, quarter million that current challenges per debt end many Momentum as relates to has fourth environment, $X.XX in prior to expense we year with fourth the to rates we earnings impact throughout now expect adjusted which by fourth we EPS to for the to roughly has the year Recognizing And meet slightly in flat lower the will quarter points higher in deliver is ranges. by our to we to positive XXX especially improve outlook quarter communicated for rates, our relative the earnings savings.Fourth and presented adjusted consumer, on $XXX $XXX still average in low deliver to and are team our $X.XX quarter, of the between to fluid expect previously full the on year. the

generate XX% on I of call of to Mark over high sales.Now like to for remain also our track to of the long-term turn cash remarks. at free end back would We to XX% the target flow net closing

Mark LaVigne

right guidance. remain the end work organization confidence and across from am to not our has adjusted the gives progress as proud I objectives. at expected, Thanks, we of low continue deliver earnings John. deliver we EBITDA executing environment that confident of make Though progressed our to the the navigate year share strategic impressive adjusted the our and us the and to are strategies original per long-term priorities the

Operator

Securities. [Operator Truist will Instructions] Bill question First Chappell, be from

William Chappell

alluding And volumes, now stabilized? so As a quarter of the gives -- And to you there talk a like about but -- took taken I it kind we ago? that some just what the really just What's we just to said they price journey, of battery why wanted was you dip confidence continues this the understand it's this didn't sequentially? more think because even prior elasticity, that you're was as why kind increases than lack quarters. that understand couple year I

Mark LaVigne

as remain Good John longer expected, question, bit positive. The QX who did a seen line. we've we me quarter, over address get the volume and the can was question also not negative although on a from remain reason Bill. which transpire to line. little down trajectory let channels, There expected, of top In we to a definitely I'll give positives I'll volume turn the your was call trends are trends the then significant bridge. first at year-over-year as started, but it a although slower than we this negative, progressing tracked top turn The on standpoint for pace, it's expected.

a the that's for on that turned point we've confident why feel So we corner that.

be and to at margin to mean, by one, the And ahead and we the don't overshadow quarter. this cash end free certainly range. from it high added flows been is also make gross it. a a volume back, factors, is business, XX, then with was a June, piece up contracts it with that all for have back at those our are recovery a We're John, deliver drag the If And want ahead line tracked which final happy trailed schedule to shape with to that look sure hardware, lot that $XX have that with have perspective, volume. customers of in like X.X%.In top seen you on schedule, OEM and had about able their or doing week find volume. we've want was data track talk what with drag channels. volume of do pick top ended heat a some in back launches, which leverage delayed the I May to feel a also but some savings QX? a U.S.As refrigerants, those on that channels put also of to half and of value. validates across challenging the paused July home it business the new million July of term as the we impact record of on in was untracked center up weather launches I work the And turn there's on reduce we the we've momentum.So step you latest the the take additional an lot compete device and has a hit think long to X of quarter a we but to line we the teams

John Drabik

The we're that just for then category basis a stores, still or and to hardware home, was May improving in what mid-single-digit that little The points. drag about a basis probably the now Those and point And top hit basis delaying flat of fourth reducing where XXX It's Yes, that's cooler The maybe that volumes, that about basis XXX were We point decline. probably maybe originally quarter. XXX for drag sales year-over-year. basis is XXX quarter, U.S., down seeing by Mark. just color impacting still up device the the in another of bit full club orders but fourth channels the in of negative, point issue, points. that We're a was thinking certain the refrigerant basis offset sales, what April growth, was thought. calling The issues then kind of slower then to XXX view put basis category recovery. is point shift all give for device XXX us partially our for manufacturer's from XXX quarter. XXX weather behind we're line which a decline in to single-digits points just manufacturers And we drag. pricing.And basis that from non-tracked some that will and you said, low numbers single-digits thought year. non-measured performance the to year probably low point full OEM the

Mark LaVigne

we're And Bill, of today which the provides trends, you reference an the a channels that on least of at post illustration some the did can which shows well. volume as slide progress we referencing track which

William Chappell

a I mean, follow-up. as just

But category. of battery I the to it's see change and for your these of tough been past think term growth in volume for of flat make pre-pandemic no anything kind just particular, outlook years a we trying growth? see, throwing go that have does everything volume to street And obviously, forecast. on longer loop you kind batteries trends few you back worries the to to

Mark LaVigne

the data than continues view, than larger. X Bill. larger was we it some we it Nothing it at category is long-term billion pre-pandemic. I I U.S., it has say as globally be battery today, shows In about cells our would that still pre-pandemic. was it's mean, changed look have to larger the

worked of that we're the growth then you'll at which base, what we same in that flat we've and of the level that of process pricing is taken sort have our both we're So consumers than establishing what pre-pandemic the new to working it new all through as cycle some Energizer the we which have low call -- and XX all grow as it. going through that single-digit think as is months. in choppy and think months through way over will the waters that said do CPG well larger companies be off forward.I past base pressures, about We're as to to cautious last as relates well XX macro

Operator

of question next be Lieberman will Lauren Our from Barclays.

Lauren Lieberman

first to more shortfall, just changes? space great was I I there these piece? non-tracked that little given wanted much channel in just, the so So on but on was clarify a the detail, bit destocking thing Was retailers shelf I curious particular? at sorry, you've non-tracked detail

Mark LaVigne

put It in is traffic It POS. just not and It's reduced non-tracked lower distribution. simply sales channels. is

Lauren Lieberman

channel and necessarily retailers? dynamic Okay. The an inventory those at overall not

Mark LaVigne

Correct.

Lauren Lieberman

Okay. following risk a such or would And just on foot in point, of that there is in inventory QX excess have retailers of are or if levels into what levels further traffic inventory sense that QX, headwinds of even then you isn't do demand? with those

Mark LaVigne

a across light as a concerns levels heavy, normal position. are channels, in in taken inventory inventory QX batteries look some head We've specifically and we some little into balance, non-track on related a we and relatively are those. There's retailers to autos that little have and but that don't a both they're at

Lauren Lieberman

as cost just back profitability and forward midst business kind of just Project and recovery coming structural plan. the of. because then you maybe gross kind ahead gross as think on step to margin of look want are through so And savings and you margin that in and to said, we Momentum I of about is the the and of the

kind just for on margin term of profile business? thoughts gross you margin the longer overall even or do So have any

Mark LaVigne

what's margin driving longer of term? gross don't talk you through that we improvement why some can then and John, the talk QX and

John Drabik

think about where further going, little Yes. little bit talk then out. I we we the even can bit talk that's and where me Well, a third a let quarter, think about delivered we

upcoming inventory that we a in quarter, year about when I excess talked last minutes XX%. ago. resulted So And margin fourth the environment. quarter above third rising looking a of really in cost built that at year couple last we're

benefit the temporary this fourth you to came some broadly, lot quarter. quarter.I moved inventory. fourth say into in input P&L, start when the most to pretty raw seen easy those us to costs back costs, into a look had we a comp That's would of got going we've decent favorability input As They going our complex. material at the across of give

look the And at so start really last to through we'll mostly as fourth ones spot come see prices, key the list in our months I over favorable of and of that come for the us, P&L that couple quarter. the

think pretty a I this favorable think contribute talked basis We I time energy raw but savings we've and to about, we're into I third, while spot that then year. as seeing that that points costs, in getting from we've XXX here.And some it'll input the turn you be seen headwinds think good are about a costs higher expect material we still momentum got first overall. labor

of that ahead say at points. gross margin going of going together, think going good to indicators we'd which positive points, us we And line. next key into up be improvement originally to thought in of fourth year basis we've momentum into XXX would look basis the XXX all we year 'XX, all is got to see the the we be. as continued that quarter to So those basis we're put XXX basis where fourth quarter, That's for going XXX up to that the

Mark LaVigne

margin and I these both want to basis want let's back that don't to then we I gross to And the long-term, we we and the that talked existed too has think certainly that margin XX.X%. when have at the term. gross John make then, on bought circled is number achieve first but have was that, consolidated beyond there. about businesses, milestone ourselves and go sure the of consolidated a get first acquisition from and longer we we get ahead far Lauren, That's aspirations that

Operator

English, Goldman will Sachs. question be Jason Our next from

Jason English

tactical quick real question. one inventory asked about So Lauren situation.

concerned Sounds Is including true like manufacturers? clean, any same the to is Are there. with refrigerants, feel it's be encouraging, OEM there? on which issues there you given seasonality inventory the with

Mark LaVigne

No.

Jason English

which at given I'm sales it your of times kind in looks we're bit and of to incremental Those Okay. you've have as battery is been shocking the not batteries what created And demand homes, which is then un-bought Internet a are levels, volume of volumetrically, demand trend is a battery tailwinds now devices versus down yet for growth. looking clearly mention which of down. Things, discussed secular characterized battery you should that these pre-COVID more many for like

secular a offset? been what's you So there seeing within that destruction reacceleration And Has the the of so batteries? weakness? demand if where are

Mark LaVigne

that is be be versus datasets levels. different at pre-pandemic the data what we may volumetrically, a North up shows battery Jason, using. conversation looking understand longer it may I'm we're America to data both category that and worth looking at here just in

our of include you're missing not that yours which data piece Amazon, during as well. period it not Amazon, both U.S. does big includes measured the growth in plus that home as but of is in the of growth Amazon.If seen It include universe well where, measured Now channel component you've the does center, that include a time. does as existed as

If you maybe globally have and we Amazon a then showing higher be. understand volumes disconnects it's in U.S. conversation But your numbers, where the the pre-pandemic than in both worth longer levels. are may to

Jason English

sales. just looking at your I'm reported

sales are quarter. battery versus at XXXX Your same XX.X%

You've than pricing. taken XX.X% more

you're you You're grew share. telling and me --

you've believe, down taken is than battery implicitly pricing XX.X% than 'XX, and assuming more even you've grown I versus volume XQ global your share, more that? the you've said So category down is

Mark LaVigne

level understood sales multiyear of went back over we and out and quarters a on specifically I perspective. speaking want make you're period, if sure a timing was Well, a from what quarter-over-quarter in to those from detailed

have sure a a up trends because on category in that cadence timing make broad follow the of volume battery let's in terms sales quarter the X-year we in sequence So and over level, held period. up the a our at and nicely of

sure to further we'd need and comparing into were that dig make think apples. to we I apples

Jason English

quarter-to-quarter. issues timing be dig in All definitely can There fair. That's right, fair. afterwards. that's let's well, Yes,

Operator

Andrea Next be JPMorgan. question from of will Teixeira

Andrea Teixeira

of It's for So thank but revenue bridge. super side. volume also terms for and you tracked helpful in non-tracked, the the the

terms we that So the look I seeing as in It ask you're it doing seems was a line, ], basic what [ at how like of necessarily wondering, about doesn't it's that all is the prepared CC but more this consumer was out the shift? top your consumer point. your inventory comment do and if wondering you that see seeing if Or taking on pantry.So point you're how to I for is making inventory consumers in then are shelf, sensitive you like second can see of don't what's own private choices you We on comes on there, their tough it see needs if can label label that seeing the behavior consumer the much, choices us your side south them the first so there Amazon comment that there but coming perhaps dynamic private then and it's that and challenging as to up. customers? on batteries, the you're to picking remarks relates from if

Mark LaVigne

lot that Sure, of Andrea, within topics a question.

at me -- them. make me give a sure covering of all let shot Let

to product, they're more And particular well.But then -- from did a see differently, we react doing in started quarter, inventory behavior is see terms from frame consumers of are consumer start of areas. devices sort inflation, priority blip time to the beneath as buy Batteries household needs-based. began are April-May their consumers a what what higher and to come their they're standpoint, see seeing consumers they their judiciously. shelter we're using First, also essential last shift. leveraging macroeconomic shop to Certainly, uncertainty. it's to the and highlighted did in batteries as are to Food, less We going an fuel, we stack. and those we first but cautiously

just and they cycle, activities one So may be they in delay be may other device batteries they battery be from skipping another engaging a to may order borrowing in purchases. to

we price are slower working store.So growth We we occurred volume to little trends pace than consumers in on anticipated. bit tough we taken the can we and as have the expected, seen I'm would improve very into I the I QX shopping through in I as a models that is which line environment channels which well it why of confident it way increases able turn that.It's a we or tracked elasticity not the ranges. progress But through as sure would roughly elasticity. recovery general consumers see to as is have mentioned elasticity say that to longer top particular. we heading that P&L, across would to our so little did. blame bit I just say much need around we're is starting are in earnings our the We're the we make in attribute to are down admittedly as areas say than flows their hold have absorb pricing as terms seen the the have has would held. that to control, which continue all in at we call that underway, the we recovery why a

Operator

of question will Reuter, William Next be from America. Bank

William Reuter

I X. just have

could lot, inflation? we there anything terms be costs to in input and you had a will the I input these areas but alluded some XXXX. want other say probably expand going know from see to and you offset lower that on is that costs by of can early The in specifically, which tailwinds fact not you're to of it's first is

John Drabik

the Bill, the number inputs there's down. and auto takes, and seen have come side but battery puts a of we on both

the year. through abated little next the Lithium the start has significantly still has that down So in come elevated a the come zinc and other, like last pretty jet pretty around first come us in a back silicone for auto moves we'll couple back COGS one fuel fourth lot.We're bit, a that which we of We've of the stabilized. our but it's side, to us. has refrigerant see seen on kind although quarter seeing the gas months, has over level, of some at use for flow

down are off last coming, highs months. but all the not were they bit those So over couple way where pre-pandemic, to have their of come the a

be us. should -- are benefits those to So

William Reuter

then are strategy change? surrounding slower any will activity your Have And given period the at changes hopes little a this either year? heard their in maybe how Okay. customers in terms that around retail, promotional retail you expecting anything expectations your of you promotional or holiday bit from velocity

Mark LaVigne

at latest a expect I in the you're you mean, change if at our XX-week promotional strategy. material look wouldn't I levels. pre-pandemic data, roughly

promotion we're below going category, that the in be in improve the levels. keeping the to some maintaining of order of pre-pandemic engaged We're spend gross consumer. spend do share in we have do while consumer you you're and that margin between XX-Xweek end category, actually some data, We're to engage is If continuing shifting trade at investments smart make in A&P the promotion. any look on to the to focused premium overall. closer What the interested not in

Operator

be Barclays. from Next question will Hale Holden,

Hale Holden

ending or In the that are had seeing the centers In X a discussion was that blip of fiscal I that X in pantry think you're Home questions. sort issues current current kind of drove demand that on and quarter the state? quarter, into or is volume home you destocking. folks of the and recovery Depot, back weakness fourth is a the normalized Mark's X

Mark LaVigne

that the plus in What seeing we're we're recovery is seeing, track Amazon.

it's channels. X amalgamation those of So an

In home to sales hardware, what based center lag seeing recovery home would we terms standpoint. expect that a and on we're of from just

John Drabik

non-track said quarter was drag in point channels. basis specifically XXX that fourth the in We a the probably

Hale Holden

the Got it. to the de-lever off half long-term of no forward? the turn about in expectation And is, ability by a guidance, going year one change your a last

John Drabik

little would quarter debt progress as pay-down, saw this expect the we but quarter bit a our dropped to with last No, that's made a in at fourth year quarter, third of We've good expectations. and blip this versus earnings end year. We the really X.X below. continued in recovery or this the still year's

Operator

question from Casella, Next be will Carla JPMorgan.

Carla Casella

answered, been questions my one just clarification. of have but Most

at at channel, the talked you retail, And retail give You of a Yes. can about bit you give side. on type sense a inventory some side? it inventory if detail you us for battery Did auto by the channel? with are on comfortable how

Mark LaVigne

speak Well, to believe in I inventory. a channels you'll of is And mass really it consolidated care. of applies sort certainly to but answer, inventory terms and be auto I to where auto it's mean, our answer meant was

have have in an there business. subcategory, but inventory balance, that that We not elevated and depending individual an are concerns individual slightly we levels or retailer on slightly upon inventory lower

Operator

This concludes session. our question-and-answer

remarks. Now to I'd over conference Mark for like closing Please the go to back turn ahead. Mr. LaVigne

Mark LaVigne

hope and everyone has Thanks of great a day. for today your time rest the I

Operator

is now you concluded. Thank for Conference attending today's presentation.

You may now disconnect.

Energizer (ENR) 8 Aug 232023 Q3 Earnings call transcript