Stellantis and China’s CATL broke ground on a €4.1 billion ($4.7 billion) battery plant in northern Spain, a project that highlights Europe’s growing reliance on Chinese technology https://t.co/8YdAD8G7gx ...

BYD Company Limited (OTC:BYDDY) reported earnings per share of $0.11, missing the estimated $0.19.The company's revenue was $27.41 billion, below the expected $38.52 billion, due to challenges in the Chinese market and export expansion.Optimism for 2026 includes potential growth from increased exports, new overseas manufacturing, and advancements in autonomous vehicle technology.BYD Company Limited, known by its ticker OTC:BYDDY, is a prominent player in the electric vehicle and battery manufacturing indust ...

Global | Washington Strategy November 20, 2025 Will China's Transition Slow — The Electrotech Revolution w/ Kingsmill Bond Continuing our work on the energy transition & US-China, we hosted Kingsmill Bond (Energy Strategist, Ember) on their report on the Electrotech Revolution and if China's rapid pace in the space is set to continue. KTs: 1) China's emissions have been flat/falling for 18m, powered by a pivot to electrotech; 2) solar + wind met all growth in global power demand in H1'25; 3) AI could enable ...

Key Takeaways Advance Auto Parts completed store optimization and plans over 100 new openings to drive expansion.AAP is consolidating its supply chain, closing legacy DCs and targeting 60 market hubs by mid-2027.Advance Auto expects margin gains, helped by lower SG&A and a new operating model rolling out through 2026.Advance Auto Parts, Inc. (AAP) operates in the U.S. automotive aftermarket industry and is primarily engaged in selling replacement parts (excluding tires), accessories, batteries and maintenan ...

Core Viewpoint - Energizer Holdings Inc. experienced a significant drop in share price due to fourth-quarter adjusted earnings falling short of analyst expectations, despite slightly exceeding revenue forecasts [1]. Financial Performance - The company reported adjusted earnings of $1.05 per share, which was 10.3% below the analyst consensus of $1.17 [2]. - Revenue for the quarter totaled $832.8 million, marginally exceeding expectations of $830.45 million [2]. - Organic net sales decreased by 2.2% compared to the prior-year period, attributed to weaker consumer demand, particularly in North America [2]. Margin and Cost Analysis - Adjusted gross margin contracted to 38.5%, a decline of 370 basis points from the same quarter a year earlier [3]. - The decline in gross margin was linked to increased input costs due to production inefficiencies, higher warehousing and distribution expenses, and rising tariff-related costs [3]. Future Guidance - For fiscal 2026, the company projected flat to slightly positive organic net sales growth and guided for adjusted earnings per share between $3.30 and $3.60 [4]. - Energizer indicated that the first quarter would be challenging, forecasting a high single-digit decline in organic net sales and adjusted EPS of $0.20 to $0.30 [4].

Core Viewpoint - Shares of Energizer Holdings are experiencing significant declines, marking the potential for the worst trading day in the company's history due to profit erosion caused by tariffs [1] Company Summary - Energizer Holdings has reported that tariffs are negatively impacting its profit margins, particularly in the current quarter [1]

Financial Data and Key Metrics Changes - For fiscal 2025, net sales grew by 2.3% to nearly $3 billion, while adjusted earnings per share increased by 6% to $3.52, supported by organic growth and disciplined cost management [6][7][8] - The company returned $177 million to shareholders through dividends and share repurchases, reducing outstanding shares by approximately 5% [6][7] Business Line Data and Key Metrics Changes - Significant growth was noted in e-commerce, with a 35% increase in Q4 and a 25% increase for the year, with expectations of 15% growth in 2026 [35][36] - The auto care segment also experienced meaningful innovation, contributing to overall sales growth [5][6] Market Data and Key Metrics Changes - The macro environment has been challenging, with tariffs increasing costs and consumer demand softening late in the year [6][7] - The battery category is projected to decline by 2% for the year, with expectations of stabilization in the latter half of the fiscal year [18][25] Company Strategy and Development Direction - The company has extended Project Momentum into a fourth year, focusing on operational efficiency and the integration of Advanced Power Solutions [5][6] - The innovation pipeline is robust, aimed at driving category growth and strengthening leadership in batteries and auto care [5][6] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a transitional first quarter for fiscal 2026, reflecting challenging sales comparisons and moderating consumer sentiment [7][18] - The company expects double-digit adjusted earnings per share growth over the final three quarters of fiscal 2026, driven by network realignment and Project Momentum savings [7][18] Other Important Information - The company achieved over $200 million in savings from Project Momentum to date, with a focus on restoring gross margins and enhancing free cash flow [11][12] - Management indicated that consumer behavior is changing, with a tendency to reduce household inventory and skip purchase cycles, but expects a return to historical growth patterns [46] Q&A Session Summary Question: Insights on the ramp needed to hit full-year expectations following a challenging first quarter - Management acknowledged the need for a ramp and highlighted the successful execution of Project Momentum, which has delivered significant savings and improved margins [11][12] Question: Perspective on consumer slowdown and cost environment changes - Management noted a softening consumer sentiment and projected a decline in the battery category, but remains bullish on long-term growth [24][25] Question: Channel dynamics and consumer behavior in response to the current environment - Management observed that consumers are seeking value and shifting channels, with e-commerce being a significant growth area [35][36] Question: Incremental benefits from optimizing U.S. manufacturing - Management anticipates an additional $15 million-$20 million in benefits from domestic production credits starting in fiscal 2026 [40][41] Question: Expectations for consumer behavior and category performance - Management expects consumers to revert to historical purchasing behaviors, stabilizing the category growth in the future [46] Question: Retail partners' inventory management and its impact - Management indicated tighter inventory management from retail partners, affecting replenishment dynamics as they head into the holiday season [53][54]

Financial Data and Key Metrics Changes - For fiscal 2025, net sales grew by 2.3% to nearly $3 billion, while adjusted earnings per share increased by 6% to $3.52, supported by organic growth and disciplined cost management [6][7][8] - The company returned $177 million to shareholders through dividends and share repurchases, reducing outstanding shares by approximately 5% [6][7] Business Line Data and Key Metrics Changes - Significant growth was noted in e-commerce, with a 35% increase in Q4 and a 25% growth for the year, with expectations of 15% growth in 2026 [35][36] - The auto care segment also experienced meaningful innovation, contributing to overall sales growth [5] Market Data and Key Metrics Changes - The macro environment has been challenging, with tariffs increasing costs and consumer demand softening late in the year [6][7] - The battery category is projected to decline by 2% for the year, with expectations of stabilization in the latter half of the fiscal year [18][25] Company Strategy and Development Direction - The company has extended Project Momentum into a fourth year, focusing on operational efficiency and the integration of Advanced Power Solutions [5][6] - A robust innovation pipeline is in place to drive category growth and strengthen leadership across batteries and auto care [5][6] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a transitional first quarter for fiscal 2026, reflecting challenging sales comparisons and moderating consumer sentiment [7][18] - Despite current challenges, management expects double-digit adjusted earnings per share growth over the final three quarters of the year [7][18] Other Important Information - The company has achieved over $200 million in savings through Project Momentum, enhancing free cash flow and gross margins [6][12] - Management is focused on optimizing U.S. manufacturing to maximize future benefits from production credits, anticipating an incremental benefit of $15 million to $20 million annually starting in fiscal 2026 [40][41] Q&A Session Summary Question: Can you speak to the degree of confidence or visibility on the implied ramp following a challenging first quarter? - Management acknowledged the need for a strong Q4 but emphasized the achievements in fiscal 2025, highlighting the successful execution of Project Momentum and the expected ramp in performance as the year progresses [11][12][14] Question: What has changed in the consumer and cost environment since the last update? - Management noted a softening consumer sentiment and projected a decline in the battery category for the first quarter, with expectations of stabilization later in the year [24][25][27] Question: How are consumers responding in terms of channel dynamics? - Management observed that consumers are seeking value and shifting channels, with e-commerce being a significant area of growth, showing a 35% increase in Q4 [35][36] Question: What is the expectation for consumer behavior regarding pantry inventory? - Management indicated that consumers are likely to drain household inventory and may skip purchase cycles, but they expect a return to historical growth patterns in the battery category [46] Question: What is the plan for debt reduction and cash flow normalization? - Management prioritized paying down debt, aiming to reduce $150 million to $200 million, while also expecting to normalize cash flow in fiscal 2026 [47][48]

Financial Data and Key Metrics Changes - For fiscal 2025, net sales grew by 2.3% to nearly $3 billion, while adjusted earnings per share increased by 6% to $3.52, supported by organic growth and disciplined cost management [5][6][7] - The company returned $177 million to shareholders through dividends and share repurchases, reducing outstanding shares by approximately 5% [5][6] Business Line Data and Key Metrics Changes - Significant growth was observed in e-commerce, with a 35% increase in Q4 and a 25% growth for the year [35] - The company’s innovation pipeline is robust, particularly in auto care, which is expected to drive category growth [5] Market Data and Key Metrics Changes - The macro environment has been challenging, with tariffs increasing costs and consumer demand softening late in the year [5][6] - The battery category is projected to decline by approximately 2% for the year, with expectations of stabilization in the category as the year progresses [26][28] Company Strategy and Development Direction - The company has extended Project Momentum into a fourth year, focusing on operational efficiency and the integration of Advanced Power Solutions [5] - The strategy includes realigning the manufacturing footprint to minimize tariff exposure and executing pricing actions to protect margins [6][7] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a transitional first quarter for fiscal 2026, reflecting challenging sales comparisons and moderating consumer sentiment [6][7] - The company expects double-digit adjusted earnings per share growth over the final three quarters of fiscal 2026, driven by network realignment and Project Momentum savings [7][18] Other Important Information - The company has achieved over $200 million in savings from Project Momentum to date, with a focus on restoring gross margins and enhancing free cash flow [11][12] - Management indicated that consumer behavior is changing, with consumers likely to reduce pantry inventory and skip purchase cycles temporarily [46] Q&A Session Summary Question: Confidence in ramping up after a challenging first quarter - Management acknowledged the need for a ramp and highlighted the successful execution of Project Momentum, which has delivered significant savings and improved margins [11][12] Question: Changes in consumer behavior and cost environment - Management noted a softening consumer sentiment and projected a decline in the battery category for the first quarter, with expectations of stabilization later [25][26] Question: Channel dynamics and consumer shopping patterns - Management reported strong growth in e-commerce, with a focus on winning in this channel as consumers seek value [35] Question: Incremental benefits from optimizing U.S. manufacturing - Management anticipates an additional $15 million-$20 million in benefits from domestic production credits starting in fiscal 2026 [41][42] Question: Expectations for consumer behavior and category decline - Management expects temporary changes in consumer behavior, with a return to historical growth patterns as the market stabilizes [46] Question: Retail partners' inventory management - Management observed tighter inventory management from retail partners, impacting replenishment dynamics [53]

Bernstein Energy & Power: Tipping point as batteries push out coal Neil Beveridge, Ph.D. +852 2123 2648 neil.beveridge@bernsteinsg.com Nikhil Nigania +91 226 842 1414 nikhil.nigania@bernsteinsg.com Deepa Venkateswaran, ACA +44 20 7676 6990 deepa.venkateswaran@bernsteinsg.com Guillaume Delaby +33 1 42 13 62 29 guillaume.delaby@bernsteinsg.com Irene Himona, Ph.D. +44 20 7762 5353 irene.himona@bernsteinsg.com Bob Brackett, Ph.D. +1 917 344 8422 bob.brackett@bernsteinsg.com China may have just seen peak emissio ...