Why Energizer Holdings Stock Was Down on Tuesday
Shares of Energizer Holdings (NYSE: ENR) trailed the market on Tuesday. The battery specialist's stock was down 13% by noon compared to a 1% drop in the S 500. That decline pushed the stock into negative territory for the year, down 6% in 2023 while the wider market is up 16%.
Tuesday's drop was powered by a surprisingly weak earnings announcement.
The company said before the market opened this morning that organic sales fell 3% for the third quarter, which ran through late June. This decline occurred despite price increases on many of Energizer's products. Offsetting that boost was the fact that volume dropped in its core business lines of consumer batteries and auto batteries .
Source Fool.com
