Shares of Energizer (NYSE:ENR) plunged Tuesday, as the company missed expectations for the first quarter and guided below profit estimates for 2011.
Revenue for the quarter came in line with expectations, coming in at $1.18 billion. Earnings were $110.4 million, or $1.55 a share, down from $125.7 million, or $1.78 a share, in the same quarter last year.
Analysts were looking for earnings of $136.4 million. or $1.92 a share.
Guidance for 201 was for earnings per share to land somewhere in the range of $5.10 to $5.30 a share. Analysts were much higher, estimates EPS of $6.12 for the full year.
Energizer attributed the lower guidance to rising commodity prices, specifically steel, silver and zinc. Costs are estimated to increase from $20 million to $25 million, said Energizer.
Shares of Energizer fell as low as $61.60 on the day, before closing at $69.01, losing $3.73, or 5.13 percent.
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