It has been about a month since the last earnings report for EnerSys (ENS). Shares have added about 2.1% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is EnerSys due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. EnerSys Tops on Q3 Earnings, Expects Q/Q Growth for Q4EnerSys reported better-than-expected results for third-quarter fiscal 2022 (ended Jan 2, 2022). The company’s earnings surpassed the Zacks Consensus Estimate by 2.02% and its sales beat the same by 3.74%.ENS’ earnings in the quarter under review were $1.01 per share, surpassing the Zacks Consensus Estimate of 99 cents. However, the bottom line declined 20.5% from the year-ago figure of $1.27 as higher costs and expenses more than offset the positive impacts of revenue growth.Revenue DetailsIn the quarter under review, EnerSys’ revenues were $844 million, reflecting an increase of 12.4% from the year-ago quarter. Organic sales in the quarter grew 10% on the back of strengthening markets. Pricing positively impacted sales by 3% and forex woes left a negative impact of 1%.On a sequential basis, the company’s revenues increased 6.7%.Exiting the reported quarter, the company had a backlog of $1.2 billion.The company’s revenues surpassed the Zacks Consensus Estimate of $814 million.Geographically, ENS' net sales increased 16% year over year to $578 million in the Americas, while the metric witnessed growth of 5% to $203 million in Europe, Middle East and Africa. Sales in Asia were $63 million, reflecting an increase of 8% from the year-ago quarter.Its segmental performance for the fiscal third quarter is briefly discussed below:Energy Systems' sales were $385.2 million, increasing 14.2% year over year. Volume was up 14% and pricing had a positive impact of 1%. Foreign currency translations hurt by 1%.The Motive Power segment generated revenues of $339.5 million, increasing 11.5% year over year. The quarterly results benefited from 9% growth in volumes and a 5% positive contribution from pricing. Forex woes left a negative impact of 2%.Specialty's sales were $119.3 million, increasing 8.9% year over year. Volumes grew 3% in the quarter, while pricing had positive impacts of 6%.Margin ProfileIn the reported quarter, EnerSys' cost of sales increased 17.4% year over year to $659.7 million. The cost of sales was 78.2% of the quarter's net sales. The gross profit in the quarter decreased 2.6% year over year to $184.3 million, while the gross margin fell 340 basis points (bps) year over year to 21.8%.Operating expenses increased 10.8% year over year to $130.7 million. It represented 15.5% of net sales in the reported quarter versus 15.7% in the year-ago quarter. Adjusted operating earnings were $60.3 million, reflecting a year-over-year decline of 23.1%. Margin decreased 330 bps year over year to 7.1%.The company's performance in the quarter suffered from cost inflation and supply-chain constraints. However, pricing actions were a relief.Balance Sheet and Cash FlowExiting the third quarter of fiscal 2022, EnerSys had cash and cash equivalents of $397.1 million, down 2.6% from $407.5 million recorded in the last reported quarter. Long-term debt increased 10.7% sequentially to $1,194.5 million.In the first three quarters of fiscal 2022, the company repaid a term loan of $161.4 million and revolving credit borrowings of $39.8 million. However, proceeds for revolving credit borrowings were $424.8 million in the first nine months of fiscal 2022.The company used net cash of $78 million for its operating activities in the first three quarters of fiscal 2022 against net cash generation of $272.1 million in the year-ago period. Capital expenditure totaled $52.4 million compared with $53.7 million in the prior-year period.EnerSys rewarded shareholders with a dividend payout of $22.2 million in the first three quarters of fiscal 2022. Share repurchased amounted to $114.5 million. The company is left to buyback shares worth $42 million.OutlookEnerSys anticipates gaining from health demand, effective pricing and technological expertise in the quarters ahead. Cost inflation is worrisome. Earnings for the fiscal fourth quarter are expected to be $1.11-$1.21 per share.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates review.VGM ScoresCurrently, EnerSys has a poor Growth Score of F, a grade with the same score on the momentum front. However, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy.Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, EnerSys has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Just Released: Zacks Top 10 Stocks for 2022 In addition to the investment ideas discussed above, would you like to know about our 10 top picks for the entirety of 2022? 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