Energizer Holdings, Inc. ENR reported strong second-quarter fiscal 2016 results wherein both adjusted earnings of 30 cents per share and revenues of $334 million came in way ahead of the Zacks Consensus Estimate of 21 cents and $315.9 million, respectively. Energizer Holdings Inc. (ENR) Street EPS & Surprise Percent - Last 5 Quarters | FindTheCompany Back to quarterly numbers, on a year-over-year basis, revenues declined 6.4% mainly due to forex fluctuations, International go-to-market changes along with deconsolidation in Venezuela.Organic revenues were up 0.5% mainly due to distribution space gains and storm related volumes, partly offset by lapping of previous year’s launch of EcoAdvanced.Alkaline batteries revenues fell 11.2% year over year to $199.2 million while Other batteries and lighting products revenues grew 1.7% year over year to $134.8 million.In North America, the company recorded revenues of $168.8 million, down 0.5%. In Latin America, revenues amounted to $26.1 million, down 22.9% and in Europe, the Middle East and Africa (EMEA) region, revenues were $76.3 million, down 3.7%. Asia Pacific also recorded a revenue decline of 15.5% year over year to $62.8 million.Gross margin in the second quarter contracted 480 basis points (bps) to 42.4% primarily due to forex fluctuations. Selling, general and administrative expenses (excluding spin & restructuring costs) as a percentage of net sales increased 180 bps to 15.3% due to reduced revenues, timing of overhead expenses and higher investments.On Jul 1, 2015, Energizer completed the spin off its Household Products business. Following the spin-off, two independent, publicly traded companies were created, namely Energizer Holdings, Inc. and Edgewell Personal Care Company.Energizer incurred restructuring related charges of $1.5 million in the second quarter and spin-off and spin restructuring related charges of $1.9 million.As of Mar 31, 2016, Energizer had cash and cash equivalents of $576.3 million compared with $502.1 million as of Sep 30, 2015. Long term debt was $983 million compared with 984.3 million as of Sep 30, 2015. Cash flow from operations came in at $128.3 million and free cash flow amounted to $114.8 million. The company also repurchased 0.6 million shares worth $21.8 million in the quarter and paid $15.5 as dividends.GuidanceAfter a strong start to fiscal 2016, adjusted EBITDA is now estimated to be $280 to $300 million compared with the earlier guided range of $275 million to $295 million. The company now expects revenues to be down in low digits as against the earlier projection of a decrease in low to mid-single digits. Organic revenues are expected to be up in low single digits. Free cash flow is expected to be above $150 million and gross margin rate is also expected to decline by up to 250 bps.Intensifying forex fluctuations are expected to unfavorably impact sales by $60 million to $70 million and deconsolidation of Venezuelan operations will negatively impact sales by $8.5 million. International go-to-market changes are expected to negatively impact sales in low single digits.Pre-tax income will be reduced by approximately $50 million to $60 million on account of forex fluctuations.For 2016, spin off and restructuring expenses are expected to be approximately $15 to 20 million.Currently, Energizer has a Zacks Rank #2 (Buy). Other stocks worth consideration include Newell Brands Inc. NWL, Tupperware Brands Corporation TUP and Ollie's Bargain Outlet Holdings, Inc. OLLI. Newell Brands and Tupperware Brands sport a Zacks Rank #1 (Strong Buy) while Ollie's Bargain Outlet carries a Zacks Rank #2.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report NEWELL BRANDS (NWL): Free Stock Analysis Report ENERGIZER HLDGS (ENR): Get Free Report TUPPERWARE BRND (TUP): Free Stock Analysis Report OLLIES BGN OUTL (OLLI): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research