EnerSys (NYSE:ENS) shares jumped more than 14% yesterday after the company reported its Q4 earnings results, with EPS of $1.82 coming in better than the Street estimate of $1.38. Revenue was $990 million, beating the Street estimate of $950.97 million.

Energy Systems paced year-over-year organic growth and showed modest sequential improvement in margins, as did Motive. Backlog dipped 7% to $1.3 billion, reflecting some normalization of order trends and improved conversion rates.

The company expects Q1/24 non-GAAP EPS to be in the range of $1.77–1.87, compared to the Street estimate of $1.36, and gross margin in the range of 24.5–26.5%, compared to the consensus of 23.1%.