May 29, 2025: EnerSys has revealed that its stock lost and regained $900 million in the marketplace over a three-month period amid the recent flurry of US trade tariff announcements.
But outgoing president and CEO David Shaffer said in an earnings call on May 23: “The truth is nothing really changed. Our business potential is still there.”
However tariffs end up, “we’ve got it”, Shaffer said.

Shaffer’s comments came as he presented fourth quarter and full fiscal 2025 year results ahead of his retirement.

He said net earnings for the 12 months of fiscal 2025 were $364 million, or nearly $9 per diluted share, compared to $270 million ($6.50) in the previous year.

Batteries International reported last December that Shaffer would be succeeded by Shawn O’Connell, president of the company’s energy systems global business. O’Connell formally took over on May 23.

O’Connell told the earnings call that should tariffs continue to remain high for Asia-based lithium or incoming lithium cells, this could be a benefit to the firm’s thin plate pure lead (TPPL).

“That gets you most of the way of lithium without some of the downside risk and safety considerations,” he said.

“We could actually see an uptick in our TPPL offering should that tariff environment stay robust on lithium.”