A month has gone by since the last earnings report for EnerSys (ENS). Shares have lost about 9% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is EnerSys due for a breakout? 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 catalysts. EnerSys Q1 Earnings Match Estimates, Revenues MissEnerSys reported mixed results for first-quarter fiscal 2023 (ended Jun 30, 2022). ENS’ earnings matched the Zacks Consensus Estimate of $1.15, while sales missed the same by 0.3%.The bottom line declined 8% from the year-ago figure of $1.25 as higher costs and expenses more than offset the positive impacts of revenue growth.Revenue DetailsIn the quarter under review, EnerSys’ revenues were $899 million, up 10.3% from the year-ago quarter’s level. Organic sales in the quarter grew 7% on the back of strengthening markets. Pricing positively impacted sales by 8%, while forex woes left a negative impact of 5%.On a sequential basis, ENS revenues decreased 0.9%.At the time of exiting the reported quarter, EnerSys had a backlog of $1.5 billion.ENS’ revenues missed the Zacks Consensus Estimate of $900 million.Geographically, ENS' net sales increased 16% year over year to $645 million in the Americas, while the metric witnessed a decline of 3% to $195 million in Europe, the Middle East and Africa. Sales in Asia were $59 million, reflecting an increase of 3% from the year-ago quarter’s level.Segmental performance for the fiscal first quarter is briefly discussed below:Energy Systems' sales were $401 million, contributing 45.5% to net revenues in the quarter under review. On a year-over-year basis, the segment's revenues increased 11%. Volume was up 7%, while pricing had a positive impact of 7%. Adverse foreign currency translations hurt 4%.The Motive Power segment generated revenues of $368 million, contributing 40.9% to net revenues in the reported quarter. The figure increased 8% year over year based on 7% growth in volumes and an 8% contribution from pricing. Forex woes left a negative impact of 6%.Specialty's sales were $123 million, contributing 13.6% to net revenues in the quarter under review. On a year-over-year basis, the segment's revenues increased 7.3. Volume and Pricing had a positive impact of 10% and 6%, respectively, on the quarter, while foreign currency translations had a negative impact of 2%.Margin ProfileIn the reported quarter, EnerSys' cost of sales increased 13.9% year over year to $713.5 million. The cost of sales was 79.4% of the quarter's net sales. The gross profit in the quarter decreased 4% year over year to $194.6 million, while the gross margin fell 300 basis points (bps) year over year to 21%.Operating expenses increased 2.1% year over year to $127.1 million. The metric represented 14.1% of net sales in the reported quarter compared with 15.3% in the year-ago quarter. Adjusted operating earnings were $64.8 million, reflecting a year-over-year decline of 10.3%. Margin decreased 200 bps year over year to 7.2%.ENS' performance in the quarter suffered cost inflation and supply-chain constraints. However, pricing actions were a relief.Balance Sheet and Cash FlowWhile exiting the first quarter of fiscal 2023, EnerSys had cash and cash equivalents of $383.2 million, down 4.8% from $451.8 million recorded a year ago. Long-term debt increased 10.8% sequentially to $1,376.7 million.In the first three months of fiscal 2023, ENS repaid short-term debt of $8 million and revolving credit borrowings of $27.2 million. However, proceeds for revolving credit borrowings were $163.2 million in the first three months of fiscal 2023.EnerSys used net cash of $71.9 million for its operating activities in the first three months of fiscal 2023 compared with $48.1 million used in the year-ago period. Capital expenditure totaled $23 million compared with $16.4 million in the previous year’s period.ENS rewarded its shareholders with a dividend payout of $7.1 million in the first three months of fiscal 2023. Share repurchased amounted to $22.9 million. ENS is left to buy back shares worth $190 million.OutlookEnerSys anticipates gaining from healthy demand, effective pricing and technological expertise in the quarters ahead. Cost inflation is worrisome. Earnings for the second quarter of fiscal 2023 are expected to be $1.05-$1.15 per share. Capital expenditure is anticipated to be $100 million (including $23 million spent in the first quarter of fiscal 2023).How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in fresh estimates.The consensus estimate has shifted -8.79% due to these changes.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. 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