EnerSys Inc. ( ENS - Snapshot Report ) has doubled its earnings in the last two years as the recovery took hold and battery sales grew. This Zacks #1 Rank (Strong Buy) is still a value stock with a forward P/E of just 9.4.

EnerSys is the largest manufacturer of industrial batteries in the world with customers in over 100 countries. Operating for over 100 years, the company makes reserve power, motive power and batteries.

Motive power batteries are used in electric fork trucks and other commercial and industrial electric powered vehicles.

EnerSys Beat In Q4

On May 29, EnerSys reported fourth quarter results and surprised on the Zacks Consensus by 3.2%. Earnings were 98 cents compared to the consensus of 95 cents. This was above the company's February guidance of between 86 and 90 cents per share. It also easily beat last year's EPS of 75 cents.

Sales jumped 8% to $592.8 million from $548 million the prior year. Sales also rose 3% from the third quarter of fiscal 2012. Sales were boosted by a 3% increase in organic volume, a 2% increase due to pricing and a 4% increase from acquisitions. There was also a 1% decrease due to foreign currency translation.

EnerSys saw the European slowdown reflected in its European sales, which fell 3.2% to $249.5 million in the quarter. But the Americas more than made up the difference, as sales climbed 15.4% to $290.1 million. Asia also saw sales jump 15.9% to $53.2 million but Asia is its smallest segment.

Outlook Trending Up For 2013

At the end of May, the company said that orders for fiscal 2013 were trending "positively" and it expected strong operating results in the first quarter.

It maintained its previously announced outlook of 88 cents to 92 cents per share for the fiscal first quarter. The Zacks Consensus is looking for 89 cents.

The Zacks Consensus Estimate for Fiscal 2013 Jumped

In the last 30 days, the fiscal 2013 Zacks Consensus Estimate has risen 7.7% to $3.50 per share.

That is earnings growth of 15.5% as EnerSys made just $3.03 in fiscal 2012.

It would mark the third straight year of double digit earnings growth.

Lots of Value

Shares got hammered in last fall's sell off as investors feared a recession. Instead, shares slowly recovered in 2012.

They've been treading water recently, however.

But that means there is still value in the shares.

In addition to a P/E under 10, EnerSys has a price-to-book ratio of 1.5. A P/B ratio under 3.0 usually means there is value and it is well below that.

The company also has a price-to-sales ratio of 0.7. A P/S ratio under 1.0 can mean a company is undervalued.

EnerSys isn't seeing a slowdown. Not yet. For investors, it's a smart way to get both value and growth.

Tracey Ryniec is the Value Stock Strategist for Zacks.com. She is also the Editor of the Turnaround Trader and Insider Trader services. You can follow her on twitter at @TraceyRyniec.