Exide Technologies Reports Operating Income Up 36% For Its Fiscal 2011 Third Quarter
MILTON, Ga., Feb. 7, 2011 (GLOBE NEWSWIRE) -- Exide Technologies (Nasdaq:XIDE) ( www.exide.com), a global leader in stored electrical energy solutions, announced today its fiscal 2011 third quarter financial results for the period ended December 31, 2010.
Highlights of Fiscal 2011 Third Quarter and Year-to-Date Results:
- Net sales for the fiscal 2011 third quarter of $800.3 million compared to $746.5 million in the prior year quarter on estimated 4.5% higher unit volumes;
- Fiscal 2011 third quarter operating income was $49.7 million compared to operating income of $36.6 million in the fiscal 2010 third quarter;
- Net income in the current year period was $31.2 million or $0.38 per diluted share as compared to the prior year period net income of $9.8 million or $0.12 per diluted share; and
- Adjusted net income for the fiscal 2011 third quarter was $27.4 million or $0.33 per share as compared to adjusted net income of $18.2 million or $0.23 per share in the fiscal 2010 comparative period.
Jim Bolch, President and Chief Executive Officer said, "We are pleased with the continuing improvement in our overall performance with operating income in the most recent three month period increasing 36% compared to the prior year quarter in spite of increased commodity costs and unfavorable foreign currency translation."Consolidated Results Fiscal 2011 third quarter consolidated net sales were $800.3 million as compared to net sales of $746.5 million in the fiscal 2010 third quarter. Net sales in the fiscal 2011 period were positively impacted by price increases of $28.4 million resulting from lead escalator agreements, and overall higher unit volumes of $51.2 million. These increases were partially offset by the negative impact of foreign currency translation of ($25.8 million). The increase in unit sales over the fiscal 2010 third quarter is driven by increased aftermarket sales in Transportation Europe and Rest of World and overall increased sales in the global Motive Power and Network Power channels.
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