Exide Technologies Reports Operating Income Up 36% For Its Fiscal 2011 Third Quarter
Net sales for the first nine months of fiscal 2011 were $1.4 billion as compared to $1.3 billion for the same period of fiscal 2010 primarily due to higher unit volumes and price increases due to higher average lead prices, partially offset by unfavorable foreign currency translation.
Adjusted EBITDA for the combined Transportation segments was $59.1 million in the fiscal 2011 third quarter versus $61.2 million in the comparable fiscal 2010 period. Adjusted EBITDA for the first nine months of fiscal 2011 was $133.5 million versus $117.6 million for the comparable fiscal 2010 period.
Industrial Energy Segments
Fiscal 2011 third quarter total net sales for the Company's combined Industrial Energy segments were $277.4 million as compared to $259.2 million in the comparable fiscal 2010 period. Price increases resulting from lead escalator agreements positively impacted net sales by $7.8 million in the fiscal 2011 third quarter as compared to the same period of fiscal 2010. Improved volumes positively impacted net sales in both the Motive Power and Network Power channels in Industrial Energy Americas as well as the Motive Power channel in Industrial Energy Europe & ROW. Volumes in the Network Power channel for Industrial Energy Europe & ROW were essentially flat in the comparative quarter. The increase in net sales was partially offset by unfavorable foreign currency translation of ($10.6 million). Net sales for the first nine months of fiscal 2011 were $749.2 million as compared to $699.4 million for the same period of fiscal 2010. The increase is primarily due to improved volumes and price increases due to higher average lead prices, partially offset by unfavorable currency translation.Adjusted EBITDA for the Industrial Energy segments in the fiscal 2011 third quarter totaled $26.6 million versus $16.1 million in the fiscal 2010 third quarter. This increase is due to increased sales volumes for motive power and network power products, and lower operating expenses. Adjusted EBITDA for the first nine months of fiscal 2011 was $59.6 million versus $41.7 million for the comparable fiscal 2010 period.
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