Exide Technologies Plummets 25% on Poor Quarterly Results
Shares of Exide Technologies (NASDAQ: XIDE) are seeing much pressure during Friday's trading session after the company reported third quarter results yesterday, which failed to thrill investors.
Exide's fiscal 2012 third quarter consolidated net sales were $784.1 million as compared to net sales of $800.3 million in the fiscal 2011 third quarter. Net sales in the fiscal 2012 period were positively impacted by lead related price increases of $45.1 million and negatively impacted by foreign currency translation of ($12.0 million). Due to unseasonably warm weather, the Transportation segments experienced lower unit volume in aftermarket sales as compared to the prior year period. The Company experienced increased sales in the Industrial Europe & Rest of World Motive Power channel and higher unit sales in the original equipment channel in both Transportation segments.
Exide's gross profit declined from the prior year third quarter by $33.8 million to $126.5 million. Lower aftermarket units in global transportation, higher commodity costs, continued depressed network power sales and production reductions to bring inventories to more appropriate levels were significant drivers to lower margins.
Currently, shares of Exide Technologies are trading about 23% lower, at $3.05.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.