MILTON, Ga. – Exide Technologies has announced its fiscal 2012 third quarter and year to date financial results for the period ended Dec. 31, 2011.
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. The company said 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 million).
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.
Fiscal 2012 third quarter operating income was $28.2 million compared to $49.7 million in the prior year third quarter. Net income for the current quarter of $68.2 million or 84 cents per diluted share includes the net benefit of two material discrete income tax items.
Net sales for the first nine months of fiscal 2012 amounted to $2.3 billion as compared with $2.1 billion for the prior fiscal year period, an increase of approximately 9 percent. Net sales in the fiscal 2012 period were positively impacted by lead related price increases estimated at $127.8 million due to 10 percent higher average lead prices period over period, and favorable foreign currency translation of approximately $78.9 million.
The company reported net income for the nine months ended December 31, 2011 of $59.4 million or 72 cents per diluted share as compared to net income of $40.1 million or 50 cents per diluted share in the nine months ended Dec. 31, 2010.
President and CEO Jim Bolch said, "Relatively mild weather in both North America and Europe will likely continue to weigh negatively on transportation battery sales in the replacement markets. A slowing economy, particularly in Europe is expected to negatively impact industrial sales near term and a potentially weaker Euro would further depress sales and profits. A continued focus on costs will allow us to partially mitigate these negatives. In light of these continuing uncertainties, the company expects its fiscal 2012 operating income will be less than previously projected and does not anticipate providing specific earnings guidance for the foreseeable future."
