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    Shares of Exide Technologies tumble on outlook

    Associated Press – Fri, Feb 10, 2012

    MILTON, Ga. (AP) — Shares of Exide Technologies plunged Friday, a day after the battery maker warned that warm weather in major markets and the weakening economy in Europe are hurting its profit and revenue.

    Cold weather tends to cause aging batteries to die, but batteries last longer in warmer weather. So this winter's milder winter dented the typical seasonal spike in purchases of replacement car batteries.

    The company also said on Thursday that it's lowered expectations for its 2012 operating income. And because of the economic uncertainty in Europe, Exide will not issue specific profit forecasts for the foreseeable future.

    Exide shares sank 86 cents, or 22 percent, to $3.13 in midday trading. It dropped as low as $2.98 earlier in the day, close to its 52-week low of $2.22 struck in November.

    The company said on Thursday that its fiscal third-quarter profit more than doubled because of a $76.7 million tax accounting benefit. But its operating income — sales minus the cost of making its products and expenses such as salaries — shrank 43 percent to $28.2 million. And revenue fell 2 percent to $784.1 million, below the $847 million projection of analysts polled by FactSet.

    The company said its profit suffered from the lower battery sales due to warmer weather, higher costs for raw materials and production cuts.

    The Milton, Ga., company said that it remains worried about its industrial sales in Europe and the weaker euro, which makes its exports less competitive in Europe and hurts results when revenue earned in euros is translated back into the stronger dollar.

    The Americas make up about 40 percent of Exide's revenue, with the rest coming mostly from Europe.

     

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