Battery scrap costs drive Exide deeper into the red

Aug 03, 2012 | 04:40 PM | Daniel Fitzgerald

Tags  exide technologies, jim bolch, lead batteries, scrap batteries, daniel fitzgerald

NEW YORK — Increased scrap lead battery prices cost Exide Technologies $15 million in its fiscal first quarter, but it said the situation will improve with the company signing a contract for spent battery ("core") returns from a leading chain of auto parts stores.

Exide’s operating earnings plunged to $1.05 million in the three months ended June 30 from $13.62 million in the same period last year, and the company posted a net loss of $106.5 million vs. a $5.2-million loss a year earlier on sales that fell 6.9 percent to $693.4 million.....

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