Exide Technologies 1st-qtr net loss widens, shares fall
Aug 2 (Reuters) - Exide Technologies posted a wider first-quarter loss, hurt by higher pricing of spent batteries in North America, sending its shares down 13 percent in after-market trade.
The lead-acid battery maker said operating income for the quarter declined by $12.6 million to $1.1 million as margins came under pressure due to higher costs associated with buying back spent batteries.
For the first quarter ended June 30, net loss attributable to Exide Technologies was $106.5 million, or $1.38 per share, compared with $5.2 million, or 7 cents per share, a year earlier.
Revenue fell 7 percent to $693.4 million. Net sales in its transportation business fell 8 percent to $409.3 million.
Shares of the Milton, Georgia-based company fell to $2.50 in trading after the bell. They closed at $2.88 on Thursday on the Nasdaq.
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