Exide shares decline after fiscal 1st-quarter results disappoint

Exide shares retreat after 1Q results disappoint

MILTON, Ga. — Shares of Exide Technologies fell Friday after the battery manufacturer posted fiscal first-quarter results that disappointed investors.

For the three months ended June 30, the company posted a net loss of $9 million, or 12 cents per share, compared with a loss of $54 million, or 71 cents per share, in the same period a year earlier.

Revenue rose 9 percent to $644.7 million from $592.9 million.

Analysts, on average, were expecting a loss of 1 cent per share on revenue of $669 million, according to a poll by Thomson Reuters. The estimates include restructuring and impairment expenses.

“While our end markets showed somewhat mixed results, the general trend is on a positive trajectory,” said James R. Bolch, president and CEO, in a statement, adding that the company expects “a continued slow and steady market improvement.”

Shares fell 29 cents, or 4.7 percent, to $5.85 in afternoon trading. In the past 52 weeks, the stock has traded in the 52-week range of $3.59 and $8.87.