JCI's battery business isn't growing much, it's the other parts of their business. Go look at their most recent two quarters.
Exide's industrial business in the US actually outgrew ENS in the most recent quarter. ENS' US business was up 4%, Exide was up 6%. Seems like a favorable comparison to me. In terms of operating margins, ENS is higher at slightly over 15% and Exide was 12.5%, but a lot of that differential is due to scale. On the positive side, there is room for improvement.
I suggest you dig a little further in the MD&A...
Transportation Americas net sales, excluding foreign currency translation impact, decreased 12.6% primarily due to lower OE unit sales and $19.7 million lower third-party lead and tolling sales resulting from the closure of the Company's Frisco, Texas recycling plant and idling of the Company's Reading, Pennsylvania recycling plant in Q4 fiscal 2013.
Transportation Europe and ROW net sales, excluding foreign currency translation impact, were flat year over year as stronger unit sales in both the aftermarket and the original equipment channels were offset by $18.3 million lower sales resulting from sale of Transportation Australasia business in Q4 fiscal 2013. Lead-related pricing actions had a favorable impact of $3.2 million.
AI
