Ultralife Batteries Inc. (ULBI), a battery company that also offers products and services ranging from portable and standby power solutions to communications and electronics systems, recently increased the company’s second quarter 2008 revenue outlook from $65-$70 million to more than $75 million as product demand continues to increase and customers require expedited deliveries.
Ultralife’s stock posted a 25% increase in trading volume following the release of the higher earnings estimate. After evaluating recent sales and deliveries, the company boosted its earnings estimate due to strong demand from government, defense and commercial customers across the globe, and increased shipments over the past quarter.
During the first quarter of this year, Ultralife Batteries formed a joint venture with its distributor partner in India. This new entity, Ultralife Batteries India Private Limited, is expected to expand the company’s global market share and increase sales to commercial, government and defense accounts throughout India. Ultralife has invested $26 million into this joint venture, representing a 51% ownership stake.
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