Saft released its third quarter revenue results during October, which showed continued strong growth within IBG and signs of stabilization in SBG. Revenues in IBG advanced just over 15% from the nine-month year-ago period. This performance was driven by increased demand in the telecom sector, strong demand for industrial stand-by batteries in the Middle East and a stabilization of the energy storage business. Revenue trends at SBG remain challenging, down about 5% over the past nine months, but third quarter revenues improved over the first half of 2013 due to growth in civil electronics and space, as well as stabilization of the military sector.
From David Herro (Trades, Portfolio)'s Oakmark International Small Cap Fund fourth quarter 2013 commentary.