Net Income Ticks Down For RemyPosted: Updated:
Pendleton-based Remy International Inc. (Nasdaq: REMY) is reporting net income of $10 million for the second quarter, compared to $11.5 million during the same period last year. Chief Executive Officer Jay Pittas says the company will continue to take steps to improve operational efficiencies. July 30, 2014
PENDLETON, Ind. - Remy International, Inc. (NASDAQ: REMY), a leading worldwide manufacturer, remanufacturer, and distributor of starter motors and alternators for light vehicle and commercial vehicle applications, multi-line products and hybrid electric motors, today announced its financial results for the second quarter ended June 30, 2014.
Second Quarter Highlights
-- Net sales of $299.3 million for the second quarter of 2014, an increase
of 6% compared to $282.3 million for the second quarter of 2013.
-- Adjusted EBITDA of $34.7 million for the second quarter of 2014 compared
to $33.2 million for the second quarter of 2013.
-- Adjusted net income was $10.8 million for the second quarter of 2014
compared to $13.3 million for the second quarter of 2013.
-- On May 9, 2014, Standard & Poor's (S&P) Ratings Services upgraded our
corporate credit rating from B+ to BB- on improved financial metrics
reflecting our leading position in North America as a supplier of
starters and alternators to original equipment manufacturers and the
-- On July 25, 2014, the Board of Directors declared a quarterly dividend of
$0.10 per share payable on August 29, 2014 to stockholders of record as
of August 15, 2014.
Jay Pittas, Remy International, Inc. President and CEO commented, "The second quarter was a solid one for us with the business performing as expected with higher revenue and profit versus the second quarter of 2013. Our top line growth strategies are succeeding with the trailing three quarter's revenue up 7% versus the prior period. We continue to undertake initiatives to grow the top line and secure new business as well as take steps to improve operating efficiencies. By executing our plan, we will drive superior long-term value for stockholders."
About Remy International, Inc.
Founded by the Remy Brothers in 1896, Remy International, Inc. is a leading global manufacturer and remanufacturer of alternators, starter motors and electric traction motors. Headquartered in Pendleton, IN, with global operations across five continents and 10 countries, Remy International markets products under the Delco Remy(R) , Remy(R) , World Wide Automotive(R) and USA Industries(R) brands. Known for innovation, efficiency, quality, and best-in-class customer service and support, Remy International's products are integrated by leading industrial, specialty, automotive and heavy-duty OEMs, and aftermarket providers worldwide. We Start the World & Keep It Running(TM).
Source: Remy International Inc.