Remy Profit Rises
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowPendleton-based Remy International Inc. (Nasdaq: REMY) is reporting net income of $9.5 million for the first quarter, compared to $1.8 million during the same period last year. The company says investments in China and the North America light duty market are paying off. May 1, 2014
News Release
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 first quarter ended March 31, 2014.
First Quarter Highlights
Net sales of $300.3 million for the first quarter of 2014, an increase of 7% compared to $281.7 million for the first quarter of 2013.
Adjusted EBITDA of $33.5 million for the first quarter of 2014 compared to $31.3 million for the first quarter of 2013.
Adjusted net income was $11.4 million for the first quarter of 2014 compared to $9.3 million for the first quarter of 2013.
On January 13, 2014, we acquired substantially all of the assets of United Starters and Alternators Industries, Inc. (“USA Industries”). USA Industries is a leading North American distributor of premium quality remanufactured and new alternators, starters, constant velocity (CV) axles and disc brake calipers for the light-duty aftermarket.
On April 30, 2014, the Board of Directors declared a quarterly dividend of $0.10 per share payable on May 30, 2014 to stockholders of record as of May 16, 2014.
“Our sales were strong compared to last year with increased heavy duty and aftermarket sales offsetting the light duty sales headwinds. Last year's investments in China and Light Duty Aftermarket are paying dividends as we realized a 25% increase in North America Light Duty Aftermarket sales and a 72% increase in China sales compared to last year,” stated Fred Knechtel, Remy International, Inc. Sr. Vice President, CFO and Treasurer.
Jay Pittas, Remy International, Inc. President and CEO commented, “Looking forward, Remy is well positioned to build on its accomplishments. We see signs of improvement in the global economy and anticipate stronger sales in 2014. Long term industry fundamentals remain favorable and support continued global growth in vehicle and component sales. Our customer, product and regional diversification, OE and aftermarket mix, combined with our strategic investments to capture growth in the rapidly expanding markets of the world, provide a solid foundation for the future.”
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, Remy, World Wide Automotive and USA Industries 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.
Source: Remy International, Inc.