Remy International, Inc. announced a 3 percent sales increase in it second quarter, compared to a year earlier. Reporting sales of $297.7 million, Remy surpassed 2007’s second quarter by almost $8 million. Remy is a leading worldwide manufacturer, remanufacturer and distributor of heavy-duty systems, starters and alternators, locomotive products and hybrid technology. Earnings before interest, taxes, depreciation, amortization, and restructuring charges (EBITDAR) for the quarter increased 123 percent to $27 million from $12.1 in 2007’s second quarter. Profit was also up dramatically, having increased 221 percent to $221.5 million, compared to $6.7 million during last year’s second quarter. "Our second quarter results reflect the benefits of sales mix, continued cost control, and savings resulting from our Global Savings Program initiatives. These results were achieved in spite of dramatic vehicle production declines in the U.S. market, which we were able to offset with stronger Hybrid and Heavy Duty market sales," says John Weber, company president and chief executive officer. "While we
are pleased with EBITDAR growth and profit improvement in operations, we face challenging market conditions and earnings pressure for the rest of 2008 due to continued high raw material costs, unfavorable currency rates and the downturn in North American automotive sales." For more information, visit Remy online. |
