Remy International reports favorable second-quarter earnings

Remy International, Inc. recently released its second-quarter earnings, which reveal a sales increase, along with boosts in net and gross profits.

The manufacturer, remanufacturer and distributor of heavy duty systems, starters and alternators, locomotive products and hybrid technology states that sales for the quarter were $297.7 million compared to $290 million a year earlier, a 3 percent increase.

Earnings before interest, taxes, depreciation, amortization and restructuring charges (EBITDAR) for the quarter increased 123 percent to $27 million, from $12.1 million in the second quarter of 2007. Gross profit less S, G&A increased 221 percent to $21.5 million in the second quarter of 2008, from $6.7 million in second quarter of 2007, Remy adds.

The net profit in the quarter was $2.9 million, which the company notes as a substantial improvement over 2007's second quarter's net loss of $29.2 million.

"Our second quarter results reflect the benefits of sales mix, continued cost control and savings resulting from our Global Savings Program initiatives," says John Weber, Remy International president and CEO. "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."

For more information, visit www.remyinc.com.