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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowShares of Pendleton-based Remy International Inc. closed at a 52-week high Tuesday, a day after the manufacturer announced declining sales and earnings in the second quarter.
The stock closed at $21.16 per share, up 18 cents on the day.
The company reported earnings of $11.4 million, or 36 cents per share, for quarter end June 30, compared with $17.4 million, or 56 cents per share, for the second quarter of 2012.
Revenue dropped 4 percent over a year ago, to $282.3 million.
"First half financial performance was in line with our expectations," Remy Chief Financial Officer Fred Knechtel said in a prepared statement. "The year-over-year decline was due to lower light-duty original equipment and hybrid volumes, softer North American commercial vehicle demand, growth investments, one-time refinancing, restructuring and separation costs."
Remy is a leading manufacturer of alternators, starter motors and electric traction motors.
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