IBJNews

Remy International reports $138M annual profit

Back to TopCommentsE-mailPrintBookmark and Share

A one-time tax benefit more than doubled Remy International Inc.’s annual profit to $138.6 million, or $4.47 per share, the Pendleton-based manufacturer reported late Monday.

Sales slid 5 percent in 2012, to $1.1 billion, pushing down the company’s operating profit 19 percent, to $97.9 million.

But $71.2 million in income tax benefits helped boost the bottom line.

Remy also reported a $15.9 million profit on $268.3 million in sales for the fourth quarter. Fourth-quarter profit rose 33.6 percent over 2011, but sales declined 6 percent.

The company manufactures and remanufactures alternators, starters and electric traction motors. About 6,500 people work for the auto supplier worldwide, with about 400 of them in Indiana.

The hybrid vehicle market saw slower-than-expected  growth last year, but overseas sales helped boost sales, Remy CEO John Weber said in a prepared statement.

The Chinese market will be especially important to the company in the next few years, Weber said. The company finished building a factory and engineering center in Wuhan, China, in 2012.

Remy also completed an initial public offering last year.

Remy shares opened Tuesday at $18 a share, up from $15.85 on Dec. 13, the day of its IPO.

The company declared a 10-cent quarterly dividend, payable Feb. 28, on its common shares.

Other recent changes at Remy included Weber’s Feb. 1 announcement that he intends to step down as CEO at the end of February. He will leave his post after seven years and become a board director.

 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. In reality, Lilly is maintaining profit by cutting costs such as Indiana/US citizen IT workers by a significant amount with their Tata Indian consulting connection, increasing Indian H1B's at Lillys Indiana locations significantly and offshoring to India high paying Indiana jobs to cut costs and increase profit at the expense of U.S. workers.

  2. I think perhaps there is legal precedence here in that the laws were intended for family farms, not pig processing plants on a huge scale. There has to be a way to squash this judges judgment and overrule her dumb judgement. Perhaps she should be required to live in one of those neighbors houses for a month next to the farm to see how she likes it. She is there to protect the people, not the corporations.

  3. http://www.omafra.gov.on.ca/english/engineer/facts/03-111.htm Corporate farms are not farms, they are indeed factories on a huge scale. The amount of waste and unhealthy smells are environmentally unsafe. If they want to do this, they should be forced to buy a boundary around their farm at a premium price to the homeowners and landowners that have to eat, sleep, and live in a cesspool of pig smells. Imagine living in a house that smells like a restroom all the time. Does the state really believe they should take the side of these corporate farms and not protect Indiana citizens. Perhaps justifiable they should force all the management of the farms to live on the farm itself and not live probably far away from there. Would be interesting to investigate the housing locations of those working at and managing the corporate farms.

  4. downtown in the same area as O'malia's. 350 E New York. Not sure that another one could survive. I agree a Target is needed d'town. Downtown Philly even had a 3 story Kmart for its downtown residents.

  5. Indy-area residents... most of you have no idea how AMAZING Aurelio's is. South of Chicago was a cool pizza place... but it pales in comparison to the heavenly thin crust Aurelio's pizza. Their deep dish is pretty good too. My waistline is expanding just thinking about this!

ADVERTISEMENT