IBJNews

Remy International reports smaller first-quarter profit

Back to TopCommentsE-mailPrintBookmark and Share

Remy International Inc. saw its sales fall slightly and profit plummet in the first quarter as it paid down debt, invested in hybrid motor development and coped with a weak European market.

The Pendleton-based company reported a profit of $8.7 million on revenue of $293.1 million, compared to a profit of $18.4 million on revenue of $306.4 million during the same period a year earlier.

During the most recent quarter, the company said it inked a supply agreement with hybrid-vehicle integrator Enova and secured a hybrid contract with a major North American commercial transmission supplier that it did not name.

Remy also paid down $7.8 million of long-term debt (leaving $233 million in net debt), declared a quarterly dividend of 10 cents per share payable May 21, and hired veteran executive Mark McFeely, who previously led divisions at Honeywell and Pacific Scientific Aerospace, as its new chief operating officer.

The results improved over the fourth quarter despite "weakness in the European market and softening in the U.S. aftermarket segment," Remy Chief Financial Officer Fred Knechtel said in a statement.

"We made significant investments to support hybrid development, new product launches, growth initiatives, develop and protect our intellectual property and improve supply chain cost," Knechtel noted. "We will continue to make these investments throughout the years."

The company's earnings report did not update the status of Remy's planned initial public offering, and a company spokesman did not return a phone call or e-mail Thursday morning.

Remy, the former General Motors Co. unit that exited bankruptcy in 2007, filed plans in March 2011 to raise up to $100 million through an IPO. Last year, company officials said they were continuing to evaluate the market’s receptiveness to the offering.

Remy manufactures starter motors, alternators and hybrid electric motors for consumer and commercial vehicles.

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. If I were a developer I would be looking at the Fountain Square and Fletcher Place neighborhoods instead of Broad Ripple. I would avoid the dysfunctional BRVA with all of their headaches. It's like deciding between a Blackberry or an iPhone 5s smartphone. BR is greatly in need of updates. It has become stale and outdated. Whereas Fountain Square, Fletcher Place and Mass Ave have become the "new" Broad Ripples. Every time I see people on the strip in BR on the weekend I want to ask them, "How is it you are not familiar with Fountain Square or Mass Ave? You have choices and you choose BR?" Long vacant storefronts like the old Scholar's Inn Bake House and ZA, both on prominent corners, hurt the village's image. Many business on the strip could use updated facades. Cigarette butt covered sidewalks and graffiti covered walls don't help either. The whole strip just looks like it needs to be power washed. I know there is more to the BRV than the 700-1100 blocks of Broad Ripple Ave, but that is what people see when they think of BR. It will always be a nice place live, but is quickly becoming a not-so-nice place to visit.

  2. I sure hope so and would gladly join a law suit against them. They flat out rob people and their little punk scam artist telephone losers actually enjoy it. I would love to run into one of them some day!!

  3. Biggest scam ever!! Took 307 out of my bank ac count. Never received a single call! They prey on new small business and flat out rob them! Do not sign up with these thieves. I filed a complaint with the ftc. I suggest doing the same ic they robbed you too.

  4. Woohoo! We're #200!!! Absolutely disgusting. Bring on the congestion. Indianapolis NEEDS it.

  5. So Westfield invested about $30M in developing Grand Park and attendance to date is good enough that local hotel can't meet the demand. Carmel invested $180M in the Palladium - which generates zero hotel demand for its casino acts. Which Mayor made the better decision?

ADVERTISEMENT