Auto parts maker Remy International Inc. said Monday that profit rose to $16.5 million in the third quarter, up from $4.3 million in the same quarter a year ago, as the company cut staff and pay to compensate for lagging sales.
Revenue for the Pendleton-based company fell 20 percent, to $223.7 million.
“We saw faint signs of recovery in the [original equipment] light duty and heavy duty sales in the third quarter over prior quarters, as it appears these markets have bottomed,” Remy President and CEO John Weber said in a prepared statement.
The company experienced a modest sales improvement in the third quarter, Weber said. The company, however, doesn’t expect to begin raising staff numbers at least through the end of the year.
The former Delco Remy International Inc. was spun off from General Motors Corp. to an investor group in 1994. Much of its business centers on manufacturing starters and alternators.
Remy shares trade over the counter and are fetching $3.44 each.