Remy International stock hits 52-week high

Shares 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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