Remy sees lower profit, revenue in third quarter

Remy International Inc. saw a big drop in profit in the third quarter on a 5-percent decline in revenue, the Pendleton-based manufacturer reported Tuesday.

Revenue fell to $262.8 million in the latest quarter, down from $277.4 million a year ago.

Profit dropped to $10.4 million, or 33 cents per share, compared with $96.5 million, or $3.11 per share, in 2012.

Remy said this year's third-quarter profit was hurt by $1.5 million in restructuring charges, while last year's profit was boosted by $84.7 million in deferred tax benefits.

The results missed analyst expectations of $269 million in revenue and 37 cents per share in profit.

The company on Tuesday declared a quarterly cash dividend of 10 cents per share payable Nov. 27 to shareholders of record as of the close of business on Nov. 13.
Remy is a leading manufacturer of alternators, starter motors and electric traction motors.

Shares in Remy dropped 1.8 percent, to close at $22.24 each, before the earnings report.
 

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