Sales down, profit up for Remy International

Pendleton-based manufacturer Remy International Inc. saw sales slip in its latest quarter, but profit more than tripled from the year-ago period.

The maker of starter motors and alternators on Wednesday reported profit of $16.6 million, or 52 cents per share, in the first quarter ended March 31, up from $4.9 million, or 16 cents per share, in the first quarter of 2014.

Sales were $303.4 million, down from $306 million last year.   

The company said sales would have grown 1 percent in the quarter if it hadn’t been fluctuations in foreign exchange rates.

"We performed well in a tough environment with strong currency headwinds and macro-economic conditions,” CEO Jay Pittas said in a written statement. “We are excited by the continued share gains in our original equipment products and encouraged by the favorable commercial vehicle build forecasts for the remainder of the year.”

Remy issued its quarterly results after the market closed Wednesday. Remy stock was down 1 percent early Thursday, to $22.50 per share. Shares are up about 7.5 percent since the beginning of the year.

 

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