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Remy International takes quarterly loss on lower sales

August 4, 2015

Remy International Inc. took a bigger-than-expected loss in the second quarter as sales decreased 10 percent compared with the second quarter of 2014.

The Pendleton-based manufacturer of electric motors on Monday reported revenue of $272 million in the period, down from $302.9 million last year.

The company lost $1 million, or 3 cents per share, in the quarter compared with a gain of $5 million, or 16 cents per share, a year ago. Analyst had expected earnings of 15 cents per share.

"We performed as expected in the second quarter,” Remy International CEO Jay Pittas said in a written statement. “As we had previously stated, the first half of 2015 presented challenging comparisons to 2014, primarily due to the loss of a major retail customer in the automotive aftermarket. We continue to expect improved performance going forward."

The quarterly financial report will one of Remy International’s last. BorgWarner Inc. has announced plans to buy the company for about $950 million in a deal expected to close in the fourth quarter.

Remy shares were down 8 cents Tuesday, to $29.45 each.
 

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