PENDLETON, Ind. – Remy International has reported its financial results for the first quarter ended March 31, 2015.
Jay Pittas, Remy International Inc. president and CEO, commented, “We performed well in a tough environment with strong currency headwinds and macro-economic conditions. We are excited by the continued share gains in our OE products and encouraged by the favorable commercial vehicle build forecasts for the remainder of the year. In addition, we continued to increase our OE revenue backlog, which provides a clear line of sight into earnings growth over the next few years.” Pittas continued, “We are committed to improving long term shareholder value as demonstrated by our increased dividend and previously announced stock repurchase program.”
The company reported net sales of $303.4 million for the first quarter of 2015 compared to $306 million for the first quarter of 2014. Excluding the year over year impact of fluctuations in foreign exchange, net sales would have grown 1 percent.
On March 1, 2015, Remy acquired substantially all of the assets of Maval Manufacturing Inc., a manufacturer, remanufacturer and distributor of steering systems, components and specialty products to the automotive service, OE power sports, and off-road specialty vehicle markets.
In addition, the company was awarded $23 million of 2018 net new business, including an award for its next generation start-stop technology. The company also received a major award for axles from a large aftermarket retailer.
Remy expects 2015 net sales to be in the range of $1,130 million to $1,200 million.