Remy International Announces Third Quarter 2008 Results - aftermarketNews

Remy International Announces Third Quarter 2008 Results

The net profit in the quarter was $4.3 million, a substantial improvement over the Q3 net loss of $39.3 million.

PENDLETON, Ind. — Remy International has announced its operating results for the third quarter ended Sept. 30. Sales for the quarter were $279.4 million compared to $275.3 million a year earlier, a 1.5 percent increase. Earnings before interest, taxes, depreciation, amortization, and restructuring charges (EBITDAR) for the quarter increased 153 percent to $27.8 million from $11 in the third quarter of 2007. Gross profit less SG&A increased 455 percent to $23.3 million in the third quarter of 2008 from $4.2 million in third quarter of 2007. The net profit in the quarter was $4.3 million, a substantial improvement over 2007’s third quarter’s net loss of $39.3 million.

"Our third quarter results reflect the benefits of sales mix, continued cost control and savings resulting from our Global Savings Program initiatives," said John Weber, Remy International president and chief executive officer. "These results were achieved in spite of dramatic vehicle production declines in the U.S. market particularly at GM, where our YTD revenue is down 30 percent. We were able to address the GM sales decline with stronger third quarter Hybrid and Heavy Duty market sales.

Weber continued, "We also have consolidated facilities and reduced headcount in our OE group by 12 percent and 9 percent overall since the end of 2007 to better "right size" the business. Without some governmental assistance to the auto industry, the company will be facing challenging economic and credit market conditions, inflated commodity costs and unprecedented customer sales declines for the foreseeable future, which will adversely impact our earnings ability. Remy’s ability to continue to achieve its accelerating earning improvements is clearly compromised in the current aftermarket and OE marketplaces."

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