PENDLETON, Ind. — Remy International has announced its financial results for the third quarter ended Sept. 30, 2011. Sales for the third quarter were $300.4 million, adjusted EBITDA was $30.2 million and net income attributable to common stockholders was $1.2 million.
In comparison, the company reported 2010 third quarter sales of $280 million, adjusted EBITDA of $34.2 million and net income attributable to common stockholders was $1.4 million.
"We have posted solid results for the first nine months of 2011," said John Weber, Remy International president and CEO. "Although Remy achieved robust sales during the third quarter following record sales in the first half of the year, net income was below our expectations but largely consistent with what other automotive suppliers have experienced."
Fred Knechtel, Remy International CFO, added, "The decline in year-over-year EBITDA was the result of the mark to market of currency contracts, rising materials costs, competitive pricing pressures, increased legal expenses to enforce and expand our intellectual property portfolio and higher SG&A costs to support growth initiatives. This was partially offset by favorable volume and reduced warranty expenses."
Weber continued, "We will continue to strategically grow our business. I am pleased to announce a hybrid electric motor deal with BAE and as well as a business cooperation agreement with India’s Lucas-TVS. The BAE agreement further reaffirms our hybrid motor strategy. The Lucas-TVS agreement significantly enhances our presence in India, the world’s fastest growing automotive market."
