PENDLETON, Ind. – Remy International announced its financial results for the fourth quarter and full year ended Dec. 31, 2014.
The company reported net sales of $281.4 million for the fourth quarter of 2014, a decrease of 5 percent compared to $297.2 million for the fourth quarter of 2013.
Remy reported adjusted EBITDA of $33.8 million for the fourth quarter of 2014, compared to $41.7 million for the fourth quarter of 2013. The decrease of $7.9 million in adjusted EBITDA is primarily driven by a $3.7 million negative impact of foreign currency in the fourth quarter of 2014 and integration costs associated with the USA Industries acquisition of $3.4 million.
For the full year, Remy reported net sales of $1,182.3 million, an increase of 4 percent compared to $1,140.2 million for the year ended Dec. 31, 2013.
“We reported improved sales despite weaker economic conditions internationally,” said President and CEO Jay Pittas. “Revenues grew 4 percent with improved demand for North American on-highway trucks and passenger vehicle aftermarket parts. We also delivered strong growth in China driven by new products and programs. We continue to invest for future growth, reflecting our commitment to technology and product leadership, and supported a 43 percent increase in our OE business backlog.”
Pittas continued, “We are committed to improving the quality of our products and service for our customers, closely managing costs and further improving our financial performance in 2015. The company is passionate about building shareholder value by profitably growing the business organically, funding strategic acquisitions and returning cash to shareholders via dividends and share repurchase programs.”
The company continues to pay a quarterly dividend of $0.10 per share and recently announced a $100 million stock repurchase program targeted for completion over the next three years.
Remy Announces Three-Year $100 Million Share Repurchase Program
Remy announced today that the Board of Directors has approved a share repurchase program, effective February 23, 2015, under which Remy may repurchase up to $100 million of its outstanding ordinary shares. Purchases may be made from time to time in the open market at prevailing prices or in privately negotiated transactions through February 28, 2018.
“Today’s announcement illustrates the Board’s continued confidence in our cash generation capability,” said Jay Pittas, Remy President and CEO. “This share repurchase program demonstrates our commitment to enhancing value for our shareholders.”
