Remy International, Inc., a major global producer, remanufacturer, as well as distributor of starters and alternators for light automobile and commercial vehicle applications, locomotive products and hybrid electric motors, reported today its operating final results for the 2nd quarter ended June 30, 2011. Product sales for the second quarter had been $303.5 million, Adjusted EBITDA was $53.1 million and also Net income as a result of common stockholders was $30.7 million.
Remy’s 2nd quarter results indicate the good effect of a contract settlement with an OEM customer as well as an insurance negotiation related to some prior period claim. Not including these items, Adjusted EBITDA was $45.8 million, and Net income attributable to common stockholders had been $23.4 million. By comparison, the Company reported 2010 2nd quarter sales of $279.4 million, Adjusted EBITDA of $39.0 million and Net income attributable to common stockholders of $7.8 million.
“Remy continued to experience strong sales during April following record sales in the first quarter in both the original equipment and aftermarket sales channels. As inventory days began to build for OEMs and aftermarket customers, we saw a relative softening of demand in May and June. Despite these market drivers, and even excluding the positive effects of one-time events in the quarter, Remy continues to show improvement in underlying performance over prior year periods,” mentioned John Weber, Remy International President and Chief Executive Officer.
Free cash flow in the 2nd quarter 2011 was $48.0 million when compared with $35.4 million in 2010. Working capital turns had been 5.9. Several elements influenced working capital in the 2nd quarter which includes timing of customer payments and planned inventory raises to support forecasted sales growth. The delayed consumer payments had been collected in August and plans are in place to decrease inventory by the end of the fourth quarter.
“Our strong results allow us to pursue strategic initiatives and new product offerings including products featuring our leading Hybrid technology. Remy’s recognized operational excellence provides the foundation to pursue further opportunities for geographic expansion, product extensions and new business alliances,” added John Weber, Remy International President and Chief Executive Officer.
Marco Abanico is an expert in online marketing and enjoys teaching and coaching others on how to make money on the internet. He enjoys sharing his secrets to success in online business. If you would like more information about how he makes $500 per day on the internet, you can reach him at 513-442-0239 or check out the exact internet marketing system he uses to achieve success online.