Remy International Q1 Sales Up
Posted on: Friday, 16 May 2008, 15:00 CDT
Remy International, a manufacturer and remanufacturer of electrical and powertrain components for automobiles and light trucks, has reported that its sales for the first quarter of 2008 increased 6% to $301.1 million, compared to $284.7 million in the same period of 2007.
The EBITDAR for the first quarter of 2008 increased 45% to $19.1 million from $13.2 in the first quarter of 2007. Gross profit increased 55% to $13 million from $8.4 million in first quarter of 2007.
The net loss in the first quarter was $6.6 million, a substantial improvement over net loss of $24.3 million in the first quarter of 2007, a 73% decrease.
John Weber, president and CEO of Remy International, said: "Our first quarter's results show the benefits of the operational improvement actions we started last year and that are continuing from our successful emergence from the prepackage reorganization in December 2007."
Source: Datamonitor
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