Remy International, a, manufacturer, remanufacturer and distributor of Delco Remy products, has reported operating income of $US14.9 million in the first quarter of 2005, down compared to $22.5 million in the same period of 2004.
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Net sales of $281.6 million increased $12.5 million, or 4.7%.
Tom Snyder, President and CEO, said: “Heavy-Duty OEM and powertrain diesel product sales continue to be robust while sales to light-duty OEMs are softening. Our gross margin was negatively impacted by pricing pressures, higher commodity costs and adverse currency fluctuations.”
The acquisition of Unit Parts Company on March 18 did not have a significant impact on the company’s Q1 results.
