COLMAR, Pa., July 31 (Reuters) - R&B Inc. , an automotive parts supplier, on Wednesday reported stronger fiscal second-quarter earnings and forecast higher 2002 profits on sales growth and cost containment.
R&B said that for the quarter ended June 29, sales rose 6.6 percent, to $55.5 million while net income rose to $2.8 million, or 31 cents per fully diluted share, from $1.6 million, or 18 cents per fully diluted share excluding goodwill amortization, a year ago.
R&B, a supplier of "hard-to-find" automotive replacement parts, said sales rose partly due to new product lines and stronger results from its Swedish subsidiary.
Looking ahead, the company said it expects to report fiscal 2002 per-share earnings of between 95 cents and $1.05 before a one-time 15-cent gain on the sale of a specialty fastener business. R&B attributed its forecast to expectations of higher sales and expense control offset somewhat by costs related to further new product development and promotional spending.
R&B shares ended Tuesday Nasdaq trading at $9.01, not far from its year high of $10.36.