Fed-Mogul Q3 earnings fall

DETROIT, Nov. 14 -- Federal-Mogul Corp. reported a third-quarter loss of $810.1 million on sales of $1.3 billion. In the year-ago quarter, the supplier posted a $7.6 million loss on sales of $1.4 billion.

The Southfield, Mich., company had third-quarter noncash charges of $729 million, including a $496.6 million write-down in goodwill for the supplier's lighting, connecting rod, camshaft and European ignition businesses. It also had a cash charge of $13.7 million related to its chapter 11 filing in October. Federal-Mogul also reported a gain of $47.1 million, as it retired debt early.

Without special items for the quarter, Federal-Mogul would have posted a $114.5 million loss.

The supplier's powertrain systems group reported $384 million in sales, the sealing systems and systems protection group posted $141 million, the friction group posted $78 million in sales, aftermarket sales were $597 million, and various other sales totaled $89 million.

Federal-Mogul ranks No. 20 on the Automotive News list of the top 150 suppliers to North America.

0

Shares

ATTENTION COMMENTERS: Over the last few months, Automotive News has monitored a significant increase in the number of personal attacks and abusive comments on our site. We encourage our readers to voice their opinions and argue their points. We expect disagreement. We do not expect our readers to turn on each other. We will be aggressively deleting all comments that personally attack another poster, or an article author, even if the comment is otherwise a well-argued observation. If we see repeated behavior, we will ban the commenter. Please help us maintain a civil level of discourse.

Newsletters