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.

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