CHICAGO -- Federal-Mogul Corp.'s quarterly loss more than doubled due to a weaker volume and product mix and other factors, the bankrupt auto-parts maker said on Friday.
The company posted a third-quarter loss of $69.9 million, or 79 cents a share, compared with a loss of $34.2 million, or 39 cents a share, in the year earlier quarter.
Its loss from continuing operations before income taxes was $48 million, compared with earnings of $6 million last year.
Sales slipped slightly to $1.5 billion from $1.51 billion last year.
In addition to the weaker volume and product mix, Federal-Mogul's gross profit margin in the quarter fell $49 million due to increased pension costs. Raw material costs were a drag through the first nine months.
The Southfield, Michigan-based company, which filed for Chapter 11 bankruptcy protection in October 2001, said it continues to cut costs and take other actions to offset adverse factors.
Federal-Mogul ranks No. 39 on the Automotive News list of the top 100 global suppliers with worldwide original-equipment automotive parts sales of $3.35 billion in 2004.
"Several industry-wide challenges, such as increased pension expense, the continued high cost of raw materials and higher interest rates, impacted our financial performance," Chief Executive Jose Maria Alapont said in a statement.