DETROIT -- Federal-Mogul Corp. last week reported higher net losses but improved cash flow in the second quarter as it continues efforts to emerge from five years of bankruptcy protection later this year.
The Southfield, Mich., supplier of pistons, bearings, valves, gaskets and other components posted a net loss of $16.8 million on revenue of $1.63 billion during the quarter ending June 30. That compared with a net loss of $11.6 million on sales of $1.66 billion during the same quarter in 2005.
For the first half of 2006, the company posted a net loss of $85.2 million on revenue of $3.23 billion compared with a loss of $59.9 million on sales of $3.30 billion in the year-ago period.
The company filed for Chapter 11 bankruptcy protection in October 2001 because of asbestos liabilities.
Federal-Mogul's cash flow has improved this year. The company said it generated positive cash flow of $30 million for the first half of 2006, compared with $3 million during the same period in 2005.
You may e-mail Philip Nussel at [email protected]
