Federal-Mogul Holdings Corp. reported a wider net loss of $62 million in the third quarter from a year earlier as currency fluctuations took their toll on the supplier’s revenue.
Third-quarter revenue slipped 2.5 percent to $1.82 billion from $1.87 billion.
The supplier, controlled by investor Carl Icahn, lost $18 million in the third quarter of 2014.
Adjusting for a constant U.S. dollar, revenue rose 7 percent in the third quarter, Federal-Mogul said. The company attributed the increase in adjusted revenue to its 2014 acquisition of TRW Automotive Holdings Corp.’s engine valve business.
Federal-Mogul’s powertrain division reported $1.08 billion in revenue in the third quarter, a decline of $106 million from a year earlier. When excluding sales from the TRW acquisition, powertrain sales fell 1 percent in North America, 1 percent in Europe, the Middle East and Africa and 9 percent in the rest of the world.
The unit’s woes in Europe, the Middle East and Africa were driven by a “significant reduction in engine exports from Europe to China, as well as the negative effect of Russia’s continuing recession,” the company said in a statement.
About 67 percent of the powertrain unit’s revenue is generated outside the U.S.
Net revenue at the company’s motor parts division fell 4.9 percent to $817 million from $859 million in 2014. At constant exchange rates, motor parts sales in the Americas rose 4 percent to $465 million, driven by a 7 percent spike in U.S. and Canadian aftermarket sales.
At constant exchange rates, sales in Europe, the Middle East and Africa rose 2 percent to $293 million. Asia Pacific sales increased 16 percent from a year earlier due to greater aftermarket sales in India and China.