Crain News Service report
SOUTHFIELD, Mich. (Feb. 26, 2014) — Federal-Mogul Corp. posted a net income of $41 million for 2013.
That was a significant improvement from the net loss of income of $117 million the company posted in 2012.
The Southfield-based automotive parts supplier also reported a $19 million net loss for the fourth quarter of 2013, an improvement from a net loss of $61 million over the previous fourth-quarter report. Federal-Mogul cited restructuring and impairment charges of $25 million and a tax valuation allowance of $15 million for the net loss in the quarter.
Sales increased by 10 percent to $1.69 billion for the fourth quarter. Year-end sales increased to $6.78 billion, up 5 percent.
"Federal-Mogul's results for the fourth quarter and for full year 2013 are a reflection of improved operating performance, strengthening global markets and market share gains, particularly in the powertrain segment," said Rainer Jueckstock, co-CEO and CEO of the company's powertain segment.
That unit reported revenue of $1.03 billion in the fourth quarter, a 10 percent increase. For 2013 the company reported an increase to $4.17 billion, up $247 million from 2012.
Federal-Mogul supplies products and services, including powertrains and vehicle components in the automotive, light, medium and heavy-duty commercial, marine, rail, aerospace, power generation and industrial markets. It employs 44,300 in 32 countries.
This report appeared in Rubber & Plastics News, an Akron-based sister publication of Tire Business.
What is the most pressing issue facing your dealership in 2017?
|Finding skilled, qualified workers||
71% (103 votes)
|Competition from online tire sales||
16% (23 votes)
|Managing marketing and social media efforts||
7% (10 votes)
|Upgrading our shop’s technology and equipment||
5% (7 votes)
2% (3 votes)
|Total votes: 146|