Federal-Mogul reports net income rise in '13

Comments Email

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.

More Polls>

TB Reader Poll

Previous | Published May 22, 2015

When is the last time you attended one of the national tire industry trade shows, such as SEMA, ITEC or the North American Tire & Retread Expo?

I try and take in at least one show a year.
30%
I usually attend one every few years.
14%
There are so many tire maker and distributor meetings each year, I don’t see a need to attend one of the national shows.
12%
I don’t find value in these shows and haven’t been to one in years.
19%
I’d like to but I am too busy
25%