Crain News Service report
SOUTHFIELD, Mich. (April 24, 2014) — Automotive supplier Federal-Mogul Holdings Corp. reported a 7 percent increase in sales to $1.8 billion for the first quarter of 2014.
Net income improved to $40 million, compared to a net loss of $34 million in 2013.
Southfield-based Federal-Mogul said its powertrain division continued to gain market share in all regions, reporting income of about $1.14 billion, up 11 percent from first quarter of 2013. The firm attributed the improvement to a sales increase of 12 percent in North America.
Its vehicle components solutions division reported revenue of $720 million, up $6 million from first quarter 2013. The firm said North American aftermarket sales improved 4 percent compared to 2013, driven by stronger sales in the latter half of the quarter. European aftermarket sales declined by about 3 percent, but the decline was offset by stronger original equipment sales, increasing 4 percent.
The firm said it secured $2.6 billion on April 15 to refinance maturing debt. The financing includes a term loan of $700 million, due April 2018, and a term loan of $1.9 billion, due April 2021.
How will the Obama administration’s proposed expansion of overtime pay affect your business?
|Not much if at all.||
|It will force me to demote my assistant managers and recalculate pay and benefits scales.||
|It will put me out of business.||
|It’s way too soon to tell.||
|Total votes: 100|