Federal-Mogul reports increased sales for 1Q

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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.

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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%