Federal-Mogul reports increased sales for 1Q

Comments Email

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.

More Polls>

TB Reader Poll

Previous | Published July 16, 2015

How will the Obama administration’s proposed expansion of overtime pay affect your business?

Not much if at all.
31%
(31 votes)
It will force me to demote my assistant managers and recalculate pay and benefits scales.
34%
(34 votes)
It will put me out of business.
11%
(11 votes)
It’s way too soon to tell.
24%
(24 votes)
Total votes: 100