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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 December 28, 2017

What best describes your plans for 2018?

Invest in more equipment
5% (2 votes)
Hire additional help
3% (1 votes)
Increase sales over 2017
68% (25 votes)
Provide training for the staff
24% (9 votes)
Total votes: 37
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