Federal-Mogul Reports Increased Sales for Q3
Oct. 23, 2013—Federal-Mogul Corporation announced Wednesday the results for its third quarter, which ended Sept. 30. The company saw positive increases in several areas including a 9 percent jump in total sales.
Year-over-year comparisons showed increases in total sales (1.7 billion) and net income ($38 million), which was a $49 million improvement from 2012’s $11 million loss in Q3. Earnings per share (EPS) increased by $0.26 compared to a loss of $0.11 per share during the same period last year.
European sales increased 12 percent, and North American revenue was up 6 percent.
"The company's improved sales in the third quarter 2013 were driven by much stronger demand for Federal-Mogul products used in European light vehicle production," said Rainer Jueckstock, Federal-Mogul co-CEO and CEO of its powertrain segment. "At the same time, we have experienced continued OE sales growth in North America and Asia, especially China, versus Q3 2012. This improved light vehicle demand helped offset continued softness in the European commercial vehicle and industrial markets in Q3 2013."