Federal-Mogul third quarter 2012 sales fell 2% year on year to US$1.6bn.
Sales in Europe fell 7% as vehicle production and aftermarket demand decreased due to the overall market downturn. Sales in North America were 2% higher, partially offsetting European market weakness.
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The supplier booked reported a net loss of $11m or $0.11 per share versus $34m ($0.34) in Q3 2011 due mainly to the impact on margins of lower European volumes combined with adverse regional and product mix.
“Federal-Mogul had a good quarter in North America, but we are again reacting to challenging market conditions in Europe, where customers are reducing vehicle production in response to weak economic conditions,” said Rainer Jueckstock, co-CEO, Federal-Mogul and CEO powertrain segment.
“We are reducing headcount and production schedules at several sites while at the same time ensuring that we maintain readiness to respond to improved industry volumes when the European market returns to normal levels,” he added.
