Federal-Mogul has unveiled first quarter 2012 financial results that have seen net income drop from US$51m to US$32m.
Total sales were US$1.8bn, up 2% versus Q1 2011 reflecting 5% growth in constant dollars, partially offset 3% by weakness of international currencies, primarily the euro, against the US dollar.
Original equipment sales were up 8% to US$1.2bn, the highest ever first quarter level.
Net income in Q1 2012 was US$32m or US$0.32 per diluted share and EBITDA was US$168m or 9.5% of sales.
Investment in growth and manufacturing infrastructure increased 30% in Q1 2012 versus Q1 2011, to support customer demand for higher-content technologies to improve fuel economy, reduce emissions and enhance vehicle safety.
“Federal-Mogul’s diverse customer base and position on key powertrain and vehicle technologies enabled the company to continue to grow and even outpace global vehicle production growth in key technologies and regions in Q1 2012,” said Federal-Mogul CEO Rainer Jueckstock.
“”Strong global OE customer sales and stable aftermarket volumes resulted in another solid quarterly result. We continue on the same path with solid EBITDA performance while simultaneously investing in growth initiatives for the long-term to generate sustainable global profitable growth.”
For the full results, please click here.