Federal-Mogul has unveiled net sales for the third quarter of US$1.82bn a decrease of 3% versus the same period in 2014, while on a constant dollar basis, net sales increased by 7% versus Q3, 2014 due to the engine valve business acquired from TRW this year.
"Federal-Mogul Powertrain held course in the third quarter, including a healthy boost to our top line from the TRW engine components acquisition," said Federal-Mogul co-CEO and CEO, Powertrain Division, Rainer Jueckstock.
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"However, currency fluctuation remained a challenge in the third quarter, as did the decline in global commercial and industrial markets and the continued cooling of the vehicle markets in China, Brazil and Russia.
“Most notably, China's new vehicle production volumes continue to trail prior growth trends as the market works to deplete its new vehicle inventories. As I stated on our second quarter earnings call, China is still the fastest-growing vehicle market in the world and Powertrain's plan to earn its fair share of that space has not wavered."
For his part, Federal-Mogul co-CEO and CEO, Motorparts Division, Daniel Ninivaggi added: "I am encouraged by Federal-Mogul Motorparts' third quarter operating performance. We saw measurable returns during the quarter from earlier investments in productivity initiatives, restructuring and commercial actions.
“We are investing aggressively to structurally improve our business by enhancing our global distribution network and IT systems. We are joining with our aftermarket distribution partners in supporting technicians and repair shops through our growing network of technical support centres and other 'Tech First' initiatives, including the recent opening of our eighth technical support centre in south Florida.
“Additionally, we are continuing to establish our presence, distribution channels and premium branded products within emerging markets, particularly China and India, where the vehicle populations are both increasing and ageing, creating significant opportunities for sustainable long-term growth."
