Federal-Mogul Corporation has unveiled a fourth quarter net loss of US$80m, as well as a full-year net loss of US$117m.
The net loss of US$80m in Q4 2012 was due to the weaker European light vehicle and global commercial vehicle markets with negative regional and product mix.
Without the impact of restructuring, impairments and special items, the company had an adjusted net loss of US$41m in Q4 2012.
Operational EBITDA in Q4 2012 was US$65m due to lower European sales and unfavourable mix, combined with legal and commercial charges of US$19m. Excluding these items, Q4 2012 Adjusted EBITDA was US$84m.
Sales in North America were 3% higher and in Rest of World (ROW) 8% up on a constant dollar basis, but were offset by 4% lower sales in Europe.
The company in China had 9% constant dollar sales growth during Q4 2012 versus Q4 2011.
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By GlobalDataFederal-Mogul, for full year 2012, reported a net loss of US$117m with the European market, impairments and special items negatively impacting results. The company had an adjusted net income of US$51m when excluding the impact of impairments, restructuring and special items. Operational EBITDA for the full year 2012 was US$483m.
“We are evaluating the markets closely and anticipate implementing a plan to transfer capacity from higher cost locations to available capacity in lower cost locations in Mexico, Poland, China and other sites,” said co-CEO and Powertrain Segment CEO, Rainer Jueckstock.
“We are balancing Federal-Mogul’s global manufacturing footprint efficiency with the need to support our customer’s planned growth in developing markets and with the need to be ready for the eventual European market recovery.”