Federal-Mogul has posted a third quarter loss of US$18m based on net sales of US$1.87bn, up 11% on a continuing operations basis.
Operating income was US$70m. The results for the quarter reflect restructuring charges of US$25m as well as US$12m related to recent acquisitions, preparing for the spin-off of the Motorparts division and headquarters relocation costs.
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When excluding these items, adjusted net income from continuing operations in Q3, 2014 was US$20m.
“The powertrain division gained market share in the third quarter due to increased volume and new business wins,” said Federal-Mogul co-CEO and CEO, powertrain division, Rainer Jueckstock.
“We are delighted about signing the binding agreement to acquire TRW’s global valve business and, at the same time, continue to drive organic growth by investing in low-cost and emerging markets.”
For his part, Federal-Mogul co-CEO and CEO, Motorparts Division, Daniel Ninivaggi, said: “We continued to make significant progress on our strategic priorities during the third quarter. We are on track to launch full product line regional distribution centres in Southern California and Eastern Pennsylvania later in the fourth quarter.
“We are in the realisation phase of a new, on-line platform in the US and Canada, which is scheduled to go live in the second quarter of 2015.”
