Federal-Mogul has posted a first-quarter net loss of US$11m after recording US$18m of costs related to restructuring, impairments and the required divestiture of two facilities in connection with the Honeywell brake components acquisition.
Net sales were US$1.84bn, up 3%, despite the negative impact of the appreciation of the US dollar against several global currencies.
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On a constant dollar basis, net sales increased by 13% versus Q1 2014.
Additionally, the company’s Motorparts division recorded US$27m in costs related to strategic initiatives and the integration of the Affinia and Honeywell acquisitions.
During the quarter, the company successfully completed a shareholder common stock rights offering of US$250m and the acquisition of TRW’s engine valve business.
