Federal-Mogul has posted a fourth quarter net loss of US$185m, but which includes the impact of non-cash impairment charges of US$140m and restructuring charges of US$24m.
Fourth quarter 2014 sales were US$1.8bn, up US$100m or 6% higher than Q4 last year, while FY 2014 sales were US$7.3bn, up US$531m or 8% higher than FY 2013.
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“Additionally, the company recorded aggregate costs of US$33m related to strategic initiatives, acquisitions, the preparation for the legal separation of the Motorparts division announced in Q3 and headquarters relocation costs,” said a Federal-Mogul statement.
“When excluding these items, adjusted net income from continuing operations in Q4, 2014 was $11m.”
