Federal-Mogul has today (23 February) recorded net income for 2010 of US$161m as well as a Q4 sales increase.
The company’s sales in Q4 increased US$180m to US$1.6bn with growth in all business segments and all markets. Full-year revenue of US$6.2bn represents an increase of US$889m or 17%, driven by a 32% constant-dollar increase in sales to original equipment customers and a 2% increase in global aftermarket revenue, before the impact of Venezuelan currency restrictions.
Gross margin of more than US$1bn in 2010, an improvement of US$215m or 27% and EBITDA of US$671m, an improvement of US$168m million or 33%, was the result of increased sales and higher conversion of incremental revenue to profit.
Net income in the fourth quarter was US$45m, while net income for 2010 was US$161m, a US$206m improvement compared to full-year 2009.
All business segments reported year-over-year sales increases, while Federal-Mogul noted continued strength in BRIC markets.
The company diversified its global sales base in Q4 with revenue coming from markets outside the US, Canada and Europe, representing 19% of total revenue compared to 17% during the same period in 2009.
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