Federal-Mogul has posted net income of USD38m for the third quarter, up USD49m on the loss recorded in the same quarter last year.
The company also said that third quarter sales were 9% higher than last year at USD1.7bn.
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The results were ahead of analyst expectations and Federal-Mogul pointed to a number of positive drivers in markets around the world.
“The company’s improved sales in the third quarter 2013 were driven by much stronger demand for Federal-Mogul products used in European light vehicle production,” said Rainer Jueckstock, Federal-Mogul co-CEO and CEO Powertrain Segment.
“At the same time, we have experienced continued OE sales growth in North America and Asia, especially China, versus Q3 2012. This improved light vehicle demand helped offset continued softness in the European commercial vehicle and industrial markets in Q3 2013. Our Q3 earnings performance continues to show that we are making good progress on restructuring in Western Europe and the US, increasing operational efficiency and implementing ongoing cost reductions as we drive for growth and enhanced margins.”
