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Federal-Mogul Q1 net sales up 2%

ABR Staff Writer Published 25 April 2012

Federal-Mogul, a supplier of powertrain and safety technologies, has reported an increase of 2% in net sales of $1.76bn for the first quarter ended 31 March 2012, compared to $1.72bn for the same period in 2011.

The company posted gross margin $277m for the first quarter of 2012 compared to $279m for the year ago period.

Net income for the first quarter of 2012 was $32m compared to $51m the company reported for the same period in 2011.

The company has posted an operational EBITDA of $168m or 9.5% of sales for the first quarter of this year, compared to $179m or 10.4% of sales for the same period last year.

Federal-Mogul chief executive officer Rainer Jueckstock said that the company's highly diverse customer base and strong position on key powertrain and vehicle technologies enabled the company to continue to grow and even outpace global vehicle production growth in key technologies and regions in Q1 2012.

"Strong global OE customer sales and stable aftermarket volumes resulted in another solid quarterly result," Jueckstock said.

"We continue on the same path with solid EBITDA performance while simultaneously investing in growth initiatives for the long-term to generate sustainable global profitable growth."