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Federal-Mogul Q3 net sales down 2%

ABR Staff Writer Published 22 October 2012

Federal-Mogul, a supplier of powertrain and safety technologies, has reported a decrease of 2% in net sales of $1.6bn for the third quarter of 2012, compared to $1.73bn for the same period in 2011.

Gross margin for the third quarter of 2012 was $212m compared to $263m for the year ago period.

The company posted net loss of $11m for the quarter compared to net income of $34m for the same period in 2011.

Operational EBITDA was $101m or 6.3% of sales for the third quarter of 2012 compared to $161m or 9.3% of sales for the same period last year.

Federal-Mogul chief executive officer Rainer Jueckstock said, "We are reducing headcount and production schedules at several sites, while at the same time ensuring that we maintain readiness to respond to improved industry volumes when the European market returns to normal levels."

During the quarter, the company had acquired the BERU spark plug business with plants located in Chazelles, France and Neuhaus, Germany, which will add about $80m annualized sales to the Powertrain segment.

The acquired units will also increase the company's annual spark plug production capacity to about 350 million.