Federal-Mogul earnings hit by foreign currency pressure, aftermarket declines

SOUTHFIELD, Mich. (July 21)—Federal-Mogul Corp. posted second quarter net income of $49.9 million on sales of $1.6 billion for the period ended June 30. That compares with earnings of $87.3 million on revenue of $1.7 billion during the second quarter of 1999. For the six month period the seals maker posted net income of $63.8 million on sales of $3.2 billion compared to net income of $112.9 million on sales of $3.3 billion during the first half of 1999. Chairman and CEO Richard Snell attributed the decreases to weak sales in the North American aftermarket and significant weakening of the European currencies against the dollar.