Federal-Mogul in black for first time in seven quarters

SOUTHFIELD, Mich. (Aug. 1)—Federal-Mogul Corp. which has been operating under Chapter 11 since October, reported net earnings of $16 million for the second quarter, vs. a loss of $17.5 million during the same period of 2001. Sales during the three-month period increased 1 percent year-over-year to $1.4 billion, including the effects of foreign currency and businesses divested during the previous year. The company attributes its improved earnings to productivity gains above inflation and price-down pressures, the increase in vehicle production volumes and healthier replacement market sales, a spokeswoman said. Sealing Systems revenue was $242 million or 17 percent of the company's total sales, up 7 percent from the year earlier period, but down from $250 million during the first quarter of this year.