SOUTHFIELD, Mich. (April 22)—Federal-Mogul Corp. posted a net loss of $34 million for the first quarter compared to a loss of $1.4 billion during the similar period last year. Excluding charges for restructuring, losses from divestitures and asset impairments and accounting changes, the manufacturer noted earnings from operations of $7 million compared to breakeven results during the same period of 2002. Sales during the most recent quarter increased 5 percent from year-earlier numbers to $1.4 billion. Federal-Mogul's aftermarket sales, which accounted for 43 percent of total revenue, increased 2 percent to $613 million, while original equipment sales increased nearly 7 percent to $797 million. Sealing Systems and Systems Protection original equipment sales increased only fractionally to $164 million from $160 million during the year-earlier quarter. Separately, Federal-Mogul filed a disclosure statement for its Chapter 11 plan of reorganization with the U.S. Bankruptcy Court for the District of Delaware, providing more details on its plan. Both the court and the company's shareholders must approve the statement.
Federal-Mogul narrows first-quarter loss, increases sales 5 percent
Rubber News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].