Federal-Mogul sales improve, earnings down for quarter, first half

SOUTHFIELD, Mich. (July 30)—Federal-Mogul Corp. posted sales of $1.45 billion for the second quarter compared to $1.4 billion during the same period last year. The company reported a net loss of $5 million for the quarter compared to net income of $16 million last year. Excluding the effects of Chapter 11 reorganization expenses and business divestitures, the firm's pretax results from operations would have been $48 million this quarter vs. $60 million during the second quarter of last year. For the six-month period, Federal-Mogul reported a net loss of $39.3 million compared to a loss of $25.2 million during the first half of last year. Sales during the most recent period rose 2 percent to $2.85 billion.