Federal-Mogul narrows loss in third quarter on flat sales

SOUTHFIELD, Mich. (Oct. 21)—Federal-Mogul Corp. reported a third-quarter loss of $17 million compared to a loss of $64 million in the same quarter of 2002. The supplier, which still is operating under Chapter 11 bankruptcy protection, posted sales of $1.346 million during the quarter vs. $1.345 million last year. Its original equipment sales, accounting for 52 percent of the total, rose less than 1 percent to $693 million, while sales of replacement parts rose nearly 7 percent to $644 million. Year-to-date operating income rose 42 percent to $269 million. During the quarter, Federal-Mogul won a seven-year contract for aftermarket business with Sears, Roebuck and Co. and a three-year deal with the Independent Factors Association in England. The supplier also reported its Asia Pacific sales increased 18 percent to $20 million during the period.