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July 24, 2013 02:00 AM

Federal-Mogul reports second-quarter gains

Rubber & Plastics News Report
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    SOUTHFIELD, Mich.—Federal-Mogul reported net income of $56 million for the second quarter, compared with a net loss in 2012 of $59 million.

    The company said the figure for this year was comparable to 2012 when excluding the impact of a non-cash charge of $119 million during last year's period.

    Federal-Mogul's sales increased 6 percent to $1.77 billion for the second quarter.

    Its operational EBITDA increased to $163 million, or 9.2 percent of sales, versus $157 million, or 9.3 percent of sales, in 2012 on a continuing operational basis. The improved EBITDA was driven by higher volumes in a more stable market environment.

    The company said its second quarter results show the benefit of cost reductions and restructuring actions to eliminate loss-making units. On July 9, it concluded a shareholder rights offering generating $500 million. The offering raised equity to strengthen the company's balance sheet further and facilitate debt refinancing.

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