SOUTHFIELD, Mich.—Federal-Mogul Corp. posted a net income of $41 million for 2013, a significant improvement after the company posted a net loss of income of $117 million in 2012.
The firm also reported a $19 million net loss for the fourth quarter of 2013, an improvement from a net loss of $61 million over the previous fourth-quarter report. Federal-Mogul cited restructuring and impairment charges of $25 million and a tax valuation allowance of $15 million for the net loss in the quarter.
Sales increased by 10 percent to $1.69 billion for the fourth quarter. Year end sales increased to $6.78 billion, up 5 percent.
"Federal-Mogul's results for the fourth quarter and for full year 2013 are a reflection of improved operating performance, strengthening global markets and market share gains, particularly in the powertrain segment," said Rainer Jueckstock, co-CEO and CEO, powertain segment.
The powertrain segment reported revenue of $1.03 billion in the fourth quarter, a 10 percent increase, and increased to $4.17 billion for 2013, up $247 million from 2012.
Federal-Mogul supplies products and services, including powertrains and vehicle components in the automotive, light, medium and heavy-duty commercial, marine, rail, aerospace, power generation and industrial markets. It employs 44,300 in 32 countries.