Detroit, Michigan -- Federal-Mogul Corp. reported a sharp improvement in net income for the third quarter, saying it benefited from an increase in sales and favorable currency exchange rates.
For the period, the auto supplier reported net income of $13.7 million on sales of $1700 million. For the same period last year, the company reported net income of $2.6 million on sales of $1500 million.
Federal-Mogul said the most significant factors supporting its sales increase were larger volumes and favourable foreign currency exchange rates.
For the first nine months of the year, Federal-Mogul reported net income of $22.2 million on revenue of $5200 million, compared with a net loss of $82.6 million on sales of $4700 million last year.
The supplier -- which makes pistons, rings, gaskets and friction materials -- has been operating under Chapter 11 bankruptcy protection since October 2001.
From Rubber & Plastics News (A Crain publication)