Federal-Mogul posts loss after $304 million in one-time charges

ERJ staff report (AN)

Detroit, Michigan — Automotive supplier Federal-Mogul Corp. has reported a fourth-quarter net loss after a $304 million one-time impairment charge caused by a drop in the value of some of its product lines.

The suburban Detroit supplier’s fourth-quarter net loss was $239 million, or $2.42 a share, compared with a profit of $45 million, or 45 cents a share, a year ago. Revenue rose 5 percent from the fourth quarter of 2010 to $1.7 billion.

Removing one-time items, Federal-Mogul reported a profit of $51…

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