23 Apr 2007
Detroit, Michigan - Federal-Mogul Corp. posted net earnings of $5 million on revenue of $1720 million during the first quarter. That compares with a net loss of $68 million on revenue of $1600 million during the first quarter last year.
The results were the company´s best quarterly performance since it filed for Chapter 11 bankruptcy protection in October 2001, a company spokeswoman confirmed.
Earnings before taxes and other expenses improved from $53 million in the first quarter last year to $199 million in the first quarter this year.
Federal-Mogul is prepared to emerge from Chapter 11 bankruptcy protection this spring. It entered Chapter 11 in October 2001 because of asbestos-related litigation in England.
The supplier, which makes parts such as pistons, cylinder liners, and seals and gaskets, said its sales increased primarily from its May 2006 acquisition of Federal-Mogul Goetze India. The acquisition increased quarterly sales by $32 million.
From Rubber & Plastics News (A Crain publication)
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