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Federal-Mogul Profit Tumbles 37%
Federal-Mogul Corp. netted $32 million in January-March this year compared with $51 million in the same period of 2011.
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Federal-Mogul Corp. netted $32 million in January-March this year compared with $51 million in the same period of 2011. Revenue rose 2% to $1.8 billion.
The company says its original-equipment sales in the first quarter grew 10% in North America, 3% in Europe and 13% in the BRIC countries (Brazil, Russia, India and China).
Federal-Mogul's earnings before interest, taxes, depreciation and amortization slipped 6% to $168 million. Operating profit margin shrank to 9.5% from 10.4% in the first quarter of last year.
The company attributes a $112 million cash outflow to a 30% increase in investment to boost capacity and factory efficiency. Federal-Mogul ended the quarter with $850 million cash on hand.
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