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Federal-Mogul Swings to Third-Quarter Profit
Federal-Mogul Holdings Corp reversed a $63 million net loss in the third quarter of 2015 with a $15 million net profit in the same period this year.
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Federal-Mogul Holdings Corp. reversed a $63 million net loss in the third quarter of 2015 with a $15 million net profit in the same period this year. Sales for the period were flat at $1.8 billion.
The Southfield, Mich.-based supplier of original-equipment and aftermarket components says stronger third-period sales to carmakers were offset by unfavorable exchange rates and slumping demand for repair and do-it-yourself parts.
The company’s Powertrain division posted $1.1 billion in third-quarter sales, the same as in July-September last year. Revenue for its Motorparts division dipped 2% to $797 million.
The company is in the process of going private. Investor Carl Icahn is offering $281 million ($9.25 per share) to acquire the 18% of Federal-Mogul his Icahn Enterprises LP doesn’t already own. The tender offer expires at midnight Friday. Assuming Icahn prevails, Federal-Mogul will be de-listed on the NASDAQ exchange.
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