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Restructuring Charges Drive Federal-Mogul Loss
Federal Mogul Corp. recorded a $59 million net loss in the second quarter of this year compared with a $64 million profit a year earlier.
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Federal Mogul Corp. recorded a $59 million net loss in the second quarter of this year compared with a $64 million profit a year earlier.
The company notes that without a $119 million restructuring charge it would have earned $53 million in the latest quarter. Earnings before interest, taxes, depreciation, amortization and one-time charges slid to $159 million from $200 million.
Revenue fell 6% to $1.7 billion, dented by unfavorable exchange rates and lower original-equipment and aftermarket sales in Europe.
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