Federal-Mogul Corporation, headquartered in Southfield, Michigan, USA, has announced record third quarter sales and strong financial results compared with the same period of 2010. Total sales were $1.7 billion, up 12% on the third quarter 2010 figures.
The company reported that net income was $34 million, compared to $53 million Q3 2010. Net income of $34 million compares favourably to an adjusted net income of $29 million in Q3 2010 when excluding the non-cash OPEB curtailment gain recorded in Q3 of last year, the company concluded.
“Federal-Mogul’s leading technology and innovation in the original equipment markets continues to be in high demand and we achieved all-time record third quarter sales while maintaining world-class quality and delivery performance and strong operating margins,” stated Jose Maria Alapont, Federal-Mogul President and Chief Executive Officer.
“Federal-Mogul, during the quarter, attained higher volumes with newly launched innovative powertrain technologies that help automakers to improve fuel economy and reduce emissions. The DuraBowl®, Elastoval II® and Monosteel® pistons, LKZ® oil control rings and IROX® engine bearings added significantly to revenue growth in mature markets and helped conquest new business opportunities in strategic growth markets such as China, India and Russia,” Alapont explained.
“Federal-Mogul delivered again on its commitment to develop sustainable global profitable growth through leading technology, innovation and strong financial performance. Our record Q3 sales, strong EBITDA and net income results show our ability to efficiently utilize existing global capacity to satisfy increasing demand. We simultaneously invested in the development of the business to increase market share and position the company to capitalize on growth in developing markets,” stated Alapont.
Edited by: Paul Whittaker, Editor ipmd.net, [email protected]