) posted a 45.7% fall in earnings per share to 19 cents in the
first quarter of 2013 from 35 cents in the corresponding quarter
last year. However, earnings per share comfortably outpaced the
Zacks Consensus Estimate of a loss of 29 cents. Net income
declined 43.2% to $21.0 million from $37.0 million in the
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Revenues also decreased 2.4% to $1.69 billion in the reported
quarter, missing the Zacks Consensus Estimate of $1.75 billion.
The year-over-decline was due to lower European light vehicle
shipment and reduced global commercial vehicle production.
Revenues from the
went down 2% to $1.1 billion. Higher revenues from North America
were offset by lower light vehicle and commercial vehicle
production in the region. The company also recorded lower
revenues from European operation together with lower vehicle
Operational EBITDA of the Powertrain Segment declined 15.9% to
$90.0 million. However, it was higher than the fourth quarter
results based on favorable impacts of cost reduction and
portfolio restructuring actions.
Revenues from the
Vehicle Components Segment
declined 2.3% to $737.0 million from $754.0 million a year ago,
driven by a 7% decline in revenues from North America, partially
offset by higher revenues from European operation. Operational
EBITDA of Vehicle Components Segment declined 12.1% to $51.0
million from $58.0 million in the first quarter of 2012, due to
lower sales volume.
Federal-Mogul had cash and cash equivalents of $269.0 million as
of Mar 31, 2013, compared with $467.0 million as of Dec 31, 2012.
Total debt remained flat at $2.8 billion as of Mar 31, 2013.
In the first quarter of 2013, cash outflow from operating
activities amounted to $50.0 million, compared with cash inflow
of $5.0 million in the same period of 2012. Capital expenditure
amounted to $93.0 million compared with $130.0 million a year
Federal-Mogul is a leading global supplier of powertrain, chassis
and safety technologies. The company's leading technology and
innovation, lean manufacturing expertise, as well as marketing
and distribution deliver world-class products, brands and
services with quality excellence at a competitive cost.
Currently, it retains a Zacks Rank #3 (Hold).
Some other stocks that are performing well in the industry where
Federal-Mogul operates include
). All these companies carry a Zacks Rank #1 (Strong Buy).