Federal-Mogul Corporation on Friday, July 25, released the company's second quarter 2008 financial results and conducted a web cast to highlight the company's record net sales and eighth consecutive quarter of year-over-year growth and strong net income. The company's conference call with analysts and media is available for replay on www.federalmogul.com/investors.
The company also filed its second quarter Form 10-Q with the SEC on Friday, July, 25, 2008.
Highlights of Federal-Mogul's Q2 financial performance include:
-- Record quarterly sales of $2 billion, a 13% increase, versus $1.8 billion in Q2 2007 and eighth consecutive quarter of year-over-year sales increase
-- Gross margin improved by 23% or $74 million to $396 million or 19.8%,
compared to $322 million in second quarter 2007
-- SG&A at 10.6% of sales, compared to 12.1% of sales during the same
period in 2007
-- Operational EBITDA* increased 21% to $257 million from $212 million in
Q2 2007
-- Net income improved to $90 million or earnings per share of $0.90, compared to $4 million in Q2 2007
-- Strong balance sheet and liquidity of $1.3 billion
-- Market, customer and product diversification with no single customer
accounting for more than 6% of revenue.
An audio replay of the call is available through August 29, 2008 at:
Domestic calls: 888-286-8010
International calls: 617-801-6888
Pass code I.D. - 35689660
The second quarter press release can be downloaded at http://www.federalmogul.com/Investors/.
Investor Relations Contact: David Pouliot
(248) 354-7967
David.Pouliot@federalmogul.com
* Operational EBITDA is defined as earnings before interest, income taxes, depreciation and amortization, and certain items such as restructuring and impairment charges, Chapter 11 related reorganization expenses, gains or losses on the sales of businesses, and the impact on gross margin of the fresh-start reporting valuation of inventory as described in the attached reconciliation of non-GAAP financial measures.
About Federal-Mogul
Federal-Mogul Corporation is a leading global supplier of powertrain and safety technologies, serving the world's foremost original equipment manufacturers of automotive, light commercial, heavy-duty, industrial, agricultural, marine, rail, off-road and industrial vehicles, as well as the worldwide aftermarket. 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. Federal-Mogul is focused on its sustainable global profitable growth strategy, creating value and satisfaction for its customers, shareholders and employees. Federal-Mogul was founded in Detroit in 1899. The company is headquartered in Southfield, Michigan, and employs 50,000 people in 35 countries. Visit the company's Web site at www.federalmogul.com.
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