Federal-Mogul Corp. Cost-cutting Improves Third-quarter Earnings

Resource from: CBCC Likes:2931

Oct 30,2009

Federal-Mogul Corp. announced Thursday its third-quarter income almost tripled as cost-cutting efforts and an income tax benefit offset falling sales. The company has reduced its work force by 11,000 employees, or 22 percent, under its restructuring plan, ending the quarter with fewer than 39,000 workers. Federal-Mogul earned $10.4 million, or 10 cents per share, during the three months ended Sept. 30. That's compared with a profit of $3.6 million, or 4 cents per share, in the same quarter last year. Sales fell 18 percent to $1.38 billion. Federal-Mogul has a bearings plant in Greenville and a piston-ring plant in Sparta.

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