Federal-Mogul Corp. (FDML) reported a fourth-quarter net loss of $80 million or $0.81 per share compared to a loss of $239 million or $2.42 per share last year. The company said the net loss in the fourth quarter 2012 was primarily due to lower sales, especially in the European market. The result was further impacted by special legal and commercial agreements, impairment charges and restructuring charges. Adjusted net loss was $41 million.
Net sales decreased to $1.60 billion from $1.65 billion last year. The company said the result includes the impact of 13% lower global commercial and industrial engine production, and a 14% decline in European light vehicle production, compounded by a shift in mix within light vehicle production from higher content diesel to gasoline products.
The company also announced plans to commence an additional multi-site restructuring program involving the potential closure or downsizing of manufacturing facilities, primarily in Western Europe. The plan will be implemented from 2013 through 2015 and involves shifting capacity and equipment to existing lower cost sites in Eastern Europe, Asia and Mexico.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.