Federal-Mogul Loss Narrows, But Sales Fall Slightly Short

By Markets MarketWatch Pulse

Federal-Mogul Holdings Corp. said Monday it had a net loss of $58 million, or 36 cents a share, in the fourth quarter, narrower than the loss of $185 million, or $1.24 a share, in the year-earlier period. Adjusted per-share earnings came to 22 cents, ahead of the FactSet consensus of 12 cents.The transportation equipment maker said sales edged up to $1.798 billion from $1.795 billion, but were below the FactSet consensus of $1.813 billion. "Net sales increases from the acquired valvetrain business, as well as from strong domestic aftermarket sales in the U.S. and Canada, were offset by a $132 million negative impact from currency exchange rate fluctuations," the company said in a statement. The earnings came after Icahn Enterprises Inc. offered to buy the shares of Federal-Mogul it does not already own for $7 a share in cash. Shares were halted in premarket trade, but closed at $4.98 on Friday.

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