Federal-Mogul Reports Q2 Profit - Quick Facts

(RTTNews) - Federal-Mogul Corporation (FDML) Monday reported a net income of $56 million or $0.57 per share for the second quarter, compared with net loss of $59 million or $0.60 per share during the same quarter last year. The last year's result includes a non-cash impairment of $119 million.

On average, one analyst polled by Thomson Reuters expected earnings per share of $0.39 for the quarter. Analysts' estimates typically exclude one-time items. The company's net sales increased to $1.8 billion from prior year's $1.7 billion. The Street estimated the company to generate revenues of $1.73 billion.

"Federal-Mogul's second quarter results show the benefit of cost reductions and restructuring actions implemented to eliminate loss-making units and improve overall operating leverage," said Rainer Jueckstock, Federal-Mogul co-CEO and CEO Powertrain Segment.

The company also concluded a shareholder rights offering generating proceeds of $500 million. The offering was made with regard to raise equity to further strengthen the company's balance sheet and facilitate the company's debt refinancing.