Federal-Mogul Net Income Soars to $90 Million on Record Quarterly Sales (PR Newswire)

SOUTHFIELD, Mich., July 25 /PRNewswire-FirstCall/ -- Federal-Mogul Corporation (Nasdaq: FDML - News ) today reported record second quarter sales of $2 billion and an eighth consecutive quarter of year-over-year increased sales combined with a sharp rise in quarterly net income to $90 million. Sales for the three-month period ending June 30, 2008, were a record $1,995 million, an increase of 13 percent, compared to $1,763 million for the same period a year ago. Federal-Mogul reported a gross margin of $396 million or 19.8 percent of sales, compared to $322 million or 18.3 percent of sales, representing an increase of $74 million, or 23 percent over the prior year. Federal-Mogul's Operational EBITDA(1) was $257 million or 12.9 percent of sales, compared to $212 million or 12.0 percent of sales during the same period in 2007,... [read full story]