|SOUTHFIELD, Mich. - Federal-Mogul Corporation announced 1999
financial results with record earnings from operations of $4.08 per share, a 52 percent
increase from the $2.69 per share in 1998. Earnings per share from operations exclude
integration costs and extraordinary and other non-recurring items. Including these items,
Federal-Mogul earned $3.20 per share compared to $.96 in 1998.
For 1999, Federal-Mogul
had record sales of $6,488 million, compared to $4,469 million in 1998. The company
generated $167 million in free cash flow from operations in 1999, an improvement of $100
million over 1998. "We are pleased to have achieved the best year-over-year earnings
improvement in our industry," said Dick Snell, chairman and chief executive officer.
"Our people have put forth an outstanding effort in 1999 and are implementing
operational excellence actions for 2000 focused on delighting our customers, being the
low-cost producer and reducing our invested capital base."
Federal-Mogul's fourth quarter revenues increased to $1,574 million from $1,476 million
in 1998. The company earned $70 million or $.90 per share from operations in the fourth
quarter of 1999 compared to $51 million or $.78 in 1998. Including integration costs and
extraordinary items, earnings per share rose to $.83 compared to $.48 in the fourth
quarter of 1998.
Fourth quarter sales by operating group had Powertrain Systems reporting sales of $626
million; Sealing Systems / Visibility / Systems Protection Products reported sales of $459
million; and Brake / Chassis / Ignition / Fuel reported sales of $489 million.
(Feb. 2, 2000)