Federal-Mogul Holdings Corporation announced financial results for the fourth quarter ended December 31, 2015. Q4 net sales were $1,798 million, compared to $1,795 million in Q4 2014.
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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.
Gross profit was $270 million, an improvement of $45 million, or 20 percent, compared with Q4 2014, despite a $21 million negative impact from currency exchange rate fluctuations. The increase in gross profit was primarily driven by operational improvements in both divisions.
Net loss from continuing operations attributable to Federal-Mogul in the quarter was $58 million, or $(0.36) per share, which included the impact of non-cash impairment and restructuring charges of $98 million.
Adjusted net income in Q4 2015 was $37 million, or $0.22 per share. Operational EBITDA in Q4 2015 was $164 million, up $45 million or 38 percent compared to Q4 2014, including a $12 million negative impact from currency exchange rate fluctuations.
For the full-year 2015, the company reported net sales of $7,419 million, compared to $7,317 million in 2014. Sales from acquired businesses as well as organic sales growth were largely offset by the negative impact of currency exchange rate fluctuations.
Gross profit was $1,074 million, up $17 million or 2 percent, compared with full-year 2014, despite a $113 million negative impact from currency exchange rate fluctuations.
Net loss from continuing operations attributable to Federal-Mogul for the full-year 2015 was $117 million, or $(0.71) per share, which included the impact of non-cash impairment and restructuring charges of $215 million. Adjusted net income for full-year 2015 was $114 million, or $0.69 per share.
Operational EBITDA for full-year 2015 was $644 million, up $14 million or 2 percent compared to 2014, including an $84 million negative impact from currency exchange rate fluctuations. ■