DETROIT (Reuters) -- Auto parts supplier Federal-Mogul Corp., which does the majority of its business in Europe, posted a higher-than-expected quarterly profit Wednesday, propelled by savings from its restructuring last year and the recovery in auto production volumes.
First-quarter net income was $15 million, or 15 cents per share, compared with a year-earlier loss of $101 million, or $1.02 per share. Revenue rose 20 percent to $1.49 billion.
Excluding one-time items, Federal-Mogul earned 35 cents per share. On that basis, analysts on average had expected Federal-Mogul to earn 22 cents per share on sales of $1.44 billion in the quarter.
Federal-Mogul, controlled by billionaire investor Carl Icahn following its exit from Chapter 11 bankruptcy in 2007, said it had a positive cash flow of $50 million in the first quarter.
The company, based in suburban Detroit, makes a variety of original equipment and aftermarket parts such as Champion spark plugs, Wagner brakes, Moog chassis, Precision universal joints, and ANCO wiper blades.
Federal-Mogul ranks No. 41 on the Automotive News Europe list of the top 100 global suppliers, with sales to automakers of about $4.23 billion in 2008. Europe accounted for 62 percent of that total.