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Federal Mogul Profit Plunges Cuts Coming

Release time : 2015-06-15 12:21:21
Federal-Mogul Corp.'s who Miniature Bearings share price plunged more than 20 percent Wednesday after the auto parts supplier reported third-quarter profits down 74 percent. Its shares closed at $5.07 on Nasdaq, down $1.31. The company is restructuring involving 4,000 job cuts and several plant closings in 2009. Federal-Mogul has a Ball bearings plant in Greenville and a foundry in Sparta. Quarterly profits on Stainless Steel Bearings ended Sept. 30 fell to $3.6 million, or 4 cents per share, from $13.7 million, or 15 cents per share, in the same quarter last year, boosted by a one-time benefit.