Affinia Q4 Net Sales Up 10% To $455m
Affinia Group has reported net sales of $455m for the fourth quarter of 2009, an increase of 10% compared to $413m for the same period in 2008.
The company's gross profit for the quarter increased by 23% to $101m from $82m for the same period last year. Gross margin increased two percentage points to 22% from 20% in 2008. Operating income increased 129% to $16m from $7m for the fourth quarter of 2008.
For the fourth quarter ended December 31, 2009, the company posted net loss of $54m, compared to a net income of $2m for the same quarter pervious year.
For the full year 2009, the company has reported net sales of $1.8bn, a decrease of 6% compared to $1.9bn for 2008. Gross profit for 2009 remained flat at $368m as compared to $369m for the same period in 2008. Gross profit margin improved from 19% to 20% over the same time periods. Net loss was $44m for 2009 compared to a net loss of $3m for the same period in 2008.
Terry McCormack, president and CEO of Affinia Group, said: Although the global economic climate was difficult in 2009, we are proud of the fact that the company maintained compliance with all of its debt covenants. We continued to be positioned competitively with respect to our cost structure as evidenced by our steady improvements in gross and operating margins.
“Our cost competitiveness is a direct result of our multi-year comprehensive restructuring program. As this restructuring program nears completion, we are now turning our focus to profitably increasing our revenues through new markets, channels and customers.”
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