There were some solid positives in Federal-Mogul's (FDML)
first quarter, as the company's Powertrain business handily outgrew the
light vehicle markets in North America and Europe and the company
successfully refinanced some large outstanding debt balances. There's
more work to do on margins, though, and the company is facing
increasingly difficult comps, higher interest expense, and integration
expenses from three recent acquisitions. Federal-Mogul still looks
undervalued today, but that's not exactly a consensus opinion and the
company's high debt level increases the overall risk.
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Federal-Mogul Has Work To Do On Margins
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