Fourth Quarter 2012 Adjustments
- Restructuring and related charges of $3 million before tax, or 4-cents per diluted share.
- Non-cash asset impairment charge of $7 million, or 11-cents per diluted share, related to the European ride control business.
- Tax adjustments of $2 million, or 3-cents per diluted share, due to adjustments of prior year estimates.
Fourth Quarter 2011 Adjustments
- Restructuring and related charges of $1 million before tax, or 1-cent per diluted share.
- Tax adjustments of $2 million, or 3-cents per diluted share primarily related to recording a valuation allowance against the foreign losses and withholding taxes on foreign dividends, mostly offset by adjustments to prior year estimates.
Total revenue in the quarter was $1.753 billion compared with $1.784 billion in fourth quarter 2011. Revenue excluding substrate sales and currency increased 2% to $1.390 billion versus $1.364 billion a year ago. The increase was driven by strong light vehicle volumes in North America and China and slightly higher North American aftermarket sales, which offset declines in Europe OE volumes and aftermarket sales. Currency had an unfavorable impact of $31 million in the quarter.EBIT Margin For the quarter, the company reported the following EBIT as a percent of revenue and EBIT as a percent of value-add revenue (revenue excluding substrate sales).
|Q4 2012||Q4 2011|
|EBIT as a percent of revenue||4.8%||4.9%|
|EBIT as a percent of value-add revenue||6.2%||6.5%|
|Adjusted EBIT as a percent of revenue||5.4%||5.0%|
|Adjusted EBIT as a percent of value-add revenue||6.9%||6.5%|