Exhibit 99.1

 

LOGO

For Immediate Release

Contact: Steven Klueg

Senior Vice President and Chief Financial Officer

704-869-3320

AFFINIA REPORTS FINANCIAL RESULTS FOR THE

SECOND QUARTER 2014

Record second quarter sales for the Filtration segment of $251 million

GASTONIA, NORTH CAROLINA, August 7, 2014

– Affinia Group Intermediate Holdings Inc. (“Affinia”), an innovative global leader in the design, manufacture, distribution and marketing of industrial grade products and services, today reported net sales of $365 million for the second quarter of 2014 compared to $346 million in the second quarter of 2013, an increase of $19 million or 5.5%. Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) improved to $52 million in the second quarter of 2014 compared to $47 million in the same period in the prior year, an increase of 10.6%.

Keith Wilson, President and Chief Executive Officer, commented, “We are extremely pleased to report strong second quarter sales growth compared to the prior year. On a currency adjusted basis, both our Filtration and Affinia South America segments achieved double digit year over year sales growth. Overall, the trends in our industry are very positive, with our customer base performing well and continuously improving economic factors that support future growth in the markets we serve. The ongoing success of our business is driven by the dedication of our global team, and we remain committed to delivering superior quality and innovation, while driving value for our customers in the markets we serve.”

Filtration segment net sales were $251 million, which is a record for the second quarter, resulting in a 9.6% improvement over the second quarter of 2013. Adjusted EBITDA for the Filtration segment was $48 million in the second quarter of 2014, an increase of $7 million or 17.1% compared to the corresponding period in the prior year. Affinia South America net sales were $114 million, which is $3 million or 2.6% lower than the second quarter of 2013. On a currency adjusted basis, Affinia South America net sales were $130 million, a $13 million or 11.1% increase over the second quarter of 2013.

Improved results in the second quarter of 2014 compared to the same period in the prior year were largely driven by the Filtration segment, which generated record second quarter net sales and Adjusted EBITDA. While net sales were lower than the prior year in the Affinia South America segment due to unfavorable currency impacts, Adjusted EBITDA improved in the second quarter of 2014 compared to the same period in the prior year.

“Our focus on cost savings initiatives resulted in strong adjusted EBITDA growth in the second quarter of 2014. Cash from operations coupled with the proceeds from the sale of our Chassis business have reduced our debt levels and improved our leverage ratios. As we move into the second half of 2014, we have ample liquidity to execute our strategic plan and remain focused on further strengthening our balance sheet,” stated Steven Klueg, Senior Vice President and Chief Financial Officer.

Net Sales

Net sales were $365 million for the second quarter of 2014 compared with $346 million for the same period last year. On a currency adjusted basis, net sales for the second quarter of 2014 improved by 13.3% or $46 million over the same period in 2013. The Filtration segment achieved record second quarter net sales of $251 million in 2014, a 9.6% increase over the prior year, driven by higher volumes, introduction of new products and higher pricing in the North America and European operations. Net sales in the Affinia South America segment were $114 million in the second quarter of 2014, a 2.6% decrease compared to the same period in the prior year, due to the decline in value of the Brazilian Real and Argentine Peso. On a currency adjusted basis, net sales for the second quarter of 2014 improved by 11.1% over the same period in 2013 as a result of increases in our Brazilian and Argentine distribution companies.

Operating Profit

Operating profit for the second quarter of 2014 was $43 million, a $2 million increase over the prior year. Operating profit in the Filtration segment was $44 million in the second quarter of 2014, a $4 million increase over the prior year, primarily due to higher gross profit in both North America and Europe as a result of higher sales and execution of cost savings initiatives. Operating profit in the Affinia South America segment was $9 million in both the second quarter of 2014 and 2013 due largely to unfavorable currency impacts in 2014. On a currency adjusted basis, operating profit in the Affinia South America segment was up 26.2% in the second quarter of 2014 compared to the prior year largely due to price increases and higher volumes.


The following information was filed by Affinia Group Intermediate Holdings Inc. (AFN) on Friday, August 8, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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