Exhibit 99.1

 

LOGO

For Immediate Release

Contact: Steven Klueg

Senior Vice President and Chief Financial Officer

704-864-6711

AFFINIA REPORTS FINANCIAL RESULTS FOR THE

FIRST QUARTER 2015

 

    Reported First Quarter Net Sales of $303 Million, with Currency Adjusted Sales up 5.7% to $350 Million

GASTONIA, NORTH CAROLINA, May 13, 2015

– 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 $303 million for the first quarter of 2015 compared to $331 million in the first quarter of 2014, a decrease of $28 million or 8.5%. On a currency adjusted basis, net sales for the first quarter of 2015 improved by 5.7% or $19 million over the same period in 2014. Adjusted EBITDA was $32 million in the first quarter of 2015 compared to $36 million in the same period in the prior year, a decrease of 11.1%.

Keith Wilson, President and Chief Executive Officer, commented, “Despite continued challenges resulting from the strength of the U.S. Dollar, our global businesses delivered strong currency adjusted results in the first quarter. We remain committed to delivering on our overall growth strategies, increasing our portfolio of product offerings, investing in enhanced manufacturing capabilities and expanding our distribution footprint. Our team continues to deliver superior quality and innovation, while focusing on continuously improving the service and value we provide to our customers.”

Free cash flow, which is operating cash flow less capital expenditures, was $4 million in the first quarter of 2015, an improvement of $30 million over the first quarter of 2014. Trade working capital was $228 million at March 31, 2015, an increase of $7 million from December 31, 2014.

“As we enter the second quarter, which is typically our strongest sales quarter, we are focused on executing on our 2015 business plan. We are seeing the benefits or our reduced corporate cost structure, while our investment in trade working capital has put us in a strong position to exceed order fill requirements and the needs of our customers.” stated Steven Klueg, Senior Vice President and Chief Financial Officer.

Net Sales

Net sales were $303 million for the first quarter of 2015 compared with $331 million for the same period last year. On a currency adjusted basis, net sales for the first quarter of 2015 improved by 5.7% or $19 million over the same period in 2014. The Filtration segment had first quarter net sales of $214 million in 2015, an 8.2% decrease compared to the prior year, primarily attributable to unfavorable currency and anticipated lower volumes in our North America operations. On a currency adjusted basis, Filtration segment net sales for the first quarter of 2015 improved $10 million or 4.3% compared to the prior year. Net sales in the Affinia South America segment were $89 million in the first quarter of 2015, a 9.2% decrease compared to the same period in the prior year, due primarily to the decline in value of the Brazilian Real and Argentine Peso. On a currency adjusted basis, net sales for the first quarter of 2015 improved by $9 million or 9.2% over the same period in 2014 as a result of increases in our Brazilian and Argentine distribution companies due to higher volumes of recently introduced product lines and growing market share through expansion of our distribution capabilities.

Operating Profit

Operating profit for the first quarter of 2015 was $24 million, a $1 million decrease compared to the prior year. Operating profit in the Filtration segment was $28 million in the first quarter of 2015, a $5 million decrease versus the prior year, primarily due to unfavorable currency and lower volumes in North America. Operating profit in the Affinia South America segment was $6 million in the first quarter of 2015, a decrease of $2 million compared to the same period in 2014. This decrease was largely due to incremental costs associated with the distribution branches opened in 2014 and higher costs associated with imports.


The following information was filed by Affinia Group Intermediate Holdings Inc. (AFN) on Thursday, May 14, 2015 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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