UPDATE 2-Federal-Mogul quarterly earnings rise

(Adds details on sales, operating earnings, stock activity)

DETROIT, July 25 (Reuters) - U.S. auto parts supplier Federal-Mogul Corp (FDML.O: Quote, Profile, Research) posted a higher quarterly profit on Friday, supported by sales growth in Europe, Asia and South America, and its shares rose 8 percent.

Federal-Mogul, which emerged from bankruptcy protection late last year and is less reliant on sales to automakers overall and to North American operations than many suppliers, also said it remains open to acquisitions to add to key business areas.

"We are going to be cautious in the assessment of potential acquisitions, but it is clear the market is going to offer us good opportunities," President and Chief Executive Jose Maria Alapont told analysts on a conference call.

Alapont said the parts supplier could look to strengthen its leading presence in fuel economy, emissions environmental safety or other strategic areas within the auto industry that will be important in the future.

The company also could look to add to its growing non-automotive commercial and industrial areas that have been growing, Alapont said.

Net income rose to $89.6 million, or 89 cents per share, in the second quarter, from $3.9 million, or 4 cents per share, a year earlier. Revenue rose 13.1 percent to $2 billion.

Operating earnings rose to $257 million in the quarter, from $212 million, a year earlier. Those results exclude restructuring expenses, bankruptcy reorganization costs, interest, tax, depreciation and other items.

Gains in market share, productivity, foreign exchange rates and other items supported operating earnings, while results were pressured by volume and mix and pricing.