UPDATE 2-Federal-Mogul posts quarterly loss after charge

(Adds comments from CEO, byline)

By David Bailey

DETROIT, April 22 (Reuters) - Auto parts supplier Federal- Mogul Corp FEMO.PK posted a quarterly loss on Tuesday after taking a charge related to its emergence from bankruptcy late last year.

Federal-Mogul, which reported a profit excluding the one- time inventory related charge, expects a balanced global business by region and customer to insulate it against a very tough North American light vehicle market in 2008.

"Due to our diversification and our global well-balanced activities between both OE (original equipment) and after-market, we think that we will be able to keep delivering our expectations, our targets," Chief Executive Jose Maria Alapont said in an interview.

Federal-Mogul posted a net loss of $31.5 million, or 31 cents per share, compared with net income of $4.5 million, or 5 cents per share, a year earlier. Sales rose 8.3 percent to $1.86 billion.

The company recorded a noncash charge of $68 million related to a revaluation of inventory after its emergence from bankruptcy in December. Excluding the charge and associated tax impact, Federal-Mogul would have earned $32 million, it said.

Federal-Mogul, which makes spark plugs, windshield wiper blades, pistons and dozens of other products, attributed most of the revenue increase to favorable currency exchange rates and some to increased sales mainly to European vehicle makers.

Federal-Mogul filed for bankruptcy to deal with massive asbestos liabilities in 2001 that arose from an acquisition. Billionaire investor Carl Icahn has acquired a 75 percent stake in the company and is nonexecutive chairman.