USA: Tenneco Automotive Expects Lower Second Quarter Earnings
Tenneco Automotive announced today it expects 2000 second quarter earnings will be below consensus analysts' estimates. The company expects earnings in the range of $.37 to $.42 per share. However, the company expects to significantly improve operating cash flow year-over-year. The lower earnings estimate is due to a number of factors, including softer than anticipated aftermarket sales volumes in North America and Europe. Global aftermarket sales are currently anticipated to be approximately six percent lower than second quarter 1999. The company also is experiencing margin pressure in the North American original equipment business due to recent slower sales in its heavy duty elastomer business and a mix shift to lower margin exhaust platforms launched earlier this year.
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