USA: Tenneco Automotive reports Q1 loss
Tenneco Automotive has reported a quarterly loss due to restructuring and other one-time charges.
According to Reuters, the maker of shock absorbers and exhaust systems posted a first-quarter net loss of $US2 million, or 5 cents a share, compared with a profit of $1 million, or 2 cents a share, a year ago, and earned 15 cents a share in the quarter excluding such items as restructuring expenses, changeover costs for a new customer and consulting fees.
Three analysts on average had expected a profit of 6 cents a share, with estimates ranging from 5 cents to 7 cents a share, according to Reuters Research.
Tenneco said first-quarter sales rose 12% to $1.03 billion from $921 million, with the weak dollar boosting revenue by $62 million. Excluding the currency impact, revenue was up 5%, Reuters said.