Tenneco has posted a second-quarter net loss of US$2m, while adjusted net income increased to US$102m versus US$100m last year.
Second quarter revenue was US$2.3bn, up 5% year-over-year, driven by growth in both the Ride Performance and Clean Air product lines.
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On a constant currency basis, total second quarter revenue increased 6%, outpacing flat industry production. Record high revenue in the quarter reflects a 5% increase in light vehicle revenue on the strength of the company’s global platform position.
Commercial truck revenue increased 26%, outpacing industry growth of 4%, with increases in all regions. Off-highway and speciality revenue improved 8% year-over-year on higher volumes in Europe and Japan, with North America revenue steady versus last year.
Global aftermarket revenue was roughly flat versus last year.
In constant currency, value-add revenue increased 6% versus last year and included 6% increases in both Ride Performance and Clean Air revenues.
Tenneco expects an increase to its full-year revenue growth outlook. On a constant currency basis, the company now expects year-over-year revenue growth of 6%, outpacing estimated light vehicle industry growth by five percentage points.
The company expects second-half 2017 value add adjusted EBIT margins to be in line with the prior year second half.
