Tenneco has posted third-quarter net income down 27% to US$60m, with revenue rising 4% to US$2.4bn.
Third-quarter 2018 adjusted net income was US$88m compared with $88m in the third quarter of 2017.
Total revenue in the third quarter of 2018 was $2.372bn, up 4% year-over-year, with growth in the Clean Air and Ride Performance segments. On a constant currency basis, total revenue increased 7% driven by strong commercial truck and off-highway volumes and new business and incremental content on light vehicles.
On a constant currency basis, value-add revenue increased 5% to $1.776bn in 2018, significantly outpacing industry production. Clean Air and Ride Performance revenues increased 6% and 5% respectively, while Aftermarket revenue was up 1% compared to last year.
“Tenneco delivered a solid quarter of strong growth, outpacing industry production by nine percentage points, including double–digit growth in commercial truck and off-highway revenue,” said Tenneco co-CEO, Brian Kesseler.
“The strength of Tenneco’s diversified business profile helped mitigate many dynamic economic factors and I am pleased with our execution and continued focus on operational improvements and cost recoveries.”