Tenneco has announced a third quarter net income of US$6m, down from $10m in the third quarter of 2005.
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Revenue was $1.122bn, up from $1.096bn the previous year.
Excluding restructuring and restructuring related adjustments, net income was $10m, compared with $12m a year ago.
EBIT (earnings before interest, taxes and minority interest) was $45m, down from $50m a year ago.
Tenneco attributed the decline in its results to production declines in the US and higher steel costs, but said it managed to offset some of this by cutting costs, improving manufacturing efficiency and flex down operations as volumes declined. Further decline was offset by strong growth in its Europe, South America and India.
Third quarter revenue was $1.122bn compared with $1.096bn the previous year.
North America OE revenue was $307m, versus $369m a year ago. Tenneco was particular hit by volume declines on key platforms like the Dodge Ram and Ford F-150, and GM’s Trailblazer/Envoy vehicles.
European OE revenue was $393m, up from $341m a year earlier. Revenue was driven by the ramp-up on new emission control platforms including more diesel aftertreatment and hot end exhaust business.
Asian operations generated $66m in revenue, a 76% increase over a year ago.
