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July 27, 2015

US: Tenneco posts Q2 net income down from US$81m to US$78m

Tenneco has reported second quarter net income down to US$78m compared with US$81m last year.

Tenneco has reported second quarter net income down to US$78m compared with US$81m last year.

Excluding expenses for restructuring and tax adjustments, net income was $86m, or US$1.39 per diluted share.

The supplier posted quarterly revenue of US$2.13bn and excluding a negative currency impact of US$176m, total revenue in the quarter rose 3% year-over-year to US$2.31, driven by growth in the clean air and ride performance businesses. 

Excluding currency, OE light vehicle revenue improved 4% on higher volumes globally and new platform launches, while global aftermarket revenue rose 6% on strong ride performance sales in North and South America and growth with new customers.

While commercial truck and off-highway customer unit demand was down around 25% versus last year, excluding currency, Tenneco’s commercial truck and off-highway revenues fell 7%, or 4% on a value-add basis, based on the launch and ramp up of new incremental content.

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