Parts supplier Tenneco has posted first quarter net income of US$7m, compared with a net loss of US$49m in the first quarter of 2009.
Adjusted net income was US$15m compared to a net loss of US$29m.
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EBIT (earnings before interest, taxes and non-controlling interests) was US$59m, up from a loss of US$13m for the first quarter of 2009. Adjusted EBIT was US$64m, as opposed to a loss of US$10m a year ago.
The EBIT increase was primarily driven by higher OE (original manufacture) production volumes globally and related manufacturing efficiency improvements, an increase in higher-margin aftermarket sales, materials cost management and the positive impact of currency.
EBITDA including non-controlling interests (EBIT before depreciation and amortisation) was US$114m, up from US$39m, the previous year. Adjusted EBITDA including non-controlling interests was US$118m, compared with US$41m in the first quarter of 2009.
“Globally, we are converting stronger production volumes and year-over-year revenue growth to the bottom-line as we continue to benefit from cost structure changes and ongoing operational improvements,” said Gregg Sherrill, chairman and CEO, Tenneco chairman and CEO Gregg Sherrill.
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By GlobalData“We’re also seeing strengthening in our global aftermarket, which provides good balance to our business.”
