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.
“We’re also seeing strengthening in our global aftermarket, which provides good balance to our business.”
