Tenneco Automotive has reported second quarter net income of $US33 million, or 71 cents per diluted share, up from net income of $30 million, or 69 cents a share, a year ago.
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The company generated its 13th consecutive quarter of year-on-year growth with revenue of $1.180 billion, compared with $1.113 billion a year ago.
Favourable currency benefited revenue by $33 million. Total OE revenues were up 7% year-on-year, outpacing a 2% increase in global industry production.
The company’s gross margin in the quarter was 20.3%, down 1.3% from a year ago. Higher steel costs, restructuring charges and business mix offset savings and improved efficiencies.
Total steel cost increases in the second quarter were $35 million, which were largely offset by the company’s cost reduction efforts.
Based on the company’s efforts to offset increased steel costs and trends in the steel market, Tenneco doesn’t anticipate a significant year-over-year impact on operating results for the remainder of 2005.
