Tenneco Inc. posted a slight decrease in adjusted net income for the second quarter of 2013 to $68 million, or $1.10 per diluted share, from $70 million, or $1.14 per diluted share in the same period in 2012. The supplier of supplier of ride-control and emission-control systems posted a wider decline in net income for the second quarter of 2013 to $63 million, or $1.02 per diluted share, from $87 million, or $1.42 per diluted share, in the year-earlier period.
Tenneco attributed the lower adjusted net income to higher tax rates. Despite the decline in adjusted net income in the second quarter, Tenneco still beat analyst expectations by 1 cent per share. The supplier saw its revenues for the second quarter gain 8 percent to a record $2.07 billion, compared to $1.92 billion in the same period last year.
The company’s clean air division posted a 10-percent jump in revenues to $1.41 billion due to increased light-vehicle production in North America, South America and China as well as to revenue gains from commercial and light vehicles in Europe. During a conference call, a Tenneco spokesman remarked that the supplier expects production in Europe to slide a little the rest of 2013.
The supplier’s ride performance division logged a 2-percent hike in revenues to $661 million, thanks to strong light-vehicle production in China.
Tenneco chief executive Gregg Sherrill said in a statement that their “top-line growth” in both product divisions in the second quarter of 2013 was driven by stronger global light-vehicle production and higher commercial vehicle revenue in Europe and South America as well as by solid contribution from their global aftermarket business.