Tenneco has $68 million in 2nd-quarter adjusted net income

Article by Anita Panait, on July 31, 2013

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.

Topics: tenneco, income

If you liked the article, share on:

Comments

Recommended

We first heard of the fifth generation SEAT Ibiza earlier this year, and last week, the company finally revealed the all-new Ibiza at the international launch in Barcelona. The new...
by - May 22, 2017
The aftermath of the Takata airbag recall still largely resounds in the automotive industry, as big automotive companies like BMW, Mazda, Subaru and Toyota were extensively hit with what is...
by - May 22, 2017
Amid reports that major rival Volkswagen would cease producing 2016 and 2017 model year diesel cars following the wake of the "Dieselgate" scandal, it’s believed that Chevrolet sees its opportunity...
by - May 22, 2017
Honda recently whips out a new feature for the S660 Bruno Leather Edition. Any guesses? Well, it’s going to be an iPhone app that goes by the name Rev Beat....
by - May 22, 2017
And so it goes, Ford is not at all closing its doors to an all-electric F-150 pickup. The American manufacturer initially laid out its plans for an F-150 hybrid earlier...
by - May 22, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries