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Tenneco saw first-quarter net income drop 15% over restructuring costs

Tenneco Inc. posted a 15-percent drop in net income in the first quarter of 2014 to $46 million, no thanks to one-time restructuring costs. Save for that cost, Tenneco would have posted a 27-percent climb in net income to $56 million, thanks to strong commercial vehicle profits.

Tenneco also logged a 10-percent jump in revenues to $2.09 billion in the quarter, boosted by an 11-percent surge in business from its various exhaust and emission reduction products as well as by a 7-percent jump in business from its ride control products such.

Tenneco chief executive Gregg Sherrill said in a statement that the company is planning to improve profitability with a “slightly stronger light vehicle production environment” as well as incremental revenue from its commercial truck and off-highway equipment operations.

Read the entire article Tenneco saw first-quarter net income drop 15% over restructuring costs

European Commission raids Faurecia, Tenneco & other exhaust suppliers

The European Commission has raided parts makers Faurecia, Tenneco Inc. and a number of several auto exhaust systems manufacturers as part of its efforts to go after those involved in suspected price-fixing in the global auto industry. The Commission said the companies raided may have taken part in a cartel and abused their dominant positions.

The raids, however, do not mean that the companies are guilty of anti-competitive behavior, the Commission said in a statement. While the European Union anti-trust agency named neither the companies nor the countries where the raids took place, Faurecia confirmed them, saying that it is cooperating fully with the authorities. French supplier Faurecia remarked that its "strict code of ethics" forbids price-fixing or any other breaches of antitrust law.

Chicago-based Tenneco disclosed that regulators in Europe and the United States asked for information "as part of an ongoing global antitrust investigation concerning multiple automotive suppliers." Tenneco said that Commission officials were at Tenneco GmbH’s Edenkoben office in Germany to collect information for the antitrust investigation. "Tenneco has also received a related subpoena from the U.S. Department of Justice," the US supplier said in a statement. It said that it is fully cooperating with the authorities.

Read the entire article European Commission raids Faurecia, Tenneco & other exhaust suppliers

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

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.

Read the entire article Tenneco has $68 million in 2nd-quarter adjusted net income

Tenneco’s shares price grew by over 14% as third quarter profits rise

Tenneco Inc.’s share price grew by over 14% after it announced that it has strong quarterly adjusted profits. The emission- and ride-control parts maker had said that it will keep its losses in Europe because of slow auto sales in the region. Tenneco's third-quarter adjusted profit was $52 million (excluding one-time items), or 85 cents per diluted share, compared to $42 million, or 67 cents per diluted share.

Thomson Reuters said that its profit, which excludes one-time items of 85 cents, surpassed analyst expectations of 75 cents per diluted share. Tenneco shares closed the day up 14.4% at $30.65.

In a statement, Tenneco said that it continues to have a strong customer and platform position but it expects a lower year-over-year revenue decline for Europe, for its new-vehicle business as well as for the aftermarket.

Read the entire article Tenneco’s shares price grew by over 14% as third quarter profits rise