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

Article by Christian A., on October 26, 2012

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.

Tenneco's revenue in the third quarter was essentially flat, at $1.778 billion from $1.773 billion the previous year. In addition, Tenneco said that it believes that its fourth-quarter auto industry production in North America and China will be stronger compared with last year. However, the decline in Europe is expected to persist.

Topics: tenneco

If you liked the article, share on:

Comments

Recommended

The BMW 7 Series is already highly sought after but nonetheless, the German marque is giving it a more exclusive variant for the Russian market, and they are calling it...
by - October 20, 2017
Several automakers including Porsche, Volkswagen, Smart and even Land Rover have all been victimized by cheap Chinese copycats. And if you haven’t seen it yet, the most recent one would...
by - October 20, 2017
The Mercedes-Benz G-Class has been around for quite some time now but to bid it farewell, the company has launched the Mercedes-AMG G65 Final Edition. Mercedes will only build a...
by - October 20, 2017
Have you ever wondered what you can you buy with $9,365 in your pocket? Well, you have quite a lot of options. In fact, you can even purchase a used...
by - October 20, 2017
The Audi A7 Sportback, whether you would like to call it a sportback or a four-door coupe, has always been a beautiful car. And this week, the 2019 model year...
by - October 20, 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