Tenneco Automotive reports first-quarter loss

LAKE FOREST, Ill. (April 24)—Tenneco Automotive Inc. today reported a net loss of $31 million on revenue of $864 million for the first quarter after taking pretax charges related to restructuring and environmental issues and renegotiation of its senior debt agreements. That compares with net income of $1 million on sales of $878 million during the first quarter of last year. North American original equipment sales dropped 15 percent during the quarter to $324 million, while aftermarket revenue declined 13 percent to $111 million, Tenneco said. But other OE units posted improved earnings. Revenues increased 36 percent in Europe, mainly from higher exhaust sales; 9 percent in South America because of new OE programs; and 64 percent in Asia, driven by production from Tenneco's new plant in Shanghai, China, and aftermarket volumes, the firm said.