Tenneco's second-quarter sales decrease

LAKE FOREST, Ill. (July 26)—Tenneco Automotive reported net income of $2 million on revenue of $925 million during the second quarter ended June 30, beating analyst expectations. That compares to net income of $15 million on revenue of $942 million in the year-earlier quarter. During the most recent three-month period, Tenneco took a pretax restructuring charge of $10 million primarily related to closing a ride control production line in North America. "While we saw some positive results this quarter, we remain cautious about the rest of the year," said Chairman and CEO Mark P. Frissora. "Economists' predictions for a near-term slowdown in Europe, slower than expected recovery in the U.S. economy and significant risks in emerging market economies such as Argentina suggest that Wall Street expectations for the industry in the second half of the year are too optimistic."