Tenneco earnings improve in fourth quarter

LAKE FOREST, Ill. (Feb. 4)—Tenneco Automotive reported net income of $9 million for the fourth quarter of 2002, including income of $16 million related to special adjustments from restructuring costs and taxes. That compares with a net loss of $99 million during the fourth quarter of 2001. Revenue during the quarter increased 12 percent to $846 million. For the full year, the manufacturer reported a net loss of $187 million after a charge of $218 million related to its adoption of new rules on accounting for goodwill. That compares to a net loss of $130 million in 2001. Revenue for the full year increased 3 percent to $3.5 billion. On the positive side, President Mark Frissora reported that Tenneco generated almost $12 million in savings through restructuring programs during the year and won $440 million in new, annualized original equipment business as well as $45 million in aftermarket contracts. During the fourth quarter Tenneco´s ride control and elastomer sales increased 8 percent from the same quarter in 2001.