LAKE FOREST, Ill. (April 22)—Despite record first-quarter sales of $1.03 billion, Tenneco Automotive Inc. posted a net loss of $2 million compared to net income of $1 million last year.
The firm said original equipment revenue in North America and Europe outpaced market production but the weak European aftermarket continues to negatively impact results. North American OE sales increased 2 percent to $381 million from $373 million last year, while aftermarket revenues surged 13 percent to $122 million from $108 million in 2003's first quarter. OE sales in Europe jumped 22 percent to $328 million but aftermarket sales dipped 8 percent after excluding favorable currency exchange rates, the company said.