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April 28, 2015 02:00 AM

Tenneco reports increased income

Automotive News Report
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    LAKE FOREST, Ill.—Tenneco Inc., a supplier of ride control components and emission control systems, said its first quarter net income rose 6.5 percent from a year earlier to $49 million when it released its financials on April 27.

    But the Lake Forest-based company's revenue dipped to $2.02 billion, a 3.4 percent decline from a year earlier. Excluding a negative currency impact of $160 million, revenue jumped 4.3 percent to $2.18 billion. The growth was driven by improvement in the clean air and ride performance divisions, a statement said.

    Revenue adjusted for the impact of currency exchange rates increased 4.3 percent. Earnings per diluted share were 80 cents, up 6.7 percent from a year earlier.

    Combined income for the clean air and ride performance divisions surged 16.7 percent to $63 million.

    “Our focus on cost leadership and operational excellence continued to drive higher earnings,” Gregg Sherrill, Tenneco CEO, said in a statement.

    Revenue excluding currency impact was $1.01 billion in the clean air division, a 5.3 percent improvement from a year earlier.

    In the ride performance segment, adjusted revenue was $672 million, a 3.4 percent increase.

    Unadjusted revenue in the ride performance business dipped 4.9 percent from a year earlier to $618 million. Clean air business revenue declined 2.7 percent to $1.4 billion.

    For the second quarter, Tenneco expects total revenue growth of about 5 percent, excluding the impact of currency exchange rates, the statement said.

    The company maintains its full-year revenue forecast of total revenue growth of 5 to 8 percent, excluding currency impact.

    “Tenneco's growth opportunities are outstanding, supported by strong structural drivers and exceptional balance in terms of geography, end-markets, customers and products,” Sherrill said. “We remain focused on our organic growth opportunities and cost leadership initiatives to drive earnings and improve profitability.”

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