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Exchange Rates Erode Tenneco’s Results
Tenneco Inc. reports its second-quarter revenue slipped 2% to $213 million, and net earnings fell 4% to $78 million.
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Tenneco Inc. reports its second-quarter revenue slipped 2% to $213 million, and net earnings fell 4% to $78 million. Adjusted earnings before interest and taxes were flat at $155 million.
Results for April-June were hurt by a decline in sales to commercial and off-highway vehicle markets and a negative currency impact of $176 million. When exchange rates are ignored, the supplier posted 4% greater volume in worldwide sales of its suspension and emission systems.
Tenneco expects its revenue will grow 6% in the current quarter. But it estimates currency rates will reduce net revenue 7%. The company predicts full-year revenue growth of 5%, excluding currency effects.
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