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Restructuring Costs Trim Tenneco Earnings
Tenneco Inc. says $46 million in restructuring, pension and refinancing costs reduced its net earnings in the fourth quarter of 2014 to $21 million from $54 million in the same period a year earlier.
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Tenneco Inc. says $46 million in restructuring, pension and refinancing costs reduced its net earnings in the fourth quarter of 2014 to $21 million from $54 million in the same period a year earlier.
Revenue for the supplier of exhaust systems and ride control products was flat at $2 billion. Earnings before interest and taxes fell to $83 million from $118 million.
Full-year sales in 2014 grew 6% to $8.4 billion, and net income jumped 22% to $226 million.
This year Tenneco expects its revenue to expand 5%-8% as improved sales growth in light-vehicle and aftermarkets offsets continued weakness in the off-highway market.
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