Mexican Media Brands
Tenneco Earnings Hurt by Restructuring Costs
Tenneco Inc.'s third-quarter revenue grew 10% to nearly $2 billion.
#economics
Share
Tenneco Inc.'s third-quarter revenue grew 10% to nearly $2 billion. But restructuring costs in Europe contributed to a sharp drop in net earnings for the period to $12 million from $125 million a year ago.
Adjusted earnings before interest and taxes rose 15% to $130 million in July-September. Results were bolstered in large part by gains of 22% and 20% by the Lake Forest, Ill.-based company's emission system and ride control units, respectively.
Tenneco predicts continued strong growth for its commercial vehicle operations and flat sales for its aftermarket business in the fourth quarter.
RELATED CONTENT
-
China and U.S. OEMs
When Ford announced its 3rd quarter earning on October 24, the official announcement said, in part, “Company revenue was up 3 percent year over year, with net income and company adjusted EBIT both down year over year, primarily driven by continued challenges in China.” The previous day, perhaps as a preemptive move to answer the question “If things are going poorly in China, what are you doing about it?, Ford announced that it was establishing Ford China as a stand-alone business unit.
-
Mazda, CARB and PSA North America: Car Talk
The Center for Automotive Research (CAR) Management Briefing Seminars, an annual event, was held last week in Traverse City, Michigan.
-
Report Forecasts Huge Economic Upside for Self-Driving EVs
Widespread adoption of autonomous electric vehicles could provide $800 billion in annual social and economic benefits in the U.S. by 2050, according to a new report.