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Tenneco Earnings Hurt by Restructuring Costs
Tenneco Inc.'s third-quarter revenue grew 10% to nearly $2 billion.
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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.
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