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Tenneco Income Surges 80%
Tenneco Inc. posted a $54 million net profit in the first quarter of 2013 compared with $30 million a year earlier.
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Tenneco Inc. posted a $54 million net profit in the first quarter of 2013 compared with $30 million a year earlier. Revenue was nearly flat at $1.9 billion.
The latest results benefit from the comparison to last year's first quarter, when earnings were reduced by a $17 million one-time charge.
Revenue rose 1% to $1.3 billion at Tenneco's emissions systems unit, thanks mainly to stronger demand in China. But sales fell 3% to $607 million at the ride control unit. The company cites lower volume for light and commercial vehicles in Europe and commercial vehicles in North America.
Tenneco says it expects to benefit from stronger global light vehicle production through the rest of this year and higher commercial vehicle output in the second half.
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