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Tenneco Profit Drops 28% As Tax Rate Soars
Tenneco Inc. netted $63 million in the second quarter of 2013 compared with $87 million a year earlier.
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Tenneco Inc. netted $63 million in the second quarter of 2013 compared with $87 million a year earlier. Revenue climbed 8% to a record $2.1 billion.
The income decline was caused by a surge in Tenneco's tax rate to 39% from 18% in the same period last year, the company says. Earnings before interest and taxes rose 3% to a record $141 million in the April-June period.
Tenneco's emissions systems unit boosted quarterly sales 10% year over year to $1.4 billion. Its ride control business increased revenue 2% to $661 million, buoyed by demand in China.
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