Mexican Media Brands
Tenneco Profit Drops 36%
Tenneco Inc. netted $30 million in the first quarter of 2012 compared with $47 million in the same period last year.
#economics
Share
Tenneco Inc. netted $30 million in the first quarter of 2012 compared with $47 million in the same period last year.
Revenue rose 9% to $1.9 billion. The company credits higher North American aftermarket sales, rising vehicle production and stronger demand for its emission control systems.
Tenneco says its profit was eroded by the $11 million expense of refinancing its debt. Other negatives included weaker South American vehicle production, sharply lower aftermarket sales in Europe and the cost of increasing capacity in China. North American operating income rose 15% to $71 million.
Operating earnings excluding one-time items increased $2 million year over year to $97 million. On that basis, Tenneco's margin dropped to 6.7% from 7.1% a year earlier.
RELATED CONTENT
-
On Global EV Sales, Lean and the Supply Chain & Dealing With Snow
The distribution of EVs and potential implications, why lean still matters even with supply chain issues, where there are the most industrial robots, a potential coming shortage that isn’t a microprocessor, mapping tech and obscured signs, and a look at the future
-
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.
-
VW Warns of Higher Costs to Develop EVs
CEO Herbert Diess says the €20 billion ($23 billion) Volkswagen AG has budgeted to electrify its entire vehicle lineup won’t be enough to meet that goal.