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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.
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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.
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