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Tenneco Profit Soars 74%
Tenneco Inc. boosted net income to $87 million in the April-June quarter from $50 million in the same period of 2011.
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Tenneco Inc. boosted net income to $87 million in the April-June quarter from $50 million in the same period of 2011.
Revenue rose 2% to $1.9 billion. The Lake Forest, Ill.-based maker of emission and ride control systems credits higher vehicle production in China and North America, partially offset by unfavorable exchange rates.
Sales climbed 14% to $996 million in North America and 9% to $214 million in Asia Pacific. But revenue dropped 24% to $87 million in Europe and 16% to $142 million in India and South America.
Profit excluding restructuring costs and a one-time tax benefit climbed 40% to $70 million. Earnings before interest and taxes jumped 21% to a record $137 million. Tenneco's EBIT margin widened by 1.1 points to 7.1%.
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