Tenneco Posts Higher Profit In Q2 - Update

(RTTNews) - Auto parts company Tenneco Inc. (TEN) Monday reported higher second quarter profit, as revenues rose about 8 percent with well-balanced revenue growth across product lines, end-markets and geographies.

Looking ahead, the firm said it expects volume strength and manufacturing performance to continue to drive profitable growth in the third quarter.

For the second quarter, net income attributable to the company rose to $81 million or $1.32 per share from $63 million or $1.02 per share in the same quarter last year. Excluding restructuring costs and a tax adjustment this quarter, earnings were $1.45 per share, while the company posted $1.10 per share a year ago.

On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $1.26 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter increased 8 percent to $2.24 billion from $2.07 billion last year, on higher revenue in both product lines. Excluding substrate sales and currency, total revenue grew 10 percent to $1.73 billion. Wall Street expected revenues of $2.22 billion.

Clean Air revenue climbed 10 percent and Ride Performance revenue was up 6 percent from a year earlier.

Total revenue included a 6 percent year-over-year increase in light vehicle original equipment, or OE revenue, a 27 percent growth in commercial truck and off-highway OE revenue, and a 4 percent rise in global after-market revenue, Tenneco said.

Tenneco stock is currently trading at $67.74, down 0.31 percent.