Tenneco Q1 Profit Down, But Beats Estimates

(RTTNews) - Tenneco Inc. (TEN) Monday reported first-quarter net earnings of $46 million, or $0.75per share, compared with $54 million, or $0.88 per share, in the first quarter of 2013. Excluding expenses for restructuring and a tax benefit in 2013, earnings were 27 percent to $56 million, or $0.91per share.On average, 11 analysts polled by Thomson Reuters expected earnings per share of $0.86 for the quarter. Analysts' estimates typically exclude one-time items. Earnings before interest, taxes and non controlling interests or EBIT for the period rose 22 percent to $113 million, from $93 million last year. On an adjusted basis, it was $123 million. Driven by a 11 percent increase in Clean Air revenues and a 7 percent growth in Ride Performance, the company posted quarterly revenue of $2.09 billion compared with $ 1.90 billion last year. Analysts estimated revenues of $2.07 billion for the quarter. Looking ahead, for the second quarter, the firm forecasts global light vehicle production to increase 2 percent year-over-year. Commercial truck and off-highway equipment revenue is expected to rise consistent with the full-year revenue growth estimate of 20 percent to 30 percent. Tenneco also expects a steady performance from its global aftermarket business, up slightly in the second quarter versus last year with some growth in North America and Europe.