Tenneco Q3 Profit Surges - Quick Facts

(RTTNews) - Tenneco Inc. (TEN) reported that its third quarter net income attributable to the company surged to $78 million or $1.27 per share, from $12 million, or $0.19 per share in the year-ago period.

Non-GAAP net income for the quarter increased to $78 million, or $1.25 per share from $62 million, or $0.99 per share in the comparable quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.08 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue for the latest third quarter rose 6% to $2.08 billion from $1.96 billion in the prior year period. The increase includes higher revenues in both product lines with Clean Air increasing 8% and Ride Performance up 2%. Excluding substrate sales, total revenue increased 5% to $1.60 billion. The year-over-year comparison includes $32 million in negative currency. Wall Street expected revenues of $2.08 billion.

In the fourth quarter, Tenneco anticipates that higher light vehicle unit volumes and higher commercial truck and off-highway content will counteract an estimated 3% of total revenue currency headwind, resulting in total revenue about the same to slightly higher compared with the strong fourth quarter last year. For the quarter, revenues, including the currency impact, are expected to reflect this trend for light vehicle, commercial truck and off-highway and the global aftermarket.