Tenneco Q3 Results Top Estimates - Quick Facts

(RTTNews) - Tenneco Inc. (TEN), a manufacturer of emission control and ride control systems, Monday said third-quarter profit declined from the prior year amid restructuring expense and the absence of last year's tax benefit. Adjusted earnings and revenues topped estimates.

The company reported net income attributable to the company of $12 million or $0.19 per share, a sharp decline from last year's $125 million or $2.05 per share.

While the latest results included $59 million in restructuring expense, the prior-year results included a net tax benefit of $74 million.

On an adjusted basis, net income was $62 million or $0.99 per share, while it totaled $52 million or $0.85 per share a year ago. On average, 11 analysts polled by Thomson Reuters expected earnings of $0.94 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue climbed 10 percent to $1.963 billion from $1.778 billion, amid higher revenues in all segments. Wall Street expected revenues of $1.94 billion.

Tenneco's outlook for its commercial vehicle business remains unchanged from last quarter with strong year-over-year revenue growth expected in the fourth quarter and for the full year, despite weakness in commercial vehicle volumes overall.

The company expects its fourth quarter commercial and specialty revenue to be about even with the third quarter and full year commercial vehicle revenue to be toward the lower end of its 2013 revenue guidance.