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Tenneco Reports Aftermarket Revenue Up 12 Percent Year-Over-Year


8/23/2010

Tenneco Inc. reported second quarter net income of $40 million, or 66 cents per diluted share, up from a net loss of $33 million, or 72-cents per diluted share in second quarter 2009.
 
LAKE FOREST, Ill. — Tenneco Inc. reported second quarter net income of $40 million, or 66 cents per diluted share, up from a net loss of $33 million, or 72-cents per diluted share in second quarter 2009. Adjusted for the items below, net income was $38 million, or 62 cents per diluted share, compared with a net loss of $10 million, or 22 cents per diluted share a year ago.

EBIT (earnings before interest, taxes and noncontrolling interests) was $93 million, an increase from $17 million a year ago. Adjusted EBIT was $97 million, versus $25 million in second quarter 2009. The EBIT increase was driven by a significant improvement in production volumes in all regions, related manufacturing efficiencies and higher aftermarket sales globally, partially offset by higher SGA&E costs.

EBITDA including noncontrolling interests (EBIT before depreciation and amortization) was $146 million, up from $72 million in second quarter 2009. Adjusted EBITDA including noncontrolling interests was $149 million, compared with $79 million a year ago.

“I am pleased with how we are capitalizing on a much improved production environment with strong year-over-year revenue and earnings growth, and solid cash performance,” said Gregg Sherrill, chairman and CEO, Tenneco. “We are on track in executing on our growth plans and, equally important, converting that growth to profit with the cost structure we now have in place and actions to continuously improve our operational performance.”












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