Income up 25% in Q2 at Tenneco

ERJ staff report (LMH)

Lake Forest, Illinois - Automotive component maker Tenneco has reported second quarter net income of $50 million (Euro 35 million), up 25 percent from $40 million during the same period in 2010.

Earnings (EBIT) were $113 million, a 22 percent increase from $93 million in Q2 2010, Tenneco said in a 29 July statement. The company said its operating margin was 6 percent in the quarter compared to 6.2 percent a year ago.

The company attributed the earnings increase to higher original equipment volumes globally, as well as the launch and ramp-up of higher-margin light and commercial vehicle business. However, Tenneco added that the improvement was partially offset by previously announced higher year-over-year aftermarket customer changeover costs.

Total revenue for the quarter rose to $1.888 billion, up 26 percent from $1.502 billion in Q2 2010.

“We are making excellent progress on growing our businesses, particularly as we launch and ramp-up commercial vehicle emission control programs, which contributed to our record-high quarterly revenue and earnings,” said Gregg Sherrill, chairman and CEO, Tenneco.

He added, “We are also pleased with our robust growth in emerging markets including China, where we are investing to keep pace with expanding opportunities.”

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Press release from Tenneco