Tenneco Inc. reported a third quarter net loss of US$8 million, or 17-cents per diluted share, compared with a loss of US$136 million, or $2.92 per diluted share in third quarter 2008.
Adjusted for the items below, net income was US$3 million, or 7-cents per diluted share, versus net income of less than US$1 million, or 1-cent per diluted share a year ago.
Aftermarket revenue increased 4% to US$150 million from US$142 million a year ago, which currency had a US$1 million negative impact on revenue. The increase was driven by stronger ride control volumes and pricing, partially offset by lower emission control volumes.
“The actions we have taken to help counter overall weak industry conditions helped improve our profitability this quarter and position Tenneco to capitalize on an improving production environment going forward,” said Gregg Sherrill, chairman and CEO, Tenneco. “We were also encouraged by our stronger sequential revenue improvement this quarter versus last. Our results are a testament to the hard work of our employees worldwide who have done an outstanding job executing on our cost management and cash generation initiatives while continuing to develop and deliver quality products and services to our customers.”