Auto Service World
News   July 23, 2003   by Auto Service World

Tenneco Results Up Thanks to Weak U.S. Dollar


Tenneco Automotive sales rose by 26% on the quarter, no thanks to its replacement business though.
The shock absorber and exhaust system maker said second-quarter net income rose to $US24 million, or 58 cents a share, from $19 million, or 45 cents a share, boosted by the strong euro and higher sales of emission-control products in Europe.
Three analysts polled by Reuters Research, a unit of Reuters Group Plc, had an average estimate of 5 cents a share. Their estimates had ranged from 3 cents to 6 cents a share.
Revenue rose to $998 million from $948 million as the weaker U.S. dollar boosted results.
According to the Reuters news agency, Tenneco said that if it weren’t for the positive impact of favourable currency translation, revenue would have declined to $922 million, hurt by weaker sales of replacement parts


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