Tenneco 3Q adj. profit, revenue top Street's view
NEWS: Tenneco's third-quarter net income dropped 90 percent, pulled down by a large restructuring expense and absent favorable tax adjustments that were recorded in the year-ago period. Its adjusted profit and revenue beat Wall Street's expectations and shares rose in early trading.
DETAILS: The auto parts maker said that revenue for the clean air unit rose 12 percent to $1.33 billion. Ride performance revenue increased 7 percent to $635 million. Total value-add revenue, which excludes substrate sales, climbed 10 percent to $1.53 billion.
NUMBERS: Tenneco Inc. earned $12 million, or 19 cents per share, for the three months ended Sept. 30. That compares with $125 million, or $2.05 per share, a year earlier.
The prior-year period benefited from tax adjustments totaling $1.22 per share.
Stripping out a $59 million restructuring expense in the latest quarter, earnings were 99 cents per share.
Revenue rose 10 percent to $1.96 billion from $1.79 billion on better results at all segments.
Analysts, on average, predicted earnings of 95 cents per share on revenue of $1.94 billion, according to a FactSet poll.
STOCK: The shares added $1.56, or 3 percent, to $54.45 in morning trading on Monday.