(Source: Associated Press/AP Online)
LAKE FOREST, Ill. - Auto parts supplier Tenneco Inc. said Thursday its third-quarter loss narrowed significantly as cost cutting and restructuring efforts offset lower sales.
Tenneco said it expects fourth-quarter industry production in North America and Europe to increase sequentially. On a year-over-year basis, the company expects China and India to continue to see strong light vehicle production growth and for the global aftermarket to remain stable.
Its shares rose 88 cents, or 6.5 percent, to $14.39 in morning trading.
Tenneco posted a loss of $8 million, or 17 cents per share, in the three months ended Sept. 30 compared with $136 million, or $2.92 per share, a year ago.
Excluding restructuring and other charges, the company posted an adjusted profit of $3 million, or 7 cents per share.
Sales fell 16 percent to $1.25 billion from $1.5 billion on lower vehicle production volumes in Europe, North America and Australia and declining Europe aftermarket sales.
Those drops were partially offset by stronger vehicle production volumes in China and South America and higher North America aftermarket sales, the company said.
Excluding negative currency effects sales fell 6 percent.
Analysts polled by Thomson Reuters expected a profit of 4 cents per share, excluding one-time charges, on $1.26 billion in revenue.
A service of YellowBrix, Inc.
