Tenneco Inc (NYSE:TEN), a producer of emission-control and ride-control products and systems, reported Q2 adjusted earnings well above analysts’ expectations while sales climbed in line with expectations and it predicted a bigger-than-expected revenue increase for Q3.
Net income attributable to Tenneco rose to $81 million, or $1.32 per diluted share, from $63 million, or $1.02 per diluted share, a year earlier. Excluding one-time items, it earned $1.45 per share in the latest quarter, up from $1.10 per share a year earlier and above the $1.26 consensus estimate of analysts polled by Capital IQ.
Sales climbed 8.4% to $2.24 billion, near analysts’ mean estimate of $2.2 billion. Revenue rose in both its product lines, with Clean Air revenue increasing 10% and Ride Performance revenue up 6%.
The company noted the improved results were driven by stronger production volume, operational performance and a more favorable effective tax rate compared with last year.
For Q3, it expects revenue growth of 20% to 25% from the prior-year period, predicting “significant growth will continue in Tenneco’s commercial truck and off-highway business.” Analysts were recently predicting 10% year-on-year revenue growth to $2.2 billion.
The company noted it is launching new business and incremental content on existing platforms to meet off-highway regulations in North America and Europe and expects higher commercial truck revenue in China. Meanwhile, it expects the global aftermarket to be steady with Q3 of last year.
“I am pleased with our performance in the first half of the year and expect volume strength and our manufacturing performance to continue driving profitable growth in the third quarter,” said Chairman and CEO Gregg Sherrill.
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