Tenneco Inc. has reported second quarter net income of $78 million, or $1.26 per diluted share, compared with $81 million, or $1.32 per diluted share, in the second quarter of 2014. Excluding expenses for restructuring and tax adjustments, net income was $86 million, or $1.39 per diluted share.
Tenneco reported quarterly revenue of $2.130 billion. Excluding a negative currency impact of $176 million, total revenue in the quarter rose 3 percent year-over-year to $2.306 billion, driven by growth in both the Clean Air and Ride Performance businesses. Excluding currency, OE light vehicle revenue improved 4 percent on higher volumes globally and new platform launches, and global aftermarket revenue rose 6 percent on strong ride performance sales in North and South America and growth with new customers, Tenneco said.
While commercial truck and off-highway customer unit demand was down about 25 percent versus last year, excluding currency, Tenneco’s commercial truck and off-highway revenues were down 7 percent, or 4 percent on a value-add basis, based on the launch and ramp up of significant new incremental content.
“Tenneco delivered another solid quarter of profitability improvement, leveraging our strong light vehicle position globally and generating strong aftermarket sales. I’m especially pleased with our performance given the currency headwinds we faced and continuing weakness in commercial truck and off-highway markets around the world,” said Gregg Sherrill, Tenneco chairman and CEO. “In addition to our light vehicle and aftermarket performance, our focus on product cost leadership and execution on our restructuring initiatives contributed to our ninth consecutive quarter of margin improvement.”