LAKE
FOREST, Ill. — Tenneco Inc. reported second quarter net income of $40
million, or 66 cents per diluted share, up from a net loss of $33
million, or 72-cents per diluted share in second quarter 2009. Adjusted
for the items below, net income was $38 million, or 62 cents per
diluted share, compared with a net loss of $10 million, or 22 cents per
diluted share a year ago.
EBIT (earnings before interest, taxes and
noncontrolling interests) was $93 million, an increase from $17 million
a year ago. Adjusted EBIT was $97 million, versus $25 million in second
quarter 2009. The EBIT increase was driven by a significant improvement
in production volumes in all regions, related manufacturing
efficiencies and higher aftermarket sales globally, partially offset by
higher SGA&E costs.
EBITDA including noncontrolling interests
(EBIT before depreciation and amortization) was $146 million, up from
$72 million in second quarter 2009. Adjusted EBITDA including
noncontrolling interests was $149 million, compared with $79 million a
year ago.
“I am pleased with how we are capitalizing on a much
improved production environment with strong year-over-year revenue and
earnings growth, and solid cash performance,” said Gregg Sherrill,
chairman and CEO, Tenneco. “We are on track in executing on our growth
plans and, equally important, converting that growth to profit with the
cost structure we now have in place and actions to continuously improve
our operational performance.”