Automobile

Supplier Tenneco narrows Q2 net loss

Automotive supplier Tenneco Inc. on Thursday posted a net loss of $10 million in the quarter ended June 30, compared with a net loss of $350 million in the pandemic-scarred year-earlier period.

Revenue at the ride-control and emissions systems producer rose 74 percent to $4.58 billion in the period. Adjusted earnings before interest, taxes, depreciation and amortization grew to $356 million, up from $8 million in the year-earlier period.

Cost-saving programs such as Accelerate+ helped drive margin expansion and cash generation.

“The global Tenneco team remained focused on driving operational improvements while managing through challenging market conditions, and our cash flow conversion focus continued to deliver net debt reduction,” Tenneco CEO Brian Kesseler said in a news release.

The company said it expects its net debt to fall below $4.2 billion by year end.

Tenneco’s net sales and operating revenues for its segments all improved year-over-year. Notably, its motorparts segment grew to $794 million from $559 million, and its powertrain segment grew to $1.05 billion from $560 million.

Shares of Tenneco closed Thursday’s trading down 3.6 percent to $16.32.

Tenneco is based near Chicago in Lake Forest, Ill. It ranks No. 15 on the Automotive News list of the top 100 global suppliers, with estimated worldwide parts sales to automakers of $12.65 billion in 2020.

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