Tenneco Automotive Tops Lowered Expectations
Tenneco Automotive
(TEN)
reported a fourth-quarter loss this morning that beat Wall Street's lowered expectations by a nickel.
For the fourth quarter ended Dec. 31, Tenneco lost $21 million, or 56 cents a share, before charges. Five analysts polled by
TheStreet Recommends
First Call/Thomson Financial
initially expected the company, which is based in Lake Forrest, Ill., to post a loss of 56 cents a share, but lowered those expectations to 61 cents a share. In the same quarter one year ago, the company earned $1 million, or 5 cents a share.
Tenneco, a maker of automotive emissions and ride control products, cited tough auto industry conditions and its highly leveraged position as factors in its loss. The company also reported fourth-quarter revenue of $849 million, up from $806 million in the year-ago period.
Shares of Tenneco gained 6 cents, or 1.6%, to $3.79 in recent
New York Stock Exchange
trading.
