LAKE FOREST, IL — Tenneco Automotive has reported a fourth quarter net loss of $2 million, or four cents per diluted share, compared with fourth quarter 2002 net income of $9 million, or 21 cents per diluted share. The company reported full year 2003 net income of $27 million, or 65 cents per diluted share, compared with net income before an accounting change in 2002 of $31 million, or 74 cents per diluted share.
Fourth quarter 2003 net income was $2 million, or six cents per diluted share, versus a loss of $7 million, or 17 cents per diluted share, in the fourth quarter of 2002. Adjusted for the items described below, full year 2003 net income was $23 million, or 55 cents per diluted share, a 162 percent increase in earnings per share compared with net income of $8 million, or 21 cents per diluted share for full year 2002.
“When you consider our quarter-over-quarter results on an operational basis, excluding certain items, our strong cash and earnings performance in the quarter helped us deliver our best operational year since becoming a stand-alone company,” said Mark Frissora, chairman and CEO, Tenneco Automotive.
The company’s fourth quarter 2003 results benefited from higher volumes, improved manufacturing efficiencies and favorable currency exchange rates. However, results were negatively impacted by $4 million in higher interest expense on the company’s debt refinancing.
Fourth quarter revenue was $933 million, compared with $846 million in fourth quarter 2002, a 10 percent increase. Adjusted for $86 million in favorable currency, revenue was slightly up quarter-over-quarter.
The company reported full year 2003 revenue of $3.8 billion, a 9 percent increase over 2002. Adjusted for the impact of favorable currency, revenue increased one percent.
To learn more about Tenneco Automotive, go to: www.tenneco-automotive.com .
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