From Dow Jones Newswires
LAKE FOREST, IL — Tenneco Automotive Chief Executive Mark Frissora called the automotive environment challenging Wednesday, but said Tenneco is well-positioned regardless.
“We are admittedly cautious in our outlook,” Frissora told analysts during a conference call, listing a host of issues ranging from rising steel prices to concerns about vehicle production levels. But “we are in a better position to deal with it than most.”
The Lake Forest, Ill., company, which makes shock absorbers and mufflers, reported third-quarter net income of $6 million Wednesday, or 14 cents a share, up from $4 million, or 10 cents a share, in the year-ago period.
Excluding restructuring charges and a tax benefit, the latest third-quarter earnings were $7 million, or 16 cents a share, beating the Thomson First Call mean estimate of 10 cents a share.
Sales climbed about 9 percent, to $998 million from $914 million a year ago.
Investors applauded the results, with Tenneco shares up about 8 percent recently at $12.04 after closing Tuesday at $11.12.
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