Tenneco Inc. said its third-quarter profit declined from the previous year, citing restructuring charges as a cause of the dip.
The supplier of ride control components and emission control systems, said it posted adjusted net income of $12 million, or 19 cents per diluted share this quarter, down from $125 million, or $2.05 per diluted share last year.
The lower profits stemmed from a higher tax rate this year, the company said.
The company incurred $59 million in restructuring costs in the quarter, and it is on target to reach its savings target in 2016.
Factoring out restructuring costs, net income rose 19 percent to $62 million during the year-ago quarter.
Third-quarter revenue rose 10 percent to $1.96 billion from the year-earlier period.
Revenue from the clean air division rose 12 percent to $1.33 billion because of increased light-vehicle production in North America, South America and China, the company said.
Revenue from the ride performance division increased 7 percent to $635 million, mostly as a result of strong light-vehicle production in China.
Tenneco, of Lake Forest, Ill., ranks No. 36 on Automotive News' list of the top 100 global suppliers, with worldwide sales to automakers of $6.1 billion in 2012.