Tenneco Inc., a supplier of ride control components and emission control systems, said today its first-quarter net income rose 6.5 percent from a year earlier to $49 million.
Revenue adjusted for the impact of currency exchange rates increased 4.3 percent.
Earnings per diluted share were 80 cents, up 6.7 percent from a year earlier.
Combined income for the clean air and ride performance divisions surged 17 percent to $63 million.
“Our focus on cost leadership and operational excellence continued to drive higher earnings,” Gregg Sherrill, Tenneco CEO, said in a statement.
But the Lake Forest, Ill., company’s revenue dipped to $2.02 billion, a 3.4 percent decline from a year earlier.
Excluding a negative currency impact of $160 million, revenue jumped 4.3 percent to $2.18 billion. The growth was driven by improvement in the clean air and ride performance divisions, a statement said.
Revenue excluding currency impact was 1.01 billion in the clean air division, a 5.3 percent improvement from a year earlier.
In the ride performance segment, adjusted revenue was $672 million, a 3.4 percent increase.
Unadjusted revenue in the ride performance business dipped 4.9 percent from a year earlier to $618 million. Clean air business revenue declined 2.7 percent to $1.4 billion.
For the second quarter, Tenneco expects total revenue growth of about 5 percent, excluding the impact of currency exchange rates, the statement said.
The company maintains its full-year revenue forecast of total revenue growth of 5 to 8 percent, excluding currency impact.
“Tenneco’s growth opportunities are outstanding, supported by strong structural drivers and exceptional balance in terms of geography, end-markets, customers and products,” Sherrill said. “We remain focused on our organic growth opportunities and cost leadership initiatives to drive earnings and improve profitability.”