Sherrill: "At the mid-point for the year, I'm pleased with our execution on growth strategies for both Clean Air and Ride Performance."
Tenneco Inc., the suburban Chicago supplier of ride-control and emission control systems, reported net income of $86 million in the second quarter, a 10 percent increase from the year-earlier period.
Total revenue in the second quarter was $2.2 billion, a 3.8 percent increase from the year-earlier period. The supplier said the bump was driven by light-vehicle revenue growth in Europe, China and India.
Tenneco said revenue on a constant currency basis for the second quarter was $2.3 billion.
Revenue in the company’s clean air division advanced 6 percent in the second quarter to $1.6 billion, but revenue from its ride performance division dipped 1.3 percent to $660 million.
“Our strong performance exceeded our outlook for revenue growth in excess of industry production and delivered another quarter of margin improvement,” CEO Gregg Sherrill said in a statement Friday. “At the mid-point for the year, I’m pleased with our execution on growth strategies for both Clean Air and Ride Performance and with our improved profitability as we continue to launch new content and drive greater process discipline throughout our business.”
The supplier said it repurchased 773,000 of its shares for $41 million in the second quarter.
Tenneco said it expects a 7 percent increase in total revenue growth in the third quarter on a constant currency basis and a 6 percent revenue increase for the entire year.
Tenneco ranks No. 42 on Automotive News’ list of the 100 largest global suppliers with worldwide parts sales to automakers of $5.97 billion in 2015.