Ride-control and diversified aftermarket parts supplier Tenneco Inc. reported decreases in revenue and net income in the first quarter because of inflationary pressures and supply chain disruptions as it prepares to be acquired by investor Apollo Global Management Inc.
The supplier's adjusted earnings fell nearly 35 percent to $253 million in a year-over-year comparison during the first quarter. In a Friday statement, Tenneco attributed the drop to "lower production volumes and timing of recoveries on higher inflationary costs for material, freight and energy."
The suburban Chicago supplier also said revenue fell 2 percent to $4.6 billion. The company said the decrease was diluted because lower production was offset by recoveries in input costs.
Net income swung to a loss of $38 million from a $65 million gain during the same period in 2021.