By Brooks M. Deering, The Chicago Times
August 5, 2022
SKOKIE, IL – Tenneco, Inc announced Thursday results for the second quarter ended June 30, 2022.
Tenneco reported a loss of $121 million in its second quarter with a per share loss of $1.44.
The Skokie based auto parts maker also reported second quarter total revenue of $4.7 billion, up 2% year-over-year. In addition, Tenneco reported a Value-add revenue of $3.5 billion, up 6% year-over-year excluding a negative currency impact of $174 million.
On the downside, Tenneco reported a net loss of $121 million, or a loss of $1.44 per diluted share. In addition, a second quarter 2022 adjusted net loss of $69 million, or a loss of $0.82 per diluted share, was reported.
“Lower volumes, inconsistent production schedules, and inflationary cost pressures created a challenging business environment in the second quarter,” said Brian Kesseler, Tenneco CEO. “The team’s solid progress on inflationary cost recovery coupled with other operational cost and cash optimization actions set the business up well to capitalize on S&P Global Mobility forecasts for improving light vehicle production in the second half of the year and entering 2023.”