Tenneco: Revenue Up 2 Percent In Second Quarter

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.”

JetBlue To Buy Spirit For $3.8 Billion

By Jeff L. Tucker, The Chicago Times

July 28, 2022

NEW YORK – JetBlue Airways announced a $3.8 Billion deal on Thursday to purchase Spirit Airlines.

“We are excited to deliver this unbeatable combination that turbocharges our strategic growth, enabling JetBlue to bring our unique blend of low fares and exceptional service to more customers, on more routes,” JetBlue Airways CEO Robin Hayes said in a statement.

The merger comes after Spirit terminated its merger agreement with Frontier Airlines. Frontier and JetBlue had been in a bidding war for the Florida based Spirit since February.

“We are thrilled to unite with JetBlue through our improved agreement to create the best national low-fare challenger to the major U.S. carriers, and we look forward to working with JetBlue to complete the transaction,” said Spirit Airlines CEO Ted Christie.

The merger would form the fifth-largest carrier in the US, with a fleet of 458 aircraft with over 1,700 daily flights to more than 125 destinations in 30 countries. The merger is expected to be completed no later than the first half of 2024.