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TEN Tenaris SA

14.475
0.115 (0.80%)
Last Updated: 10:28:11
Delayed by 15 minutes
Share Name Share Symbol Market Type
Tenaris SA BIT:TEN Italy Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.115 0.80% 14.475 14.475 14.48 14.495 14.345 14.385 449,055 10:28:11

Tenneco Swings To 1Q Loss On Lower Production Volumes

30/04/2009 2:15pm

Dow Jones News


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   DOW JONES NEWSWIRES 
 

Tenneco Inc. (TEN) swung to a first-quarter loss as the auto-parts maker continues to suffer under tumbling vehicle production.

But a sequential rise in margins, helping the loss come in narrower than analysts expected, suggest the company's restructuring efforts are helping weather the economic downturn.

"This was a very challenging quarter, as production volumes continued to decline to extremely low levels" said Chairman Gregg Sherrill.

Parts suppliers like Tenneco are in a precarious spot as auto makers pare swollen inventories, particularly in North America, forcing them to idle plants.

The company - which makes shock absorbers, suspensions and manifolds - posted a net loss of $47 million, or $1.05 a share, compared with year-earlier net income of $6 million, or 13 cents a share. Excluding restructuring and other costs, the latest loss would have been 61 cents.

Net sales dropped 38% to $967 million, with half the drop due to the stronger dollar.

Analysts polled by Thomson Reuters predicted a loss of $1.23 on revenue of $1.07 billion.

Gross margin fell to 14.5% from 15% but rose from the fourth quarter's 12.6%.

But Tenneco is far from out of the woods, as Fitch Ratings noted in its downgrade Wednesday of the company. It said Tenneco, like other parts suppliers, face uncertain ramifications from a bankruptcy filing by General Motors Corp. (GM) or Chrysler LLC. Also a problem is slumping auto sales in Europe.

Tenneco shares closed Wednesday at $2.65 and were inactive premarket. The stock is up 63% this month but is still down more than 80% from September.

-By Katherine E. Wegert, Dow Jones Newswires; 201-938-5294; katherine.wegert@dowjones.com

 
 

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