Tenneco 1Q income up 24 percent

LAKE FOREST - Tenneco reported first quarter net income of $57 million, or 99 cents per diluted share, compared with $49 million, or 80-cents per diluted share in first quarter 2015.

Adjusted net income rose 24% to a first quarter record high of $67 million, or $1.17 per diluted share, versus $54 million or 88-cents per diluted share last year, a 33% improvement in adjusted earnings per share.

Total revenue in the first quarter was $2.136 billion, up 6 percent year-over-year. Excluding a negative currency impact of $69 million, total first quarter revenue increased 9 percent to $2.205 billion. Tenneco's total revenue excluding currency significantly outgrew global aggregate industry production growth of 1 percent in the quarter driven by light vehicle revenue growth of 11 percent, led by North America, Europe, China and India; commercial truck and off-highway revenue growth of 1% percent and an 8 percent increase in global aftermarket revenue on higher sales in Europe, South America and North America.

"We are off to a strong start for the year with outstanding first quarter results including strong revenue growth, record-high earnings, and our twelfth consecutive quarter of margin improvement," said Gregg Sherrill, chairman and CEO, Tenneco. "In addition to delivering on our growth plans, we drove higher earnings and improved margins with a disciplined approach to improving manufacturing efficiency and lowering our cost structure. This consistent quarterly performance demonstrates solid execution on our strategies for achieving profitable growth while continuing to plan and invest for the future."