Auto parts maker, Tenneco Inc, reported a 34% increase in turnover to $1.760 billion in the 1st quarter of 2011, compared with $1.316 billion a year ago. The increase was said to be driven by higher OE production volumes and aftermarket sales, and incremental revenue from new light and commercial vehicle launches.
Earnings before taxes were up 59% to $94 million. “We are off to a strong start in 2011 with our highest ever quarterly revenue and strong first quarter earnings. These results demonstrate the progress we’re making in executing on our growth opportunities and driving operational excellence,” said Gregg Sherrill, chairman and CEO, Tenneco.
Tenneco is a $5.9 billion global manufacturing company with headquarters in Lake Forest, Illinois and has approximately 22,000 employees worldwide. Tenneco is one of the world’s largest designers, manufacturers and marketers of emission control and ride control products and systems for the automotive original equipment market and the aftermarket. The company operates in-house PM plants for shock absorber parts.
The company reports that the global automotive industry will see some impact from the crisis in Japan in the second quarter. Prior to these events, IHS Automotive forecasted a 9% increase in light vehicle production in the regions where Tenneco operates.
However, the current forecast, while still up in most regions, has been adjusted to an overall 3% increase in light vehicle production to account for temporary customer disruptions. This includes an 11% year-on-year increase in North America, 6% in China, 16% in India and 7% in South America.