|
|
 |
|
Viewing report
|
|
|
|
BULLETIN: Tenneco Automotive Reports Positive Second-Quarter Earnings Jul 02
Standard & Poors, July 2002
Abstract
Standard & Poor's Ratings Services said today that its ratings on Tenneco Automotive Inc. (B/Negative/--) were unaffected by the company's announcement that it earned EBITDA of $97 million in the second quarter of 2002, a 2.1% increase over EBITDA for the second quarter of 2001 and in line with Standard & Poor's expectations, on a 2.5% revenue increase. Earnings drivers included strong North American original equipment (OE) sales (up 12%) and higher aftermarket sales in both North America (up 4%) and Europe (2%). Supporting the sales increases were higher production volumes, improved product mix, pricing improvements, and cost control. However, European OE revenues fell 11%, due to lower production volumes attributed to the timing of new platform launches. Tenneco reduced...
Companies mentioned in this report are: Tenneco Inc.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
|
|
|
|
