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BULLETIN: Tenneco Automotive Inc. Announces First Quarter Earnings Apr 02
Standard & Poors, April 2002
Abstract
Standard & Poor's said today that its ratings on Tenneco Automotive Inc. (B/Negative/--) were unaffected by the company's fiscal 2002 first quarter earnings report. The company reported a net loss of $2 million for the first quarter of 2002 compared with a $31 million net loss for the 2001 first quarter. EBITDA for the most recent quarter improved to $61 million, compared with $43 million for the 2001 first quarter, despite a 6% decline in revenue. The improved results are attributed to ongoing restructuring efforts. Tenneco has suffered significant profit pressures in recent years, resulting from material challenges in both original equipment and aftermarket segments of the automotive industry. Onerous debt service requirements have exacerbated the pressure on earnings and...
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.
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