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BULLETIN: Tenneco Automotive Inc. Reports Third Quarter Earnings Oct 02
Standard & Poors, Oct 2002
Abstract
Standard & Poor's Rating Services said today that its ratings on Tenneco Automotive Inc. (B/Negative/--) were unaffected by the company's announcement that it reported EBITDA of $75 million in the third quarter of 2002, flat with EBITDA for the same period in 2001, and somewhat below Standard & Poor's expectations. Tenneco's third quarter results were driven largely by the North American original equipment (OE) segment for which sales rose about 14% and EBIT increased more than 50% year-over-year due to higher OE volumes and successful cost control. The revenue from North American aftermarket segment declined 11% year-over-year due to market weakness. The OE revenues from European business units were down about 10%, excluding the effect of a positive foreign exchange...
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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