Tenneco reports loss on record sales for 2010

ERJ staff report (DS)

Lake Forest, Illinois -- Tenneco Inc. reported a fourth quarter net loss of $18 million on record sales for the 12 months to December 2010. The net loss, said Tenneco, was primarily due to re-financing costs and tax charges in the quarter.

Revenue increased to a fourth quarter record high of $1.577 billion, compared with $1.322 billion a year ago, driven by higher global aftermarket sales and strong OE production volumes. Excluding substrate sales and the impact of $21 million in negative currency, revenue increased 20 percent to $1.229 billion from $1.027 billion in fourth quarter 2009.

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Press release from Tenneco