Auto crisis, higher steel costs hurt Tenneco 2d-qtr. earnings
Aug 01, 2008 | 10:48 AM
| Michael Cowden
Vehicle parts supplier Tenneco Inc.'s earnings fell a staggering 68.3 percent in the second quarter on production cutbacks in North America and in part because of higher costs for raw materials, including steel.
TENNECO INC.(in thousands except per share) 200820072nd qtr. ended June 30Net sales$1,651,000$1,663,000Net income13,00041,000Per share0.260.856 months ended June 30Net sales$3,211,000$3,063,000Net income19,00046,000Per share0.390.96And with steel and chrome costs on the rise, customers can expect to pay more even as sales slide, company executives said.....
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