Categories: Automobile

Tenneco reports lower Q1 earnings as it prepares for sale

[ad_1]

Tenneco is in the process of being purchased by Apollo in a $1.6 billion deal projected to close in the second half of 2022. Because of the pending sale, Tenneco did not host a conference call with investors.

“In the face of continuing inflationary pressures, supply chain disruptions and lower volumes, the Tenneco team delivered a solid Q1 performance,” CEO Brian Kesseler said in the statement. “Our global teams are focused and continue to pull together to manage those challenges, while also working on the necessary steps to complete the pending transaction with Apollo later this year.”

The sale to Apollo comes after Tenneco acquired parts supplier Federal-Mogul in 2018 for $5.4 billion. Tenneco struggled to manage its debt following the acquisition, which ultimately led to the company cutting revenue forecasts three times in 2019 and the resignation of then-CEO Roger Wood in early 2020.

Tenneco’s shares fell 1.4 percent to $15.86 in afternoon trading.

Tenneco ranks No. 15 on the Automotive News list of the top 100 global suppliers, with an estimated $12.65 billion in parts sales to automakers in 2020.

[ad_2]
Source link
Admin

Recent Posts

Understanding QQKuda Slot Machine Features

QQKuda slot machines are a popular alternative among players who like a mix of fun,…

2 hours ago

Super Slot Games Review

Super slots provide the pinnacle of casino gaming with their interactive bonus rounds, captivating graphics,…

4 months ago

The Evolution and Impact of  Nanomedicine

Introduction to Nanomedicine Nanomedicine, a subfield of nanotechnology, involves the application of nanoscale materials and…

4 months ago

Chumba Online Casino Review

Chumba Casino provides an extraordinary online gaming experience. Its sweepstakes model allows players to win…

5 months ago

How to Find the Best Online Casinos to Play For Free

Online casinos provide quick, simple, and highly convenient gambling experiences for their players. Offering a…

5 months ago

How to Achieve a Flawless Complexion with the Right Products

Achieving a flawless complexion is a common skincare goal. With the right face care products, you can enhance…

5 months ago