Tenneco TEN shares are trading higher after the company reported better-than-expected second-quarter earnings and sales results.
The company reported quarterly earnings of $1.20 per share, which beat the analyst consensus estimate of 93 cents by 29.03%. This is a 37.5% decrease over earnings of $1.92 per share from the same period last year.
Tenneco reported quarterly sales of $4.504 billion, which beat the analyst consensus estimate of $4.48 billion by 0.54%. This is a 77.53% increase over sales of $2.537 billion the same period last year.
"Tenneco's revenue growth outpaced industry production by nine percentage points, driven by higher light vehicle, commercial truck and off-highway revenues," said Brian Kesseler, co-CEO. "We delivered sequential earnings improvement on flat revenue quarter to quarter, with disciplined cost management and effective synergy capture actions."
Shares were trading up 12.17% at $8.85 in Tuesday’s pre-market session. The stock has a 52-week high of $47.22 and a 52-week low of $7.62.
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