Tenneco Inc. (TEN), the maker of diesel exhaust filters and mufflers, fell the most in six months after reporting profit that missed analysts’ estimates.
Tenneco dropped 10 percent to $32.50 at 10:13 a.m. in New York and earlier fell as much as 11 percent, the biggest intraday decline since Oct. 28. The shares had advanced 21 percent this year before today.
First-quarter net income fell 36 percent to $30 million, or 49 cents a share, from $47 million, or 75 cents, a year earlier, the Lake Forest, Illinois-based company said today in a statement. Excluding items such as 18 cents a share in financing costs, profit was 66 cents a share, compared with a 73-cent average of 12 analysts surveyed by Bloomberg.
Sales rose 8.6 percent to $1.91 billion, compared with $1.89 billion, the average of eight analyst estimates.
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