Tenneco Falls Most in Six Months After Profit Misses Estimates
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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