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Tenneco Falls Most in Eight Months After Missing Estimates

April 30 (Bloomberg) -- Tenneco Inc., the maker of diesel exhaust filters and mufflers, fell the most in eight months after reporting profit that missed analysts’ estimates.

Tenneco dropped 15 percent to $30.83 at the close in New York, the biggest decline since Aug. 8. The shares have advanced 3.5 percent this year.

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.

To contact the reporter on this story: Mark Clothier in Southfield, Michigan, at mclothier@bloomberg.net

To contact the editor responsible for this story: Jamie Butters at jbutters@bloomberg.net

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