Earning Plays

[3xBuBu]

Tenneco Slips To Q4 Loss On Charges; Revenues Rise 29% [TEN]

1/24/2008 1:14:34 PM Tenneco Inc. (TEN), a provider of emission control and ride control products, Thursday revealed fourth quarter results, reporting a net loss, compared to profit last year due to refinancing costs and non-cash tax charges to realign the European ownership structure. The company recorded an increase in fourth quarter revenues, helped by technology- driven growth and a global geographic balance.

The Lake Forest, Illinois-based company recorded a GAAP net loss of $72 million or $1.57 per share for the recent quarter, compared to net income of $15 million or $0.31 per share in the prior year quarter. On a non-GAAP basis, the company recorded net income of $15 million or $0.34 per share for the quarter, compared to $3 million or $0.05 per share in the corresponding quarter a year earlier. On average, analysts surveyed by First Call/Thomson Financial expected earnings of $0.34 per share.

Fourth quarter results include pre-tax restructuring expenses of $18 million or $0.26 per share, refinancing charges of $21 million or $0.31 per share, net tax expenses of $62 million or $1.34 per share to realign the European ownership structure and a net benefit of $4 million related to adjustments for prior year income tax returns.

http://www.rttnews.com/sp/breakingnews.asp?date=01/24/2008&item=70