Tenneco Inc.’s revenue slumped and the company swung to an adjusted net loss in the first quarter as automakers suspended production because of the coronavirus pandemic, the supplier said Friday.
The maker of ride control and emissions systems said first-quarter revenue fell 14 percent to $3.84 billion. The company estimates the COVID-19 crisis affected value-add revenue by $340 million.
Tenneco’s first-quarter net loss widened to $839 million from a loss of $117 million last year. The net loss included noncash impairments of $854 million.
Its adjusted net loss was $26 million, compared with income of $42 million in the year-earlier period. Adjusted earnings before interest, taxes, depreciation and amortization dropped 27 percent to $239 million.
Shares of Tenneco were up 15 percent to $5.21 in early trading Friday . Tenneco joins several other major suppliers, including Aptiv, Adient, BorgWarner and Magna, in reporting quarterly earnings this week.
“Tenneco responded quickly to the…
