Analyst Note| Richard Hilgert |
No-moat-rated Tenneco reported a second-quarter loss of $2.15 per share before special items, handily beating the $3.53 CapIQ consensus estimate loss by $1.38, but thanks to the COVID-19 smackdown that closed industry factories, down $3.35 from the $1.20 EPS reported a year ago. Revenue plummeted 42% to $2.6 billion from $4.5 billion last year. Excluding negative currency effects, the organic revenue decline would have been 39%. Adjusted EBIT swung into the red for a loss of $149 million, plunging $397 million from a profit of $248 million reported a year ago.