Tenneco Inc., one of the nation’s largest...
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Tenneco Inc., one of the nation’s largest conglomerates with interests ranging from farm equipment to gas pipelines, reported a steep third-quarter loss, partly the result of a $504-million restructuring charge.
The company said it lost $693 million, or $5.69 a share, in the quarter, contrasted with a profit of $91 million, or 70 cents a share, a year earlier.
Revenue was also down, to $3.18 billion from $3.39 billion a year earlier.
Tenneco said it took the $504-million charge in the third quarter against wide-ranging restructuring measures to reduce capacity, rationalize product lines and cut costs.
On a business-by-business basis, Tenneco reported depressed profit in its pipeline, automotive, packaging, chemicals and farm divisions.
Earnings, D8
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