Tenneco Inc.’s income slumped and the organization swung to an adjusted internet reduction in the initial quarter as automakers suspended output due to the fact of the coronavirus pandemic, the supplier mentioned Friday.
The maker of ride command and emissions methods mentioned initial-quarter income fell fourteen p.c to $three.84 billion. The organization estimates the COVID-19 disaster affected worth-incorporate income by $340 million.
Tenneco’s initial-quarter internet reduction widened to $839 million from a reduction of $117 million last calendar year. The internet reduction included noncash impairments of $854 million.
Its adjusted internet reduction was $26 million, in contrast with cash flow