LAKE FOREST, Ill. (Jan. 27, 2005) — Tenneco Automotive reported record sales in 2004 of $4.21 billion—up from $3.77 billion in 2003—leading the year to net income of $13 million.
For the fourth quarter, Tenneco reported a net loss of $21 million. Excluding restructuring and other items, Tenneco posted a net gain of $8 million. In 2003's fourth quarter, the automotive parts supplier reported a net loss of $2 million or a net gain of $2 million excluding certain items.
In 2005, Tenneco plans to aggressively manage costs, adjust its business to the market and grow revenues by expanding in new markets and winning new business with advanced technology offerings. Tenneco hopes to generate at least $300 million in new business annually.
The company expects steel costs to rise $30 million to $50 million this year. Tenneco said it expects to mitigate the impact of higher costs by implementing a restructuring plan announced in the fourth quarter to generate $20 million in annual savings, among other savings.