LAKE FOREST, Ill. (AP) -- Tenneco's first-quarter net income slipped 36 percent, pulled down mostly by refinancing and bond retirement costs.
The auto parts maker reported on Monday that it earned $30 million, or 49 cents per share, for the period ended March 31. That's down from $47 million, or 75 cents per share, a year ago.
Stripping out 18 cents per share in costs tied to refinancing a senior credit facility and retiring bonds due 2015 as well as other items, earnings climbed to 66 cents per share from 63 cents per share.
Analysts expected earnings of 73 cents per share, according to a Fact Set survey.
Revenue rose 9 percent to $1.91 billion from $1.76 billion, partly on higher revenue from North America and the Asia Pacific region.
This beat Wall Street forecast for revenue of $1.88 billion.
Tenneco Inc. is based in Lake Forest, Ill. Its stock fell 59 cents to $35.50 in premarket trading.
