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CHICAGO, July 22 (Reuters) - Auto parts supplier Tenneco Automotive Inc. on Tuesday said quarterly earnings rose, boosted by the strong euro and higher sales of emission-control products in Europe.
Lake Forest, Illinois-based Tenneco, one of the world's largest makers of shock absorbers and exhaust systems, said second-quarter net income rose to $24 million, or 58 cents a share, from $19 million, or 45 cents a share, a year earlier.
Revenue rose to $998 million from $948 million as the weaker dollar boosted results.
Without the impact of favorable currency translation, revenue would have declined to $922 million, hurt by weaker sales of replacement parts, the company said.
In Europe, sales to automotive manufacturers increased, while North American revenue declined due to weaker vehicle production and softer sales in the aftermarket, Tenneco said.
It said increased working capital and tax settlement costs contributed to negative cash flow of $35 million in the period, but it said cash use is typically higher in the second quarter ahead of the spring and summer selling seasons in the aftermarket.
The company closed a $350 million offering of 10.25 percent senior secured notes in the quarter, using proceeds to pay off $87 million of borrowings under its revolving credit facility and to repay $251 million in senior term loans.