several auto parts makers including borgwarner inc and visteon corp which were already struggling due to weak automotive demand in a slowing global economy have reported steep declines in quarterly sales as coronavirusled lockdowns forced automakers to cut productionwashington us auto parts maker tenneco inc on friday reported a smallerthanexpected quarterly loss and said it would cut costs to be better prepared for any fallout from the covid19 crisis sending its shares up 20 several auto parts makers including borgwarner inc and visteon corp which were already struggling due to weak automotive demand in a slowing global economy have reported steep declines in quarterly sales as coronavirusled lockdowns forced automakers to cut production advt tenneco backed by billionaire investor carl icahn makes parts such as catalytic converters that reduce pollution and optimize engine performance general motors co and ford motor co are its largest customers the company said on friday it would close some factories furlough workers implement pay cuts and reduce capital expenditure which would help it save 65 million by end of 2021 in addition to the 200million savings plan announced earlier this year tenneco which is saddled with more than 6 billion in debt got some relief earlier this week after its lenders changed the terms of a debt covenant the covenant amendment to our senior credit facility provides us with additional headroom to operate in the current economic environment chief financial officer kenneth trammell said on a call with analysts we have no material debt maturities until 2022 trammell said adding that the company had access to 157 billion of funds that will allow it sail through the current downturn net loss attributable to tenneco widened to 839 million or 1034 per share in the first quarter ended march 31 from 117 million or 144 per share a year earlier on an adjusted basis tenneco lost 31 cents per share in the quarter advt total net sales and operating revenues fell 145 to 384 billion analysts on average expected tenneco to post a quarterly loss of 90 cents on revenue 362 billion according to ibes data from refinitiv up to thursdays close the companys shares fell about 65 this yearread alsonorsk hydro to close german auto parts plant 129 jobs at stakeauto parts maker borgwarner on track to close delphi buyout this year reuters published on may 9 2020 at 0435 pm ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul language defamatory inciting hatred against a certain community out of context spam others report join the community of 2m industry professionals subscribe to our newsletter to get latest insights analysis download etauto app get realtime updates save your favourite articles scan to download app tenneco inc visteon auto parts borgwarner inc general motors