Why Shares of Tenneco Gained 55.7% in May
Shares of aftermarket auto parts maker Tenneco (NYSE: TEN) climbed 55.4% in May, according to S&P Global Market Intelligence data. The company had posted strong first-quarter earnings that surprised analysts. The company's shares have been steadily climbing this year and are up more than 94% for the year.
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The company reported first-quarter revenue of $4.7 billion, up 23% year over year, and net income of $65 million, compared with a loss of $839 million in the same period last year. While business has been looking up for the company since the middle of last year, the size of the gains surprised analysts. Investors were also buoyed when the company raised its 2021 guidance, saying that it now expects yearly revenue between $17.6 billion to $18.1 billion and adjusted EBITDA between $1.35 billion and $1.45 billion.
Source Fool.com
