* Tenneco Inc. blamed recessionary pressures and...
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* Tenneco Inc. blamed recessionary pressures and a restructuring for losses of $26 million the last three months of 1991 and $732 million for the year.
The diversified Houston-based company said its fourth-quarter loss of 24 cents a share came on revenue of $3.6 billion. Tenneco earned $130 million, or $1.03 a share, on revenue of $3.9 billion in the 1990 quarter.
Tenneco’s annual loss, representing $6.09 a share, came on revenue of $13.6 billion. It contrasted with earnings of $561 million, or $4.37 a share, on revenue of $14.5 billion in 1990.
Tenneco noted that the 1991 loss included $552 million in charges to restructure parts of its business, primarily the JI Case farm and construction equipment unit. The fourth-quarter loss included a $65-million pretax provision for pending claims and litigation that Tenneco declined to discuss.
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