Tenneco is one of the world's largest designers manufacturers and marketers of emission control and ride control products and systems for the automotive original equipment market and the aftermarket. Tenneco markets its products principally under the Monroe Walker Gillet and CleviteElastomer brand names. Among its products are Sensa-Trac and Monroe Reflex shocks and struts Rancho shock absorbers Walker Quiet-Flow mufflers Dynomax performance exhaust products and Clevite?Elastomer noise vibration and harshness control components. Tenneco Inc. has a market cap of $328.8 million; its shares were traded at around $7.01 . Tenneco Inc. had an annual average earning growth of 3.7% over the past 5 years.
Highlight of Business Operations:Chrysler represented 2 percent of our 2008 net sales and operating revenues. Net receivables due from Chrysler U.S. as of March 31, 2009 were $11 million. After giving effect to payments received from Chrysler U.S. in April 2009 of $8 million, we had net receivables with Chrysler U.S., as of March 31, 2009, of $3 million. As of April 30, 2009, we had net receivables due from Chrysler U.S. of $8 million.
On April 27, 2009, General Motors initiated a tender offer for $27 billion of outstanding notes, offering to exchange 225 shares of General Motors common stock for each $1,000 principal amount of notes. General Motors stated that, if it does not receive sufficient tenders of existing notes, it expects to seek relief under the U.S. Bankruptcy Code. General Motors has also announced that it intends to focus on four brands going forward Cadillac, Chevrolet, Buick and GMC. General Motors represented 20 percent of our 2008 net sales and operating revenues. As of March 31, 2009, we had net receivables due from General Motors in North America that totaled $72 million. Based on our initial review, we believe that a significant majority of our General Motors business will continue under the proposed reorganization.
Total revenues for the first quarter of 2009 were $967 million, compared to $1,560 million in the first quarter of 2008. Excluding the impact of currency and substrate sales, revenue was down $211 million or 18 percent due to lower year-over-year OE vehicle production levels in every geographic region. Increased sales in the North American aftermarket only slightly offset the reduced OE production.
Selling, general and administrative expense was down $27 million in the first quarter of 2009, at $78 million, compared to $105 million in the first quarter of 2008 which included $1 million in restructuring and restructuring-related expense. Cost reduction efforts which included restructuring savings and employee furloughs drove the improvement. Engineering expense was $21 million and $36 million in the first quarter of 2009 and 2008, respectively. Cost reduction efforts, employee furloughs and customer recoveries reduced engineering costs. Selling, general, administrative and engineering expenses increased to 10.2 percent of revenues from 9.0 percent of revenues in 2008 due to lower year-over-year revenues.
Earnings before interest expense, taxes and noncontrolling interests (EBIT) was a loss of $13 million for the first quarter of 2009 compared to earnings of $39 million in the first quarter of 2008. Lower OE production volumes globally and the related manufacturing fixed cost absorption reduced EBIT by $100 million in addition to $13 million of negative currency year-over-year. We offset a little more than half of this negative impact, primarily through lower selling, general and administrative spending, customer recovery of engineering costs, operational flexing programs, manufacturing efficiency improvements and savings from our prior restructuring activities.
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