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Tenneco Reports Fourth Quarter and Full-Year 2009 Results
LAKE FOREST, Ill.--(BUSINESS WIRE)--February 4, 2010--Tenneco Inc. (NYSE: TEN):
- Fourth quarter earnings up significantly on operational improvements and 9% revenue gain
- Strong cash flow and equity offering drive $272 million reduction in debt net of cash balances in 2009
- Fourth quarter gross margin of 17.4%, up from 12.6% a year ago
- Projects global OE revenues of $4.4 billion in 2010 and $5.7 billion in 2011, reflecting light vehicle volume recovery, increasing light vehicle content and significant commercial vehicle opportunities
Tenneco Inc. (NYSE: TEN) reported net income of $17 million, or 32-cents per diluted share, in the fourth quarter, compared with a net loss of $298 million, or $6.40 per diluted share in fourth quarter 2008.
Adjusted for the items below, net income was $7 million, or 13-cents per diluted share, versus a net loss of $24 million, or 51-cents per diluted share a year ago. The tables in this press release reconcile GAAP results to non-GAAP results.
EBIT (earnings before interest, taxes and noncontrolling interests), which improved sequentially and year-over-year, was $53 million, an increase of $198 million, versus a loss of $145 million in fourth quarter 2008. Adjusted EBIT was $57 million, versus a loss of $7 million the prior year. The EBIT improvement was driven by operational improvements including restructuring and materials cost management; volume growth in markets such as China and South America and favorable currency. EBITDA including noncontrolling interests (EBIT before depreciation and amortization) was $112 million, up $203 million over a loss of $91 million a year ago. Adjusted EBITDA including noncontrolling interests was $114 million compared with $47 million in fourth quarter 2008.
“Our strong profit improvement this quarter, both sequentially and year-over-year, reflects the benefits from our restructuring initiatives, closely managing costs and Tenneco’s strong position in growth markets,” said Gregg Sherrill, chairman and CEO, Tenneco. “Going forward, the cost structure changes and operational improvements we have institutionalized will help us leverage significant new business opportunities beginning later this year as well as a strengthening global production environment.”
Adjusted fourth quarter 2009 and 2008 results:
|Q4 2009||Q4 2008|
|Earnings Measures||$ 112||$ 53||$ 17||$ 0.32||$ (91||)||$ (145||)||$ (298||)||$ (6.40||)|
|Adjustments (reflects non-GAAP measures):|
|Restructuring and related expenses||2||4||3||0.04||24||24||16||0.34|
|Goodwill impairment charge||-||-||-||-||114||114||114||2.44|
|Net tax adjustments||-||-||(13||)||(0.23||)||-||-||144||3.11|
|Non-GAAP earnings measures||$ 114||$ 57||$ 7||$ 0.13||$ 47||$ (7||)||$ (24||)||$ (0.51||)|
The following information was filed by Tenneco Inc (TEN) on Thursday, February 4, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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