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Tenneco Reports Record Fourth Quarter and Full-Year 2010 Financial Results
- Record-high 4Q revenue of $1.577 billion
- Record-high EBIT for 4Q and full-year 2010
- Lowest-ever debt net of cash at $990 million
- Global OE revenues of $5.9 billion projected in 2011 and $7.1 billion in 2012, reflecting growth in light and commercial vehicle volumes and content
LAKE FOREST, Ill.--(BUSINESS WIRE)--February 3, 2011--Tenneco Inc. (NYSE:TEN) reported a fourth quarter net loss of $18 million, or 31-cents per diluted share. The net loss was primarily due to re-financing costs and tax charges in the quarter. Adjusted for the items below, net income increased to $19 million, or 31-cents per diluted share, on a higher share count. Fourth quarter 2009 net income was $17 million, or 32-cents per diluted share, and adjusted net income was $7 million, or 13-cents per diluted share. The tables in the press release reconcile GAAP results to non-GAAP results.
EBIT (earnings before interest, taxes and noncontrolling interests) increased to $62 million from $53 million in fourth quarter 2009. Adjusted for the items below, EBIT was $68 million, up 19% over $57 million a year ago. A 20% increase in global OE revenue, driven by higher production volumes, and a 15% increase in global aftermarket sales drove the EBIT improvement. Partially offsetting the revenue benefit was $10 million in fourth quarter accruals, representing 10-cents per diluted share, for deferred and long-term compensation indexed to the company’s stock price, which rose 42% in the quarter.
“We delivered strong fourth quarter and full-year results including double-digit increases in OE and aftermarket revenue and record-high earnings. Our earnings and cash performance drove our net debt to below $1 billion for the first time in our history,” said Gregg Sherrill, chairman and CEO, Tenneco. “Going forward, our goal is to leverage our significant top-line growth by staying focused on our operations including executing on new business launches, while continuing to generate cash.”
Adjusted fourth quarter 2010 and 2009 results:
|Q4 2010||Q4 2009|
|Adjustments (reflects non-GAAP measures):|
|Restructuring and related expenses||4||4||2||0.06||2||4||3||0.04|
|Costs related to refinancing||-||-||13||0.22||-||-||-||-|
|Net tax adjustments||-||-||20||0.32||-||-||(13||)||(0.23||)|
|Non-GAAP earnings measures||$||121||$||68||$||19||$||0.31||$||114||$||57||$||7||$||0.13|
|* EBITDA including noncontrolling interests (EBIT before depreciation and amortization)|
The following information was filed by Tenneco Inc (TEN) on Thursday, February 3, 2011 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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