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Tenneco Reports Fourth Quarter and Full-Year 2013 Results
- Record-high 4Q and full year revenue
- Record-high 4Q EBIT and net income
- 4Q cash flow from operations of $412 million
LAKE FOREST, Ill.--(BUSINESS WIRE)--January 30, 2014--Tenneco Inc. (NYSE: TEN) reported fourth quarter net income of $54 million, or 88-cents per diluted share, compared with $33 million, or 54-cents per diluted share, in fourth quarter 2012. On an adjusted basis, net income rose to $59 million, or 96-cents per diluted share, versus $40 million, or 66-cents per diluted share a year ago.
Tenneco’s results in the fourth quarter and for full-year 2013 reflect the company’s strong balance across end-markets, geographic regions, customers and platforms as the company continues to build on its strong position in its OE markets (light vehicle, commercial truck, off-highway and other markets); complemented by a market-leading global aftermarket business. Tenneco grew revenues across all segments in the fourth quarter and in 2013. Tenneco’s total light vehicle revenue outpaced global industry production with a 13% increase in the fourth quarter and an 8% rise for the full year. Commercial truck and off-highway revenue was up 51% in the fourth quarter and 18% for the full year. Global aftermarket revenue also increased, up 5% in the quarter and 1% in 2013.
Total revenue in the fourth quarter increased to $2.031 billion. Revenue excluding substrate sales was $1.569 billion, up 15%, driven by year-over-year increases in Clean Air and Ride Performance.
For the full year, Tenneco reported its highest-ever revenue of $7.964 billion, up 8% from a year ago. Excluding substrate sales, revenue increased 7% to $6.129 billion.
“We delivered our highest-ever fourth quarter and full year revenue by capitalizing on stronger global light vehicle volumes, launching new light vehicle platforms and growing our commercial truck and off-highway business,” said Gregg Sherrill, chairman and CEO, Tenneco. “Our solid operational performance drove greater profitability for the year with improvements in both the Clean Air and Ride Performance businesses.”
Fourth Quarter EBIT
Fourth quarter EBIT (earnings before interest, taxes and noncontrolling interests) was $118 million, up 40% from $84 million last year. Adjusted EBIT rose 35% to $127 million.
Clean Air adjusted EBIT increased 17% year-over-year on higher volumes and the ramp-up on new platforms in North America and China. Ride Performance adjusted EBIT increased 70%, largely due to the ramp-up on new platforms in North America, higher light vehicle production volumes in China, higher global aftermarket sales and operational cost improvements.
The following information was filed by Tenneco Inc (TEN) on Thursday, January 30, 2014 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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