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Tenneco Reports Fourth Quarter and Full-Year 2014 Results
- Record full-year revenue of $8.4 billion
- Record full-year EBIT of $492 million
- Continued margin expansion
LAKE FOREST,Ill.--(BUSINESS WIRE)--February 2, 2015--Tenneco (NYSE: TEN) reported fourth quarter net income of $21 million, or 33-cents per diluted share, which includes $46 million in restructuring, pension and refinancing related expenses. Fourth quarter 2013 net income was $54 million, or 88-cents per diluted share. On an adjusted basis, net income rose to a fourth quarter record high of $65 million, or $1.05 per diluted share, versus $59 million, or 96-cents per diluted share a year ago.
Total revenue in the fourth quarter was $2.004 billion, down slightly year-over-year primarily due to the impact of $84 million in negative currency, as well as lower commercial truck and off-highway revenue. Excluding currency, total revenue in the fourth quarter increased 3% to $2.088 billion.
For the full year, Tenneco reported its highest-ever total revenue of $8.420 billion, up 6% from a year ago. Tenneco grew revenue in both the Clean Air and Ride Performance divisions and across all segments with OE light vehicle revenue improving 5%, commercial truck and off-highway revenue climbing 16% and aftermarket revenue increasing 1% versus last year. Excluding substrate sales, and the impact of $126 million in negative currency, revenue increased 8% to $6.612 billion.
“We had strong fourth quarter earnings with record high adjusted net income and EBIT including improvement in both divisions despite significant currency headwinds. For the full year we delivered our highest ever revenue and EBIT. These results were driven by our strong light vehicle platform position, which helped us outpace industry light vehicle production, double-digit revenue growth in our commercial truck and off-highway business and higher global aftermarket sales,” said Gregg Sherrill, chairman and CEO, Tenneco. “We leveraged higher global light vehicle volumes and delivered a solid operational performance to drive higher earnings and improved profitability.”
Fourth quarter EBIT (earnings before interest, taxes and noncontrolling interests) was $83 million, versus $118 million last year. Adjusted EBIT rose 7% to $136 million, a record high for the fourth quarter, reflecting 6% higher adjusted EBIT in each of the Clean Air and Ride Performance divisions. The year-over-year EBIT comparison includes $5 million in unfavorable currency.
The following information was filed by Tenneco Inc (TEN) on Monday, February 2, 2015 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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