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Tenneco Reports Fourth Quarter and Full-Year 2015 Results
- 4Q and full-year revenue outpace industry production
- Record high 4Q and full-year EBIT
- Eleventh consecutive quarter and sixth consecutive year of margin improvement
- Record high 4Q net income and earnings per share
- $176 million improvement in cash from operations in 2015
- Repurchased 4.2 million shares of common stock in 2015
LAKE FOREST, Ill.--(BUSINESS WIRE)--February 9, 2016--Tenneco (NYSE: TEN) reported fourth quarter net income of $68 million, or $1.17 per diluted share, compared with $21 million, or 33-cents per diluted share in fourth quarter 2014. Adjusted net income rose to a fourth quarter record high of $80 million, or $1.39 per diluted share, versus $65 million or $1.05 per diluted share last year.
Total revenue in the fourth quarter was $2.031 billion, up 1% year-over-year against significant currency headwinds. Excluding a negative currency impact of $142 million, total revenue in the fourth quarter increased 8% to $2.173 billion. Tenneco’s total revenue, excluding currency, outgrew global aggregate industry production in the quarter driven by:
- Light vehicle revenue growth of 11%, led by Europe, China and North America, which was more than twice the light vehicle industry production growth of 4%;
- Commercial truck and off-highway revenue increase of 1%, or 3% on a value-add basis, due to incremental content even as unit demand declined about 16% versus last year;
- A 3% increase in global aftermarket revenue on higher sales in Europe, South America and North America.
“I am pleased with our fourth quarter and full-year results as our revenue growth continued to outpace global industry production. We also delivered record-high EBIT as well as margin improvement and an outstanding cash performance,” said Gregg Sherrill, chairman and CEO, Tenneco. “These results demonstrate the strengths of our underlying business including a clear strategic direction, effective structural growth drivers, balance across our operations and a track record of solid execution.”
Fourth quarter EBIT (earnings before interest, taxes and noncontrolling interests) was $128 million, versus $83 million last year. Adjusted EBIT rose 9% to $148 million, a record high for the fourth quarter. Adjusted EBIT includes $15 million in negative currency.
The following information was filed by Tenneco Inc (TEN) on Tuesday, February 9, 2016 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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